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Guest

If I apply for a load modification, are they gonna lower the house value, what's really a load modification, cause my loan is (adjustable rate) and it will end on june 2009.
thanks

sara · Posted: Wed Mar 18, 2009 3:30 am Post subject:

Hi erin,

Loan modification will help you in saving your property if you are on the verge of a foreclosure. The value of the property will not be lowered in this case. However, the lender may reduce the interest rate and increase the term of your loan payment. You should also remember that in this process, the lender may add up the past due payments while giving you the alternative payment plan. This can increase your monthly payments.

Take Care.

gmakerley · Posted: Wed Mar 18, 2009 12:23 pm Post subject:

erin, modification of a loan has no impact on the value of your home. value is determined only by what a reasonable person would pay if that person were to purchase the home. lenders have no input concerning value.

Guest

Can I apply for a loan modification based on the fact that my house value now is 30000 lower than when i bought it ??

eric1 · Posted: Tue Apr 21, 2009 4:40 pm Post subject:

Not if you can still make the payments. Why should the bank lose $30k? You are the one who made the investment decision.

gmakerley · Posted: Wed Apr 22, 2009 6:55 am Post subject:

that'll probably be looked at as a little bit harsh, eric. i know what you mean, though. using a declining value as a rationale for seeking a modification is slipshod to me, too. i understand loss of job, illness, and myriad other things that factor into someone's difficulties in making payments, but i find it hard to believe that a drop in value will hamper someone's ability to pay. wait...not hard to believe, but impossible.

Guest

I am current on my loan which will adj in a few years. Business is down so I'm concerned and wanted to change the loan to a 30 year fixed but keep the amount and the payments. Wouldn't the lender welcome that and would it be classified as a loan modification. I don't want to pay for an apparisel and costs. Thank you

jameshogg · Posted: Mon Apr 27, 2009 10:43 pm Post subject:

Hi Berta,

As far as I can understand from your post, you want to refinance the your arm into a 30 year mortgage. In order to refinance the mortgage, the lender will look into your credit report and your income. Apart from that, the lender will also check whether you have equity in the property. Once you refinance, the payments may decrease as the interest rates are quite low these days.

This will not be considered as a loan modification. Loan is modified only when you are delinquent on your payments.

Thanks

gmakerley · Posted: Tue Apr 28, 2009 6:53 am Post subject:

berta, your lender isn't going to modify your loan, at least based on what you've stated.

as james noted, you're looking at a refinance in order to do what you propose.

Guest

Since we bought the home in 2007 it has dropped 30% so we do not have any equity to do a re-fin. Is there any talk of lenders addressing people who are going to end up with a problem once their loans adjust but are still current on their payment? It's sad to think that the only way to hold on to your property is to default on your payments, just seems wrong to me. Any advise would be appreciated. Thanks

adonis · Posted: Wed Apr 29, 2009 12:15 am Post subject:

I would suggest you to contact you lender once and check out if he can offer you a loan modification. You'll have to explain your situation in details to the lender by writing a hardship letter. But again, it is a fact that most lenders will not offer you a loan modification until you default your payments.

gmakerley · Posted: Wed Apr 29, 2009 8:33 am Post subject:

agreed...as adonis noted, the only way to determine if they'll grant a modification is to ask.

srleee · Joined: 23 Apr 2009 Posts: 14 4.70 Dollars($)

I think that there is still chance that the house won't be foreclosed. I read in almost all guidelines concerning this crisis that lenders should look at all options before foreclosure. If they started the modification process they have to be denied and all their attempts to get the modification turned down before they actually foreclose. That's at least how i got it...

srleee · Joined: 23 Apr 2009 Posts: 14 4.70 Dollars($)

I really don't know how this got here Smile

I was answering to another post... But anyway... There goes my opinion...

Niicss · Posted: Thu Apr 30, 2009 1:38 am Post subject:

Hi srleee

Do your remember the title of the post?

Thanks.

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Does Wells Fargo usually deny loan modification?