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Answers (24)
Best Answer
- Valarie Kubacki, "nwihomes4sale"
- Contributions:144
Call your bank they will get you with someone to help you do NOT pay one of these companies. 888-995-HOPE is a legitimate help line. I have seen so many people get scammed it makes me sick.
- user671644
- Contributions:2
Georgina is right, Paper work issues are common and lenders can be difficult, but persistence beats resistants! and the squeaky wheel gets the grease! Keep at it and submitting all the proper documents and Im sure you will find a solution. Don't forget the phone calls to the bank as well. If you need any more help keep posting!!!
- Georgina OBryan, "GOBryan1"
- Contributions:483
Look for a reputable firm that handles modification in your local area. Most clients have tried before soliciting a firm's help and have been denied. Most of the denials are due to paperwork issues. Sorry but the lenders are not really on your side. They're looking out for their best interest.
Make sure the firm you find has a good reputation with the BBB and local, if at all possible.
Make sure the firm you find has a good reputation with the BBB and local, if at all possible.
- Sue Tristan, "Sue Tristan Realtor"
- Contributions:10
I know you heard the expression... "if it sounds to good to be true, then it probably is"...
Hang up and don't take their calls anymore....
Hang up and don't take their calls anymore....
- MrSandwich
- Contributions:5
Just as a matter of course and due personal diligence, I have a low level of trust in any stranger who contacts me in a time of distress. I refuse to believe their interest is me.
- JillayneSchlicke
- Contributions:2
Claudia the writer already commented extensively on her experience working directly with the lender.
Trisha, wait a few more weeks, if you can. Sounds like the multi-state Attorneys General lawsuit against the major lender/servicers is going to be announced. In that settlement, there might be more incentives to the lender/servicers to modify loans.
Also, check with your own state to see if there are mediation programs available. Google "your state foreclosure mediation."
Trisha, wait a few more weeks, if you can. Sounds like the multi-state Attorneys General lawsuit against the major lender/servicers is going to be announced. In that settlement, there might be more incentives to the lender/servicers to modify loans.
Also, check with your own state to see if there are mediation programs available. Google "your state foreclosure mediation."
- Claudia Gerardino (Yo hablo su idioma), "Denver home for sale"
- Contributions:62
For a loan modification I will recommend for you to contact the lender that holds your current loan mortgage and ask for an application.
- JillayneSchlicke
- Contributions:2
There is a federal rule banning ALL UPFRONT LOAN MOD FEES before work has been performed. Here you go:
http://www.ftc.gov/opa/2010/11/mars.shtm
This company is starting it's business relationship with deception.
This will not end well.
All state attorney general websites have information on how to obtain FREE COUNSELING from a HUD-approved housing counseling agency about ways to avoid foreclosures including counseling on loan modifications.
Avoid ALL fee-based loan modification companies, especially companies asking for money up front.
http://www.ftc.gov/opa/2010/11/mars.shtm
This company is starting it's business relationship with deception.
This will not end well.
All state attorney general websites have information on how to obtain FREE COUNSELING from a HUD-approved housing counseling agency about ways to avoid foreclosures including counseling on loan modifications.
Avoid ALL fee-based loan modification companies, especially companies asking for money up front.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Modification is upto the lender it does not have to be granted. If you can afford the current payments and have not had a hardship I would highly doubt you would get a moidification approved.
A modification is as much to help the bank avoid the losses of foreclosure as they are to help an owner through a rough patch. The Govt has incented banks to grant them provided the owner meets certain guidelines...but that by no means guarantees the lenders will agree to the modification.
A modification is as much to help the bank avoid the losses of foreclosure as they are to help an owner through a rough patch. The Govt has incented banks to grant them provided the owner meets certain guidelines...but that by no means guarantees the lenders will agree to the modification.
- Trisha S
- Contributions:7
Well, don't they have to show you why you do not qualify for the modification?
- Andrew Adams, "203K Specialist"
- Contributions:9349
How do you Enforce consider? Sure you can submit a request...they can say no...how do you legally prove it was never considered?
- Trisha S
- Contributions:7
Okay so bottom line. What do we do if our own mortgage/bank will not even finance because of this. I was reading that BAC has to at least consider a modification by law? Is this true? And thanks everyone for the info
- Andrew Adams, "203K Specialist"
- Contributions:9349
If it's modular you won't find a metal stamp.
