Posted on: 13th Nov, 2009 05:43 am
We have an interest only loan which is an arm that will change in July of 2010. With market devaluation we'd have to sell for 36,000 less than we paid. We have an excellent credit rating, no debt other than my husband's school loan (still attending) and our home loan. My husband was recently put "on call" at his job and collect unemployment to make up the difference when he's not able to work. We are both seeking better jobs.
We've never made a late payment, yet Wells Fargo has denied our loan modification because we now don't make enought money! Go figure. It's like being in debtor's prison. We now have to pay our own medical expenses too, and drive old cars (which is no big deal, but will cost us eventually.) We live cheap. Is there no mercy in the banking industry? I know they have to watch out for their butts, too, but they've already recieved over 38,000 dollars in interest, and made much of that in the investment markets I'm sure. What's up with this????
We've never made a late payment, yet Wells Fargo has denied our loan modification because we now don't make enought money! Go figure. It's like being in debtor's prison. We now have to pay our own medical expenses too, and drive old cars (which is no big deal, but will cost us eventually.) We live cheap. Is there no mercy in the banking industry? I know they have to watch out for their butts, too, but they've already recieved over 38,000 dollars in interest, and made much of that in the investment markets I'm sure. What's up with this????
Before agreeing to your loan modification request, the lender would check out whether or not you would be able to pay off the dues after your loan is modified. If the lender feels that you won't be able to pay it off after modification, he won't qualify you for it.