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Answers (3)
- sunnyview
- Contributions:25127
If you have a hardship, you might be eligible for HAMP, but no one can really answer for sure other then your lender. You also may be eligible for HARP if you are current on your payments and do not owe more than 125% of your home's value now. HARP is for people that are current, but would benefit from a lower interest rate.
You can find out about both programs on this government sponsored website here. It is free and they also have a free 800# to help you. You do not have to pay to get a modification and there is nothing that you cannot negotiate yourself with the lender that someone else can. IT is about persistence and learning to be the squeaky wheel.
You can find out about both programs on this government sponsored website here. It is free and they also have a free 800# to help you. You do not have to pay to get a modification and there is nothing that you cannot negotiate yourself with the lender that someone else can. IT is about persistence and learning to be the squeaky wheel.
- Geoffrey Lavell, "ShortSaleExpertLV"
- Contributions:218
Its unlikely you would be approved for a loan modification as somewhere around 96% of applicants are denied. Whatever you do, be very cautious about hiring an attorney's office or loan modification company as many are scams to get your money without a promise to actually get you any results. Your lender will gladly deal with you directly and without fees if you qualify ofor a modification.
- Brian Goetz, "bri_gets"
- Contributions:295
You will have to call your current mortgage company to inquire about a loan modification. Nobody on Zillow will be able to answer this question for you.
From what I have seen from friends who have tried to get their own loans modified, a lender will not consider a loan mod unless there is a financial hardship on your behalf (laid off from work, ARM loan that reset to an unaffordable payment, etc...) Also, many won't consider you eligible unless you are several months behind on your mortgage payments. Some banks are easier to work with than others. Bank of America is a nightmare!
I am not an expert in this area. Just sharing the experiences that friends have had to go through.
From what I have seen from friends who have tried to get their own loans modified, a lender will not consider a loan mod unless there is a financial hardship on your behalf (laid off from work, ARM loan that reset to an unaffordable payment, etc...) Also, many won't consider you eligible unless you are several months behind on your mortgage payments. Some banks are easier to work with than others. Bank of America is a nightmare!
I am not an expert in this area. Just sharing the experiences that friends have had to go through.
Do I qualify for a modification loan without cash?
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