Your Questions About Check My Mortgage Loan

Susan asks…

My house was sold in a short sale, but the remaining loan was sold in a foreclosure sale?

I finalized my short sale in August, everything was done. All documents were sign, and it was a huge relief. However, I just checked my old mortgage account and it stated that the remaining principal on my loan had been sold in a foreclosure sale and on my credit it shows that my account was derogatory past August and it is being listed as a foreclosure. I never received any documentation from the mortgage company after August. What gives?
In the agreement I was granted a full release of the loan.

admin answers:

That is what you agreed to when you asked for a short sale. The balance of the mortgage is either paid by you or marked as uncollected debt

George asks…

when can I refinance on my mortgage?

I bought my home Dec 08, my credit isn’t as great as it was, my mother got a car repoed i co-signed for her on (I had no idea until credit check) and now, I just have more debt to income. Any advice? There aren’t any loans or monthly expenses I can personally lower or change beside this possibly.

admin answers:

What is it that you need to accomplish with your refinance? Cash out for paying off debt or to just get a lower rate and payment.

If you can prove 2 hardships, for instance loss of income or wages cut, medical problems, loss of partner income, there is a long list, you may qualify for a mortgage loan modification. While it can be a hassle, many people have succeeded in getting there monthly payments lowered, principal cut, rates lowered, to bring there payments down to or below 31% of your gross monthly income.

I would first try your current lender/bank who is servicing your note, and if they give you too difficult of a time, there are attorneys that work on your behalf to provide pressure on the banks you may not know about.

In today’s mortgage market, your file is looked at with 3 sets of eyes. Credit, have you demonstrated the ability to make your obligations, debt to income, how much are your gross household earnings or anyone that is applying for the loan, and Equity position, what is your home worth compared to the amount you owe or want to borrow.

If you purchased the home in 2008, depending where your at, you shouldnt have been affected too severely by the housing downturn, it may seem like income and credit are your problems.

Todays average bank or lending institution are requiring a minimum 640 – 660 credit score, no exceptions for money saved or payment history of the mortgage itself. Depending on what exactly your debt to income level is though that alot of lenders will look at differently depending on compensating factors. Compensating factors are things like savings, current and past mortgage and rent history, extensive job time with the same employer, and even in sum financing types like FHA, non occupying family members as a crutch. (Non occupant co borrowers cannot be used on a cash out refinance)

When determining your debt to income percentage, you will make a list of all payments reporting to your credit report (credit cards, lines of credit, mortgages, car notes and leases, recreational vehicle payments, student loans, child support, alimony, Property Taxes, Insurance, 401k repayment plans through payroll, etc.) and add them up. You dont want to include items like car insurance, health clubs, utilities (that dont report to credit) child care expenses, and cell phone or home phone services. You will then divide that number into your gross monthly income. Your gross income can be calculated by salary which is easy, or by dividing your current YTD gross income into however many weeks we are into the year. This is if you are paid on a weekly basis. There are several ways to calculate income, most difficult is for self-employed so you have a question regarding that, feel free to let me know.

I hope this helps

James asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Go speak with JAG as there are programs to help service members who had to either short sell or or foreclose due to military moving (under orders) I don’t know specifics but I know there is something out there. Also Laws difer from state to state as to what a debtor can and cannot do so teh best course is have your husband go speak to JAG

Laura asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Something is very fishy here and its not that your husband is at sea. You need to make the phone call yourself to YOUR mortgage company and see if they really initiated this phone call. Many times these calls are scams and get you for alot of money. If your mortgage company did make this call then you should call a lawyer to find out where you really stand with the mortgage company. Only a real estate attorney can advise you on this one.

Donald asks…

Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?

In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.

She passed away in August of that year, and her daughter went to live with her boyfriend’s parents afterward. My father has been paying on the house each month ever since. My father does not live in the house — nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.

The problem is, while he’s been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he’s not on the loan, his money has not built any equity for him and it’ll be problematic pursuing any type of refinance. He’s stubborn to foreclose or cut his ties to the house because he doesn’t understand his options.

My dad lives in an apartment with rent half the payment of the house. He has good credit and would’ve never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.

If you’re familiar with property law, is there any insight you could provide on this situation?

