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 JHONNYLADINES
Joined: 30 Oct 2009
Posts: 1
1.41 Dollars($)
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 Posted: Fri Oct 30, 2009 11:11 pm Post subject: Denied Modification |
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| Hello, I just got denied a modification because of a high surplus. It appears my income is higher after they adjust my mortgage to a lower payment. The issue is I lost my job and found a job with a pay cut and I have adjustable 5 yr that expires in December , I would like to refinance but I have no equity and would have to pay the bank over 20k to just get a fix rate, and so I was hoping to get a modification to get a fixed rate and lower my payments since I have alot of debt and high debt. They offered to re submit for modifcation with up to date financial worksheet but its been over a year since they were able to say "your denied" . My lender is from Americas Servicing company, what can I do ? any suggestions? Im current with mortgage, great credit, have not file bankruptcy but eventually will have too if no supports with refi. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Mon Nov 02, 2009 3:11 am Post subject: |
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| As you've mentioned that there is no equity in the property, you will not qualify for a refinance. Loan modification would have been your best way to save the property by making the loan affordable for you to pay off. You can once again apply for a loan modification and check out if the lender agrees to it. If the lender does not agree to it, then you will have to file bankruptcy. |
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christinehynes
Joined: 05 Sep 2009
Posts: 27
Location: Orange County, California
6.09 Dollars($)
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| Posted: Wed Nov 04, 2009 2:51 pm Post subject: |
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Hi Jhonny,
Have you tried contacting a loan modification attorney? Lots of banks will deny homeowners if contacted directly simply because they do not want to take less money for the loan. An attorney can help you get the foreclosure stopped and start negotiating with your bank. Since you are current on your loan it is likely that you will be able to skip the trial loan mod period and jump straight into a permanent modification should it be accepted, which will save you dings to your credit score as well. It is worth a shot and better than going through a foreclosure!
_________________
Loan Modification Specialists
www.CallALMS.com
877-700-2567 |
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