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You have to be over 30 days lates for any lender to consider a loan mod with you. Countrywide in particular will ask you your verbal financials over the phone, including "all expenses". You must have a surplus income of at least 250-$300 to be ably to qualify for loan mod, you CANNOT be negative to what your currently monthly payment and total expenses are. Other various lenders will ask for a financial statement and hardship letter (why you are late) to be faxed in, and the turn around time for them to look at it can be over 2 months. The key is to stay on top of you particular lender and find out when your paper work has been assigned to an agent. Certain banks might offer to roll in the negative payments at the end of the loan, still giving you the same monthly payment (if that were the case, you wouldnt be late in the first place). There are various loan mod companies that will do the leg work for you, standard fee is normally around $1500, anything over that might be a tad excessive. I have seen so many positive situations come out of loan mods with the right presentation. I have seen between a 100-200k knocked off loans, I have seen 1% rates given, payments cut by 3/4. Calling your lender and telling them you can make payments is not enough, they are still a bank and still follow some guidelines so make sure you are not telling them that you have no job and no income. Whatever your situation might be, dont wait, start today....good luck!
My husband and I working. We are making payments on time, mortgage first the rest later, it is getting harder and harder. While my husband was unemployed and I was home with little ones, we were using money from the sale of other house (which wasn't a lot). Now, it all had catch up with us. Depend on our salaries. It is hard, and scary to look in the future. We don't have much of other credit debt, about $2500. One of the loan officers from Countrywide told me that in order to be considered for loan modification we have to be late on the payment, which we never were. Not nesessarily 30 days, but at lease 15 so it won't affect credit. And he also mentioned that we can ask Countrywide to modify the rate and leave the terms as is. I will try.
Do you want to refinance with another lender under different terms? Are you having a difficult time making your payments? Are you or your husband working now? The answers to these questions may help others respond to them.
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