I would really like to see this situation resolved somehow — my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he’d be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.

admin answers:

It’s way to complicated for Answers. You need to see an expert on this. There’s way too much at stake to put off seeing an expert.

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Your Questions About Mortgage Loan Modification

Sharon asks…

Can I get a loan modification on my mortgage? ?

I have a fixed rate of 6.25%. My mortgage is 2755.00. Husband continues to work while I have been laid off. We are using our savings and have never been late.

admin answers:

It is not very likely, as you already have a fixed rate loan at a reasonable interest rate.

The people getting the modifications have adjustable loans and are paying much higher then the standard mortgage rate.

They would not be able to lower your interest rate much and your present situation is temporary, you will likely have a new job before they even finished processing your request.

William asks…

what are mortgage loan modifications?

Can someone explain how a loan modification works? What are the pro’s and con’s from the home owners standpoint?

admin answers:

A Loan Modification varies in definition by lender but in general means “a permanent or temporary change in one or more of the terms of a mortgagor’s loan, which allows the loan to be reinstated, and can result in a payment the mortgagor can afford”. In other words, your interest rate can be lowered, your remaining balance re-amortized and/or the current term of your loan extended, in order to reduce your monthly payment.

ADVANTAGES:
A successful Loan Modification will give the applicant the possibility of:
1. An interest rate reduction up to 6%
2. The advantage of having the reinstatement amount (total amount of late payments) deferred to the back end of the mortgage and added to the current principle.
3. A reduction in the actual principle balance of the loan
4. Demonstrate to the Lender that they are “pro-active” to the foreclosure process and trying to resolve the situation.
5. Can start a Loan Modification at any time in the foreclosure process and even if you are not even in foreclosure!
6. Has many of the same features of a refinance, without the high cost.

DISADVANTAGES:
You only get one shot at the Loan Modification so you need to get it right the first time. You may need to make a payment to start the Loan Modification between zero and two payments, depending upon the Lender.

Paul asks…

DOES ANY BODY KNOW ABOUT GOOD OPTIONS FOR LOAN MODIFICATION? ANY ANSWERS PLZ! THANKS?

I AM TRYING TO HAVE A GOOD LOAN MORTGAGE MODIFICATION, BUT IT IS KIND OF HARD TO KNOW IF YOU ARE MAKING THE RIGHT OPTION AND ALSO TO KNOW IF IT’S NOT A SCAM. ANY ANSWERS WOULD BE VERY HELPFULL. THANKS FOR YOUR HELP IN ADVANCE.

admin answers:

Depending on where you are located you may find it is illegal for companies to accept a fee for loan modification until they successfully complete a modificatoin. The problem with Loan Modification is that they typically do not discount the loan amount only discount the interest rate so if your home has a loan that is greater than the value you are better off considering a short sale.

Keep in mind you shold not be out of pocket any money until you have results.

All the best
Dave

John asks…

Does layoff qualify us for mortgage modification?

My husband was laid off from his job two days ago. Prior to this, we were considering refinancing (our current mortgage is at 6.625%). I am wondering if this layoff instantly qualifies us for some type of special rate/terms in a refinance or loan modification or if we should just continue with a conventional refinance? We don’t want to miss out on anything that would help us out financially, but we also don’t want to wait on something conventional only for rates to shoot up again.

admin answers:

The layoff means that you probably no longer have the income to justify a refinance. Don’t be surprised if the re-finance is completely denied now that there is no (or less) income to support it.

In case you didn’t understand the last paragraph – you will not be able to continue with a conventional refinance unless YOU have enough income to do the whole refinance by yourself.

Loan modifications are generally only available to people who spend more than 31% of their gross monthly income on their loan payment. In addition, it is often an interest rate reduction only (not a modification of the principal balance). This might be your only hope to reduce your loan payments at this time.

I hope you have it, but this is why experts say to have 6-12 months of living expenses in savings, because your mortgage payments can come out of savings while he looks for a job.

Good luck!

Steven asks…

My mortgage company is messing with me. I have continually asked for a loan modification?

