Posted: Mon Jan 05, 2009 12:03 pm Post subject: I have tried to get a loan modification thru my lender and I
I have tried to get a loan modification thru my lender and I have been getting the run around. help...I have been trying to work out a loan modification with my lender and have been getting the run around I faxed all documents requested 6 times and they told me the time before last that they didn't get them before it was to late for my modification. Now my home is in forclosure and will be sold at the courthoue on 1-22-09 is there still hope?
I think the lender should have approved your loan modification. But as the lender has not approved it, you will have to speak to him about other options. You can contact the lender and speak about the either a short sale or a deed in lieu. Both of them are similar processes. You will have to give away the property to the lender who will sell it in the market and try to recover his debts.
In case of deed in lieu, the deficient amount resulting from the sale of the property is forgiven by the lender but you will have to pay taxes on that forgiven amount. Moreover this will also affect your credit score and reduce it by 250 points. In case of short sale, you will have to pay the deficient amount to the lender. In short sale, your credit score will be lowered by 75-100 points.
they were saying we were approved but that I had failed to turn in the paper work even though I had 6 times to be exact. We have even been making good faith payments while in negotiation about this. Is the situation hopeless?[/img] _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
I think there has been some mis-communication between you and the lender. You can speak to the lender regarding this and can request him to consider your case. If that does not help, then you can either go for a short sale or a deed in lieu as mentioned by James. _________________ Procrastination is the enemy of your financial sucess
becky_498