Modular simply means it was built offsite and trucked to the site and assebled onsite like a stick built home. Financing a modular home is no different than stick built.
Modular simply means it was built offsite and trucked to the site and assebled onsite like a stick built home. Financing a modular home is no different than stick built.
- Trisha S
- Contributions:7
We were told to look for a metal stamp on the house. to say if it was Modular or manufactured. It is not a mobile. But we are not sure if it is Manuf/and or Modular. We bought this already on the land.
- Andrew Adams, "203K Specialist"
- Contributions:9349
- sunnyview
- Contributions:25139
I would call the 800 HOPE number to get some advice about what banks might be willing to refinance a modular. You might also look at the HARP site from them here to see if that might be an option for you. It may give you more bank choices
Banks will say no as long as they can, but you have to keep calling and asking them for a modification or for your HAMP or HARP eligibility. If they still say no, ask them for the program requirements in writing and then keep asking. I do not really understand why a modular that has a normal mortgage now in good standing would not be eligible for an FHA streamline or maybe even HARP. Maybe a lender could give you more information.
Banks will say no as long as they can, but you have to keep calling and asking them for a modification or for your HAMP or HARP eligibility. If they still say no, ask them for the program requirements in writing and then keep asking. I do not really understand why a modular that has a normal mortgage now in good standing would not be eligible for an FHA streamline or maybe even HARP. Maybe a lender could give you more information.
- Trisha S
- Contributions:7
That is what we ere trying to do thru our mortgage holder BAC. Only as of sept 2011 they no longer refinance or finance Modular homes. We have asked quicken loans and a few others and we keep getting the same answer. So, how is anyone with a modular home going to be able to have a fair chance at lowering their interest rate if they keep getting turn away not for bad credit or late payments but for having a modular home. I do not think is is fair. How will we in the future have a chance to even sell our home?
- Andrew Adams, "203K Specialist"
- Contributions:9349
If it's an FHA loan, why not a streamline refi?
- Trisha S
- Contributions:7
Thank you for your answer. Very informative
- Trisha S
- Contributions:7
Here's the deal. The loan is not in the rears. We tried refinancing for a lower rate to save money in the long run. Our bank was doing all the paperwork and said everything was great great credit(our mortgage is with BAC) but at the very last minute they inform us that oops. did not realize our home was a Modular home. we own our land no lease live in a suburb not a mobile home park. They have had our loan since 2008. I find this very strange. We have a FHA loan under my husbands name only(we were not married when he purchased this home). So now know finances modular homes anymore it seems! I do not understand the logic. So this midwest company says they can't refinance but they cant Modify due to the fact that they are only showing my husbands debts which he says my husband would qualify for this. But there are no guarantees due to our home being a modular home? How can we possibly take advantage of any lower interest rates when we keep getting told that our home is a modular home and oh we quite financing these homes. Ours is a very nice home with a foundation a large garage. Can anyone give me some insight on the next step? Thanks for your responses.
- Paul Mondello, "Paul Mondello"
- Contributions:2097
$500, then what? Don't go there. If you have real hardship, there is more help now that you can get on your own then ever...maybe more coming?
http://blog.american.com/2012/01/january-surprise-is-obama-preparing-a-trillion-dollar-mass-refinancing-of-mortgages/
http://blog.american.com/2012/01/january-surprise-is-obama-preparing-a-trillion-dollar-mass-refinancing-of-mortgages/
- sunnyview
- Contributions:25139
Run away! Do NOT deal with ANY company that calls you out of the blue about your mortgage. Deal directly with your servicer.
No company working a telemarketing list can do anything that you cannot do yourself and most are scammers who will be long gone before you ever see your $500 back again.
No company working a telemarketing list can do anything that you cannot do yourself and most are scammers who will be long gone before you ever see your $500 back again.
- Geofrey Merino, "GMerino"
- Contributions:445
Run, don't look back, keep running! Call your current servicing company. They should be able to help you out with a loan modification. These companies will target those who are past due.
- dododad ododdod, "nononoononoddo"
- Contributions:233
LOL i can tell you for free if you pre-qualify just by going off of their name they are loan modification preparation company they will prepare the paperwork for you and then either give you the package to submit or send it to the bank. No one can tell you what the bank will do with your loan for a loan modification or not. Click on my name follow my blogs for loan modification news! Good Luck!
I had a company call about modifying our loan. asking 500 up front but will refund if we don't quali
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