I filled out all the proper information for they required but for some reason they continually are prolonging the process. it’s been over 4 months now and they have thrown every excuse possible at me. I am not sure Y. I understand that they have allot of loan modifications to do but 4 months is excessive. I would like to higher a law year but im not sure what kind. I also want to file complaints but to who?

admin answers:

Sorry, but a lawyer will not help your force the lender into a loan modification. Getting the modification is not a legal right you have…it’s a courtesy the lender is extending to you.

In other words…the lender is under no legal obligation to grant you a loan modification.

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Your Questions About Mortgage Loan Modification

Sharon asks…

would my mortgage holder be more willing to work with a loan modification if home is valued less than owed?

My homes value has dropped significantly with all the foreclosures in my area. Appraised at just 68,000! I owe 178,000! Would my mortgage company be more willing to help me stay in my home buy making my payments more affordable than to add one more forclosure to the LONG list in my area? To me…It would benefit them to help me stay in a home I have been living in for that last 13 years.

admin answers:

No. It makes them less likely and less able to help you. Loan modifications only reduce payments, they don’t change the principal owed. Since you are so far underwater, they know that you are more likely to default than other people they could help.

Plus your mortgage payment will have to exceed 31% of your gross monthly income for them to even talk to you.

Good luck!

Michael asks…

Do you know where can i find a good company that offer loan modification for my home mortgage?

admin answers:

You can only modify your mortgage through your current lender.

Mark asks…

I overheard someone get a Loan Modification to a 4% mortgage rate at Chase. How do I do this too?

The couple said they hadn’t paid their mortgage in like 6 months and almost considered leaving the house. But they got a loan mod for 4%. I want one too. I never get these kind of offers. Do I need 20% down? Is that why? It must be an ARM I’m sure….

admin answers:

It is sort of a 2 edged sword. To get a special deal you either need excellent credit, or have to make them think they will get nothing at all. But in the latter case you trash your credit, and if you can get any other credit, it will cost you big time.

4% is not totally unreasonable. Variable rate on the free HELOC WaMu gave me when I refi’d in 2005 is currently 4.5% and Chase is still giving away 0% credit cards (I forget when that rate expires on my Chase Freedom card). Actually those are both Chase now.

Linda asks…

Can lenders do a loan modification if the borrower is not late on their mortgage yet?

My attorney told me to start missing my payments otherwise the lender will not modify my loan. Is this the only option I have?

admin answers:

Talk to the lender first. Do not miss payments until it is absolutely your last option. Ultimately, the bank does not want to foreclose on your house because they will lose money. Talk to them about your current situation. Banks will often allow you to defer your payments up to 6 months if your inability to pay is due to job loss, medical issues, and other situations which can be resolved within a short time period. Depending on your credit, current equity, etc., consider refinancing.

Robert asks…

Equity in home used to get a mortgage – is mortgage eligible for modification?

If somebody used the equity in their home to get a mortgage (home was paid off, except for $30,000, then home was refinanced with a $200,000 mortgage with $160,000 in cash going to homeowner, $30,000 to pay off the previous mortgage), is this mortgage eligible for loan modification? Or are only loans that were used to actually purchase a home eligible?

admin answers:

It should be eligible for modification as long as the owner is the one living there. If it is an investment property, than no.

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Your Questions About Mortgage Loan Modification

Sharon asks…

Do I qualify for a mortgage modification loan?

I lost my job and took a less paying one. I bought my house in 2002 for $180,000. During the upward move of the market I refinanced 4 times, taking out equity each time. I now have a mortgage of $400,000. Since I have a new job now and have trouble affording my home, can I get help? What can I do? What should I do?
I want to pay for what my home is worth or near what it’s worth. My home value dropped, so should my loan!

admin answers:

“my home value dropped, so should my loan”, sorry it does not work like that. You refinanced when the market was good, each time taking out additional equity money, this added to the original loan each time. So you might have bought the home for $180,000.00, but now you have borrowed up to $400, 000.00, you owe that amount.

A loan modification does not reduce your principle, in most cases they will make your loan a 40 year loan, and lower your interest for a couple of years, each year the interest will increase.

Talk with your lender to see if you qualify.

Ken asks…

Has anyone successfully completed a Mortgage Modification under the new Making Home Affordable Act?

