Posted on: 01st Jul, 2009 02:48 pm
hi
my parents have tried to have a modification on their house. they have sent couple of letters to their lenders but has been denied several times . they have gone to 3 banks for the option of refinance but has also been denied because the value of the house has gone down
my parents have tried to have a modification on their house. they have sent couple of letters to their lenders but has been denied several times . they have gone to 3 banks for the option of refinance but has also been denied because the value of the house has gone down
Hi griseldal!
Welcome to forums!
As they have denied refinance due to the low value of the property, it is a loan modification through which they can get a lower interest rate. You've mentioned that your parents have been denied loan modification. Did the lender give them any specific reason for the denial? Generally lenders offer a loan modification when a borrower is delinquent in their payments. Are your parents delinquent in their monthly mortgage payments?
You parents can even check out the Home Affordable Refinance program introduced by the Obama Government. Under this program refinance is available though the value of the property is upside down.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As they have denied refinance due to the low value of the property, it is a loan modification through which they can get a lower interest rate. You've mentioned that your parents have been denied loan modification. Did the lender give them any specific reason for the denial? Generally lenders offer a loan modification when a borrower is delinquent in their payments. Are your parents delinquent in their monthly mortgage payments?
You parents can even check out the Home Affordable Refinance program introduced by the Obama Government. Under this program refinance is available though the value of the property is upside down.
Feel free to ask if you've further queries.
Sussane
Bank refuses to give loan because of your property values is gone down.
I thing try to do loan modification.
Feel free to ask if you've further queries.
I thing try to do loan modification.
Feel free to ask if you've further queries.
I think the Making Home Affordable scheme is the answer to your problem now that refinance mortgage loans are ruled out.
hey!!
From what you say, refinance mortgage loans are not an option any more. you should consider the Making Home Affordable scheme. But to avail of that scheme, it is necessary for them to have been current on their mortgages.
From what you say, refinance mortgage loans are not an option any more. you should consider the Making Home Affordable scheme. But to avail of that scheme, it is necessary for them to have been current on their mortgages.