Posted on: 13th Feb, 2009 07:18 am
my property is upside down. how could i get lender to modify loan?
have you tried calling? most banks are willing to work with you. they will send you to the loss mitigation. if they aren't willing to help, you can try a third party service. please be wary when picking a company though. they are a lot of crooks out there! if you have any additional questions, please feel free to email me! good luck.
a few more questions and things to note...
so your home is worth less than your loan right now. are you trying to sell your home? did you need to refinance due to a very high rate?
a home is an investment. sometimes you have to hold onto your investment longer before it can pay you back. if you are able to make your payments then you will just have to keep making payments until the value comes back up again....and it will eventually.
so your home is worth less than your loan right now. are you trying to sell your home? did you need to refinance due to a very high rate?
a home is an investment. sometimes you have to hold onto your investment longer before it can pay you back. if you are able to make your payments then you will just have to keep making payments until the value comes back up again....and it will eventually.
oh ashley, i cant believe you suggested engaging a third party "service" to assist in modifying a loan. i am utterly appalled at the "services" that are out there, charging, in many instances, thousands of dollars to modify a loan; when, in fact, that money goes straight to someones pocket with no further assistance coming.
you are right in saying that there are a lot of scams out there. frankly, the only third parties i would attempt to involve would be friendly lenders who may not be directly involved, but who may be able to explain and encourage a borrower (and perhaps make a call or two), or an attorney, whose fees can be justified.
i would encourage anyone in the situation our poster is in to avoid like the plague anyone who requires a substantial fee up-front to help in obtaining a modification of a mortgage.
you are right in saying that there are a lot of scams out there. frankly, the only third parties i would attempt to involve would be friendly lenders who may not be directly involved, but who may be able to explain and encourage a borrower (and perhaps make a call or two), or an attorney, whose fees can be justified.
i would encourage anyone in the situation our poster is in to avoid like the plague anyone who requires a substantial fee up-front to help in obtaining a modification of a mortgage.
I guess I must be missing out on some potential income. I called the bank on behalf of a few of my customers (FOR FREE) to see if I could get them an interest rate modification.
see? eric is one of those "friendly lenders" i mentioned. we do exist, and we really don't mind getting involved with needy borrowers. after all, what comes around comes around - we can see better things on the horizon for those of us who help others when we aren't really required to do so.