Just curious if anyone has actually been able to speak to a real person at their Mortgage lender and been successful in completing a loan modification under this new plan. Our loan is serviced by Citi and I never get to speak to an actual person.

admin answers:

Unfortunately not. My loan is serviced through First Horizon and every couple of weeks that I call referring to it, they say that they don’t have any details and their still working on it! This has been going on since March.

David asks…

I think I am eligible for Obama’s loan modification because my mortgage is 45% of my income.?

How does that really work? I have a 7% interest rate. I have a disabled child and am widowed.

admin answers:

~~There is not allot of info on this that I can find yet. I believe it is better explained on www.whitehouse.gov but have not had time to to read it. I would wait a few more weeks and speak with your loan company. It is so new, no one seems to have clear cut info on it yet in the lending industry. However he has said, for people who are suffering to keep their homes from the economy will be able to do so. This gives me hope for all of us in the similar situation as yours!~~

Chris asks…

Modification of Mortgage loan?

I’m seeking help from my mortgage company to get a Modification of my home loan. I had to submitted a hardship letter 6 months ago explaining my hardship and why I need assistance from my mortgage company. They gave us a 3 months forbearance payment plan, and after that they would work on the modification, if our hardship hadn’t improve or if we still had the only one income. At that moment I had advise them that I would be applying for Social Security Disability and now they want an update on our hardship situation. But my Social Security will not start paying me until October. Is it still safe to say that I’m still not receiving any financial assistance or would it be possible for them to find out that I will be getting benefits later, but not at this time. They want me to fax them the information in now and as of now we are struggling to keep our heads above water and my husband is the only source of income for our family. Plus we have to get out of this adjustable rate and they are willing just with his income now to give us a modification.

admin answers:

Oct is only a couple of weeks away.

Committing fraud at this point is not advisable.

They wll still modify your loan.

Richard asks…

Should I accept this loan modification offer my attorney negotiated for me for my current mortgage?

2 months deferred mortgage payments
4.0% rate, fully amortized, fixed, for 5 years
5.0% rate after the first 5 years, for the remainder of the loan
40 year term
no prepayment penalty

my current loan is FHA 6.5% 30 year fixed

admin answers:

That’s an extraordinarily good offer. However, by extending the term to 40 years, you’ll be repaying this mortgage forever and a day. Total interest, therefore total costs, of the mortgage will be higher. And over half of those who renegotiate their mortgages have gone into default and foreclosure within 10 months. It seems most of them just cannot repay their debts. On the flip side, within 12-18 months, that interest rate should look like a blessing from the money-gods. Interest rates are bound to skyrocket since so much money has been printed out of thin air — monetary inflation inevitably leads to financial inflation.

So, the only question now is, can you make the loan payments? Only you know the answer to that.

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Your Questions About Mortgage Loan Modification

Steven asks…

If I recently did a loan modification and I miss a mortgage payment can my lender foreclose on me immediately?

How soon before a lender will start the foreclosure process? Is it after 60 days or is it immediately?

admin answers:

No, they still have to go through the legal process, it takes about 4 months. However if a foreclosure was in process already it just marches on.

Carol asks…

Can anyone recommend an honest company offering mortgage loan modifications?

admin answers:

Loan modifications are done “in house”. The bank you have your mortgage with will modify your loan either rate or terms.

If you want a new loan than you can go anyplace. Are you wanting a new loan or to modify your loan you have now?

Michael asks…

What’s the difference between home loan modification and mortgage refinancing?

home loan modification vs mortgage refinancing, are they the same thing?

admin answers:

If you are looking for the best mortgage refinancing site, try this site

http://best-mortgage-refinancing.com/

Here you can find the lowest interest rate in your area

Betty asks…

Mortgage Loan Modification?

Just want to know how can I qualify for a Loan modification. We just bought a condo 3 yrs ago and now we would like to try to lower our mortgage and wonder how can we qualify for a lower loan modification.

admin answers:

Your very best answer will be, go back to your original leander and work with them,they know you best..If that doe’s not work ask a realtor in your area who they think would be the best leander. I hope this helps you and good luck.
Jack

Charles asks…

Mortgage Loan Modification?

