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pinolisa65 · Joined: 16 Apr 2009 Posts: 1 1.65 Dollars($)

I have 2 mortgages 20/80(both fixed), First I try to refinance for a lower APR, but because home value lower that my balance I could not do it. Now I am looking for loan modification. I do work and have above average salary but my husband laid off and also I have to many debts, do you think I can be qualify. Please Help! Maybe it is another way to lower my payments, that I just do not know. Thank you very much on advance.

jenkin7 · Posted: Sat Apr 25, 2009 1:45 am Post subject:

Hi pinolisa,

Since you have got a job now, the lender might not be willing to offer you a loan modification plan. You can still try and work out a plan with them and send them a hardship letter explaining your hardship. If there is enough equity, you can also try and refinance to a lower interest rate. But with a low home value, that does not seem to be an open option.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

If your husband lost hisjob,but you are still working there is a good possibility of getting your loan modification.

You need to show to your lender that you have problem makign payments.

Call them when you loan is due for the month. Its hard to talk to them when your payment is current. Use the 15 days grace priod for ayemnt to delay your payment. This way you are not affecting your credit score, btu also making them to talk.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Try this website

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

http://makinghomeaffordable.gov/refinance_eligibility.html

info82 · Joined: 28 Apr 2009 Posts: 3 4.86 Dollars($)

Some of the lender do approve you in such a scenario.. most of them right now are focusing on people who are behind. You can speak to your lender, see what they say.

Other thing is, if they decline your request, its not the end of the world. You can contact a 3rd party company and see if they can convince your lender. Its all on how you present them your case.

Feel free to ask any questions or get a free consultation.

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Loan Modification????