Profile picture for Biggunnsdbt

Loan Modifications

I'm a first time homebuyer (2007) who's home has lost 15k in value,and I have a  mortgage at 7.5%, and payment of 3621.00 a month.  I can not refi because I do not have any equity in my home, and I'm currently current and my loan servicer will not qualify me for a modification because I'm not currently behind.  It has be a struggle, as I'm a single mother of two and could use the assistance.
  • April 05 2009 - Stafford
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Answers (3)

Profile picture for MBSCollateral
Roby is absolutely right, why in the world would your servicer care to reduce your payments... if you are continue to pay?  Visit www.mbscollateral.com - this is the site for disgruntled homeowners to jointly tackle the issue of being "blown off" by their lenders/servicers.
  • June 06 2009
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As long you have a hardship you can get a loan mod.Ofcourse your lender will say No as they don't want to work with you as they are already making money with you. Why would they reduce your interest and lose money? Thats not good business. New govt programs will help modify your loan and get your ineterest down anywher from 2% to 4.5 % .
We specialise in these. You can email me directly if you need more info.
  • June 05 2009
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Profile picture for wetdawgs
What is your current loan vs the appraised value of the home?  (LTV)

Can you refinance under the rules of 80% to 105% refinancing of the stimulus plan that has started this month?   A lower interest rate should help, although there are likely to be refinancing costs.




  • April 05 2009
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