The US Gov bailout plan only applies to Fannie May and Freddie Mac funded mortgages? My mortgage is through Wachovia. I’ve called them and they claim it’s their loan. Nobody above them. So there’s no help for me?

What to do?

admin answers:

That is true. Just to be sure you can check Fannie Mae’s and Freddie Mac’s websites and check if your mortgage is financed through them.

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Your Questions About Mortgage Loan Modification

David asks…

Does a note modification of my mortgage loan negatively affect my credit report?

admin answers:

Should have no effect on your credit report or your score.
Merely states that the terms where changed.
As long as there are no late pays on your history you are fine. If there are late pays on your history then those are what will have a negative effect.
And there effect could be lessoned if the bank reports the original loan as closed and opens the new terms as a different loan.

Lizzie asks…

I’m trying to do a loan modification on my home mortgage. How do I list unemployment benefits as income (not)?

Trying to figure how to report unemployment benefits in budget. The problem, it’s not regular income (is it?) and it is only received for a defined period of time (fixed-term, not ongoing like regular income) Any help would be appreciated.
Note: I’m not trying to get a loan, I’m working with my mortgage holder to modify it!

admin answers:

When I tried this about a year ago the application package had an instruction sheet that said UI benefit count as part of “Gross Earnings” as they are considered taxable income. The girl that gave me the package also said it doesn’t matter that UI benefits only last for a set period, like she said “there is really no guarantee that a job is going to last any longer.”

But you should check with the Mortgage Company you are working with.

Sandy asks…

Will my mortgage company ask for money when doing a loan modification ?

I just wanted to know if mortgage companies ask for money before they do a modification ?
Oh , I forgot to ask . And how much do they usually ask for . Is it a percentage of what you owe ?

admin answers:

Yes you need cash. You pay closing costs on a modification just like you did the first time. Check with your lender

Laura asks…

is it be better to hire a lawyer for the loan modification for our mortgage adj instead of doing it on our ow?

we submitted our loan modification at wells fargo but its been months and we haven’t heard from them

admin answers:

There is nothing a lawyer can do for you. Either you qualify or you do not.

Maria asks…

Loan modification Skip Mortgage?

hi,

I have mortgage with chase and I am trying to modify my loan for a lower interest rate. After talking to the loan modification department, adviced told to skip my payment for 3 months, and set the money aside. My question is
1) Will it hit my credit report and hurt my FICO score?
2) if so how long it will stay in my credit report.

Thanks in advance for the advice.

George

admin answers:

Hello Nasim,

This is unethical and incorrect advice. You signed a document (note) which obligates yourself to pay the debt. I would get that persons name and let them someone at Chase know about it next time you call. It will certainly show up as a 90 day late on your credit and may put you in foreclosure depending on your state foreclosure guidelines. Then you find yourself paying foreclosure fees just to modify your loan. It is true that some lenders were not doing modifications to borrowers who are current but since the new Obama plan, a lot of these rules have changed. I suggest calling again and apply again. I believe with Chase, you can do it online.

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Your Questions About Mortgage Loan Modification

Ken asks…

Has anyone received a loan modification, without being late on your mortgage?

We have recently applied for a loan modification, however we are not currently behind. But my husband’s salary has just decreased by 35%, and we will shortly be in arrears.

admin answers:

Its worth a try, but most banks wont even talk to you till your behind.

Donald asks…

Has anyone had any luck getting a loan modification with their mortgage company?

admin answers:

Yeah good luck with that, I could already see how those tax dollars are going to be spent, the Mortgage company I am with told me a flat out lie, they said they don’t do that.
So I think it is gong to take a lot of searching and calling to actually get that done. Would help if you knew someone in the company who could get the right paper work for you.

Betty asks…

what is the punishment on forging your ex husbands name on a loan modification for a mortgage?

wife awarded home in divorce, mortgage still in both names, wife gets behind on pmts and applies for modification to bring loan currant and signs ex husbands name to modification papers.
yes….the ex husband is pressing charges for signing his name. I understand it is wrong but it was done to an existing mortgage to lower the payments and bring the past due amount current. what should the punishment be or do you think it WILL be?
plus this is something that was done back in 2009…..does that matter?

admin answers:

That would be felony fraud, so 10-15 years.

