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How do a person go about getting a loan modiciations

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September 07 2011 - Galloway
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most banks wont consider a loan modification unless the there is enough equity in the house, if you are looking for a modifications and if your score is not as good as before it would drive payments higher as well. I tried talking to the banks about reducing payments and they were not sympathetic...they would rather you default and go through that process than modify your loan especially if its your investment property. This is what happens when you take tax payers money and give it to the bank instead of creating a different means of helping folks in trouble like an independant third party. WE BAILED OUT THE BANKS BILLIONS OF DOLLARS AND THE PROBLEM STILL DID NOT GO AWAY... WHAT A WASTE OF GOV FUNDS...A BIG MISTAKE ON THE ADMINISTRATIONS PART AND THAT IS PARTLY WHY WE ARE STILL NOT RECOVERED FROM THIS RECESSION YET....
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September 07 2011

Call your current lender and explain your hardship.  You can do this yourself.  Be careful about paying someone to do this for you.  There are a lot of scams out there that you should be leary about that take your money and end up doing nothing to help you with a loan modification.

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September 07 2011
 
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How do a person go about getting a loan modiciations
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September 07 2011 | 2 answers
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