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Profile picture for Citizen of USA

I really want to hear from someone that has a loan Modification that has finished/being processed

I am doing one with FannieMae now and Chase/Packet in waiting /my profile fits L.M. like a glove  have fears of being turned down need  reassurance.
  • July 16 2009 - Bakersfield
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Answers (9)

Profile picture for psrodeo
I have had two mods in the past. You dont need an attorney to do this. You need to be persistant and have patience though i will say. :)
  • August 10 2009
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Profile picture for rosevtoscano
i qualify with smartwayone.com really good company im telling everybody bbecause they help me alot the name is smartway one financial
  • August 07 2009
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If you qualify for the loan mod then most likely,  you will get it,  however what type of mod is the question.  Just remember know one can promise you a moddification.  f they do run from them know, one can promise you a mod.
  • July 21 2009
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I checked back with my lender and the reason they told me the case was closed is because income ratio is less than 12%.
How is income ratio caculated?
  • July 21 2009
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Profile picture for Tom Hayes
using an attorney seems to be the best way to get a loan modification completed. the simple fact is that the lenders are more likely to respond to an attorney than they are a person. the process definitely takes a long time and persistence is key. it is well worth the fee to hire an attorney otherwise you run the risk of being overwhelmed with things you need to do or even worse you could do them incorrectly. I went to www.FedMortgageLoans.com to see if i would even qualify for a home loan modification and the process was seamless.
I know people that have been attempting to get a loan modification done for over 6 months by doing it themselves. It can take forever and at the end of it you most likely will get a better deal if you have a professional negotiating for you. hope this is helpful
  • July 20 2009
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Profile picture for savalencia
I am just about at the end of the process, was just notified last week that my modification was approved.  Started the process in April, I was nervous too, what if it didn't work, my lender said they would work with me.  I can tell you that I read through all of the information I could find on MHA and felt pretty confident that I met the requirements, my mortgage is FannieMae, had a legit hardship, etc.  I was never asked for any further information after I sent my original package, they just reviewed it and finally told me I was approved.  The modification is absolutely wonderful, the payments are affordable and give me hope for the future.  Best of luck! oh and by the way, I did it all by myself!  You really don't have to pay anyone, if anything use the free resources, use your lender as a resource... If you are being honest, there is no reason you can't bring questions to your lender...  And be patient.
  • July 20 2009
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Profile picture for LoanInquirer
I did our loan modification myself and followed our lender's instructions.  It was approved 2 months ago, but it took about 2 months.  Hang in there. 
  • July 20 2009
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Use a real estate attorney and that is going to be the best way to get anything done with your lender.  The timeframe to getting your loan modified is usually anywhere from 3 to 6 months.  The process is being bogged down with the lenders since  1. they do not have enough people to work on current modification requests and  2. all the new modification requests that they receive each day.  You have to understand that with the economy losing jobs everyday you have more and more people looking to get their loan modified.  If you could afford to have a lawyer do a modification on your behalf I would save the headache and your time and just a pay the fee.  Most legit real estate lawyers will have two things in place to gain your business.  Update modification approvals to show you results and also a full money back guarantee!  I would not do business if they did not have that in place! Contact me if you have any questions I'm here to help!
  • July 18 2009
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I submitted our loan modifcation to our lender's hardship department around end of Feb2009. In Apr, they told me it is still under review processing. And In Jun when I call back to check, they told me my case has been CLOSED  :(  (no any notice to us)
I don't know what to do now.
  • July 17 2009
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