Laura asks…

Am I able to get a loan modification if there is an additional name on the deed/mortgage bill?

My parents helped me buy my house. The deal back then between my parents and I was that my mom’s name should also go on the deed and mortgage in addition to my name. The payments are pretty high, so I will be attending one of Chase’s (my mortgage co) loan modification public sessions. Based on just my income, I think I can qualify for lower payments. But… if they see my mom’s name on the deed/mortgage— will they ask for her proof of income, etc.? If so, I am screwed because our combined income will cause me not to qualify for lower payments. Thanks in advance for your help.

admin answers:

Sorry, but the lender, by law, must look at the finances of all borrowers in their determination on if a modification can be granted.

Nancy asks…

Loan Modification on adjustable rate mortgage?

Why do loan modification companies want you to start foreclosure
before they want to help you? Why not help before hardship occurs? What is the best thing to do before an adjustable rate resets?

admin answers:

Because Loan Modification should really only be your last option. It is a temporary fix (3 years is the average)and disallows you from refinancing until the term is over… In which case the loan would recast back into the former rate and term.

Right now, only about 4% of loan modifications are being done nationwide.

The best thing to do if you are in good standing on your mortgage, have decent credit, and stable income is to look into what options you have to refinance (or you can just let it adjust…). With interest rates so low right now because of what’s going on in the ecnomy, nows the best time to get into a long-term fixed program.

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Your Questions About Mortgage Loan Modification

Sandra asks…

Mortgage Loan Modification/Chapter 7 or 13?

Hello, 2 1/2 Years back I got a Home. I had a job that paid me 14 an hour (50hr work-week). Unfortunately after the economy crashed and Layoffs took place. I’ve now been through 2 jobs and now i earn half of what i used to… Point is I’ve had a lot of trouble keeping up payments of my home. I need to know if there’s anyway I can get home debt relief and keep my house. Miraculously I have a perfect record of payments, never been late, but now my bank accounts are completely empty and I can’t postpone it any longer, I don’t have any other debt’s except for my home mortgage. I have 1 car and a (old project car). That’s all I own & I can’t lose them. Please help with suggestions….

admin answers:

Did you try to talked your lender and ask for clarification on all the question you have in your mind? I suggest that you communicate to your lender so that you will not puzzle on what gonna happen.

Last week, I’m with my friend talking with her lender, i witness how the thing get smooth by having a good relationship with her lender as well as the openness my friend to her problem to her lender. The day is long but she got what she want to have. At First, she write a letter to the lender with the date of appointment on it.

Mandy asks…

I’m unemployed and living off savings, should I not stop paying mortgage to WAMU and see a loan modification?

I’m 50 years old and a professional looking for work and my wife is going through breast cancer treatments. My loan is a 5.7% interest only and I owe a little more than the house is worth. Should I seek a loan modification from WAMU? I have enough savings for 6 months.

admin answers:

I would not just stop making payments. A better avenue would include one of 2 approaches.

1. Talk to a loan officer at WAMU to see if you can negotiate a lower rate or even a refinance. With the economy the way it is right now they are more willing to do this rather than the alternative of not receiving any payments or start any proceedings of foreclosure – especially when you tell them your unfortunate circumstances.

2. A free service called Consumer Credit Counseling Services can negotiate on your behalf to possibly reduce the interest rate, and thus your monthly payment you are making to WAMU. They also offer other services of reorganization of your debt / what you owe creditors that may better help you as well. Some of their additional services (should you opt into it) may cost a small nominal amount, but save you in the long run.

Just not paying is not the answer – remember, the initial actions on a person defaulting on a loan without speaking to a person results in actions first taken by their computer system.

Lastly, I wish you and your wife well and heartfelt positive wishes on her ordeal with her breast cancer treatments. Medical technological breakthroughs are high nowadays so keep positive as you maintain your loving support towards her.

Richard asks…

Anyone have a mortgage loan modification from HSBC?

