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Answers (7)
- Craig Baranowski, "Craig Baranowski"
- Contributions:233
You have options. Speak with your lender. They should be more than happy to adjust you to a rate that respresents the current market. Banks are not in the business to aquire non-performing debt and will work with someone that it current with their mortgage but is insolvent.
If a reduction in interest rate will bring you back to solvency and keep you in your home., this is a win-win for everyone.
There is a good probability that your lender will work with you If you can prove that a reduced interest rate will bring you back to solvency and you can demonstrate stable income and furnish a good hardship letter.
Good luck and stay positive!
If a reduction in interest rate will bring you back to solvency and keep you in your home., this is a win-win for everyone.
There is a good probability that your lender will work with you If you can prove that a reduced interest rate will bring you back to solvency and you can demonstrate stable income and furnish a good hardship letter.
Good luck and stay positive!
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Wow Nova. Harsh.
Msm,
Like Dave said, you need to be at risk of foreclosure. But there are also other items that play into qualifications. To save money, i would try calling your mortgage companies first. The only thing you need to watch out for though is if they want to put you into a forbarance agreement. Basically they are just tacking on what you owe to the end of the loan and putting a bandaid on the situation.
If you get nowhere with them, then consult a loan mod company. Please be wary though. There are a ton of crappy ones out there. If you would like any further information you can go to my profile and shoot me an email.
Msm,
Like Dave said, you need to be at risk of foreclosure. But there are also other items that play into qualifications. To save money, i would try calling your mortgage companies first. The only thing you need to watch out for though is if they want to put you into a forbarance agreement. Basically they are just tacking on what you owe to the end of the loan and putting a bandaid on the situation.
If you get nowhere with them, then consult a loan mod company. Please be wary though. There are a ton of crappy ones out there. If you would like any further information you can go to my profile and shoot me an email.
- msmjhart
- Contributions:4
- Dave Mason, "DebtFreeDave"
- Contributions:1315
A loan modification is based on risk of foreclosure not because you want a lower payment unfortunately.
You might be able to refinance the first mortgage. It depends on what the balance of the first mortgage is and what the balance of the second mortgage is. You might be able to refinance the first mortgage with FHA, and have the second mortgage subordinated to the new first mortgage. The FHA mortgage limit in Fairfax County is $625,500. FHA permits a combined loan-to-value (CLTV) in excess of 100% provided you qualify on income and debt-to-income ratios.
- CORONA NICK
- Contributions:2218
1. You are upside down, therefore, you cannot refi.
2. If you can get a modification, the principle has to be reduced, otherwise, it is not in you best interest.
2. If you can get a modification, the principle has to be reduced, otherwise, it is not in you best interest.
Loan Modification - possible?
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