I am currently corresponding with my company HSBC by phone. I stopped paying 5 month’s ago due to hardship. They encouraged me to apply for a mod instead of going into foreclosure. They are asking me to make “qualifying “payments which I have begun. My problems is lack of trust-I have no guarantee in writting and am afraid they wil suck my money up and send me to foreclosure anyway. This will only be a 6 month mod and rhey cannot guarantee the rates until the Qualifying payments have been made .Has anyone had any dealings with HSBC mortgage services???

admin answers:

Yes, they agreed to allow 6 payments to be skipped. The payments would be added to the end of the loan. Then they offered to forgive the 6 payments completely. Send in your qualifying payments. It looks good on your credit..

Jenny asks…

What does Principal deferral mean when you are asking mortgage lender for a loan modification?

admin answers:

If you are asking for a mortgage for a loan modification you must be in danger of foreclosure. If the modification is the only option you were offered there probably no others. Just to be sure ask if you can get a lower interst rate or extend the term of the loan. If there are no other options you just have to decide if you want to lose your home or take the deal offered.

Laura asks…

How does one qualify for a mortgage loan modification?

I am getting conflicting information. Some people are telling me only for major change in situation such as job loss, others are telling me you can’t qualify if you don’t have a job just like you wouldn’t for any loan. My lender is so vague I can’t get any info out of them!!! Please help before I lose my house!!!!!!!!! My lenders are B of A, citi and chase (1st, 2nd and 3rd loans)
I can’t qualify to combine them or even to refi bec my home value has dropped significantly, my loan amount is greater than my home value so maybe it’s better to lose my house i guess although it is bad for the US economy when someone does that, what more can I do if they won’t help? At least I did the moral thing and tried but they don’t care. Let them carry the burdon, i give up.

admin answers:

If you need help, there is a non-profit that can help you answer these questions. There is a ton of information on the website & the counselors can help you if you don’t want to go it alone.

Www.thhf.org

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Your Questions About Mortgage Loan Modification

Sandy asks…

Will I be given a loan modification on my condo if I’m two months behind in my mortgage and unemployed?

Will I be allowed a loan modification if I’m two months behind in my mortgage? Will it be that I pay less $ a month than before? What if I am unemployed? What if I have a temp job only? I’m unemployed now and may get a temp job soon. What about a short sale? Thanks.

admin answers:

You will not qualify if you do NOT have a full time job. Unemployed or temp work guarantees you still will not pay back the mortgage loan.

Mandy asks…

what is loan modification or mortgage modification?

admin answers:

Exactly what it says. Modifying the terms of a loan, usually lowering the interest rate, thus lowering the payment.

Ken asks…

is anyone waiting for a mortgage loan modification???

did you go thru a specific agency, or request it on your own. how long has it taken??

admin answers:

Yes i am…. It can take up to 90 days.. But stay on top of them.. And make sure they received everthing that ahs been requested.. Alot of the companies are outsources everything.. And your modification will come from them with information on how much and the modifcation to send back to the mtg co…
Try this site…if you need immediate assistance http://www.mizna.com/community.php

Thomas asks…

Has any one used america’s mortgage professionals for a loan modification?

If so did they help? I have already tried doing it myself and was denied. I then went through a local HUD counselor with the same results.

admin answers:

Looking at their web site its hard to tell if they are reputable or not, but it looks like they get very little traffic to their site so you should take that into consideration.

Whether you go with them or another company, make sure that you:
1) Do not pay them any money up front – only pay if you get the loan mod you are looking for
2) Do not accept a new loan with pre-payment penalties

I would suggest you contact your servicer (the company you currently make mortgage payments to now) and ask again about a loan mod. The economic stimulus bill has some new programs that may have not been available when you first reached out to them. Good Luck!

Nancy asks…

Citi Mortgage Loan modification question?

I have a Citi Mortgage payment of $2525 a month. I am behind on my mortgage. I am currently not living in the home. It was a rental home when I was transferred out of the area. I am now back home and want to move back into the home but with bad renters who never paid I am behind on the payments and foreclosure is right around the corner.

I am making on average of $5000 a month. My total bills with out the mortgage payment is $2200 a month. Do you think Citi will work with me and if so in what way?

My current interest rate is 5.5% on a 30 yr fixed rate.

admin answers:

I work in loss mitigation for a major lender (could be citi I cannot say) this what you need to do. Call the lender apply for hardship assistance complete the application online or call citi at 866 989 2089. You cannot get the ham(govt mod) but can apply for a suplemental modification or traditional modifcation the rep you speak to can tell you what one you can apply for(dependin on the investor of your loan) Move into the home before you apply if you do this you may even qualify for the govt mod which could possibly lower your payment as low as 1550 based on your income if you qualify. As far as the traditional or suplemental modification make sure your expenses are not higher or lower than 300 per month from your net income. For exmple this is what you need to show
example
Net Income 5000
Total Expenses-4700-5300

also depending on the investor unless you are within these guidelines you may not qualify so this would help your chances if this means cutting off cable or not paying a credit card so be it…it saves your home right?

Expenses you can see the application online but includes for example, food, gas, insurance cost(other than whats taken out of your check) credit card(min pmts) auto loans, other mortgages, personal loans, childcare. Child support and ANYTHING you spend money on at all during a one month period.

If you follow these rules you are sure to qualify. They do pull credit to see some expenses but really you can adjust the other numbers accordinly to make yourself qualify. Nobody is suppose to tell you this so they wont give you a answer as to what the guidelines are they will just tell you after reviewing your application if you qualify.

Good Luck.

I forgot to say the lowest rate can be is 2% on a 480 month term(40yrs)

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Your Questions About Mortgage Loan Modification

Ruth asks…

I am looking for loan modification leads and mortgage leads.?

I am from Florida and looking for free loan modification leads and mortgage leads.Anyone provide me if you have loan modification software quote me best price.

Cheers!!!!

admin answers:

This website offers 250,000 Leads and everything else for one price of $99

http://www.directcapitalsoftware.com/

* Loan Modification Software $500 Value
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* Forensic Loan Audit Toolkit $200 Value
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* Complete Loan Modification Guide $100 Value
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* Loan Modification Marketing Tools $300 Value
* 250,000 Free Loan Modification Leads $800 Value
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David asks…

Can I get approved for a mortgage with a loan modification co-signer?

I am a first time home buyer. Would I get approved for a mortgage loan with my parents as co-signers although they just completed their loan modification. I don’t make enough money to qualify for a mortgage on my own that’s why I need my parents to co-sign with me. They make good money, but they just completed a loan modiifcation. While they were in the process of a loan modification, they defaulted on payments, but just recently completed their loan modification. Do you think I could get approved for a mortgage?

admin answers:

First their credit is now shot and financially would not be able to make your payments if you default second you do not qualify because of income, co-signing does not change your income so in both ways you will not get approved

Joseph asks…

Does anyone know of a reputable Mortgage loan modification company ?

I am seeking a loan mod company to help us save our home. Its been a rough year and its past me now but mortgage company wants unaffordable payments up front. I can pay them the regular amount but they want to much up front that I cant afford so I just would like to hire a good company that can help with this I checked with one but they want 3,000 dollars. If I had that much money laying around I wouldnt be in this situation but am willing to pay if someone thinks it can help me. I hired one but all they did was get my personal info and 200.00 down and never heard from them again. Please I ask you dont send me mean or nasty e mail as times have been hard enough and just recovering. Thanks

admin answers:

You can handle this yourself. Call your mortgage company and ask for a Moditication Package. They will mail it to you, there is nothing a company can do that you can not do yourself. Expect to have to provide a lot of documentation, as you need to prove you need a modification in the first place.

George asks…

What would be the best way to make a loan modification on your mortgage? ?

Without getting hit with outrageous hidden fee’s. Or is there maybe a way that I may be able to do it on my own? By the way I live in IL and the reason I wont do it with my current Mortgage holder is because everyone says that they are ripoffs, and for those of you wondering why I have a mortgage w/ them is because my previous lender sold my mortgage to them…can someone please help!!!

admin answers:

They can save you a lot of money. I would leave it to the professionals. My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. She went through the free evaluation form at www.totaldebtsolutionsllc.com and a rep called within 24 hours. Best of luck whatever you decide.

Charles asks…

Need info on mortgage loan modifications?

I have a company that wants to charge min 3000.00 to work with my lender to do a loan modification. Can I do this myself?

admin answers:

Find someone else.

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