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Answers (9)
- Gregory Coe, "Greg Coe"
- Contributions:12
I tried a Loan Mod and was turned down after spending $26k. I have been a Finance Manager for over 14 years, but with the economy in shambles my income decreased, so I ended up getting behind in my payments. My home was $600k upside down and I explained this to my Bank, they did not care, they stated they would not reduce my loan and if I qualified they would increase the orig loan by all the late payments, lower the rate for a time and move the note to 40 years to help in the monthly payment. So after making 6 payments perfecly they turned it down on their Make your Home Affordable Program. You will need a job that gives you a DTI of 55% of your new payment with our program. I decided to work full time for this Hedge Fund after the CEO financed a car with me. I too wanted to help families save their home. They will give you a 90% of todays value at 7.25% (credit not a criteria) for a 30 year fixed rate with a 3 year prepay. I never lost Title. If you are interested email at coebiltaz@hotmail.com
- Joshua Zargari, "Joshua Zargari"
- Contributions:127
You may want to rent part of your house to a reliable tenant.
Find a job.
Try selling the house if possible.
You may want to rent the whole house and move to the basement.
Find a partner and sell him half of the house.
If you have money in the bank repay the mortgage of the 6%.
Talk to a certified financial planer.
Find a job.
Try selling the house if possible.
You may want to rent the whole house and move to the basement.
Find a partner and sell him half of the house.
If you have money in the bank repay the mortgage of the 6%.
Talk to a certified financial planer.
- fat winnie
- Contributions:1
- Linda Strasberg, "L Strasberg"
- Contributions:2314
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
In general if you have any disposable income left over you will be denied and you said you have $1,020. So that means DENIED. Most people who try their own modifications don't understand what is really required to actually qualify for one and this is a prime example.
- lyn21
- Contributions:19
i owed 407k
market 142k
they didnt give me a reason, just they call n told me i dont qualify for the program. yes i am looking for a job. no room mate that i know whos interested so far.
any idea what to do?
thank you so much guys.. u are making me feel better. just by listening n replying. thank u thank u to all
market 142k
they didnt give me a reason, just they call n told me i dont qualify for the program. yes i am looking for a job. no room mate that i know whos interested so far.
any idea what to do?
thank you so much guys.. u are making me feel better. just by listening n replying. thank u thank u to all
- wetdawgs
- Contributions:26642
A whole bunch of questions:
What is the reason the lender is giving you for not being willing to modify? You have a superb interest rate on your first mortgage and the second is not bad.
What is the current fair market value of the property?
Are you screwed? I would consider getting a roommate or putting the house on the market at this point if you can't make the payments and don't have sufficient assets to cover expenses while you continue your job search.
What is the reason the lender is giving you for not being willing to modify? You have a superb interest rate on your first mortgage and the second is not bad.
What is the current fair market value of the property?
Are you screwed? I would consider getting a roommate or putting the house on the market at this point if you can't make the payments and don't have sufficient assets to cover expenses while you continue your job search.
- lyn21
- Contributions:19
Thank You for replying...
My first morgtgage is 1k and 2nd Mortgage 730 dollars.
thats total of 1730 dollars just on payment. plus 200 HOA and property tax 230 thats extra 430 dollars.
expenses: food, utilities insurance. total off 1075.
Total sources of income is 2520
im just trying to fill you u exactly.
Thank YOu again
My first morgtgage is 1k and 2nd Mortgage 730 dollars.
thats total of 1730 dollars just on payment. plus 200 HOA and property tax 230 thats extra 430 dollars.
expenses: food, utilities insurance. total off 1075.
Total sources of income is 2520
im just trying to fill you u exactly.
Thank YOu again
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
Did your lender give you a reason as to why they won't modify you? Sometimes if you show to much money left after expenses paid they feel as though you can afford the current payment - that sounds like what happened... They will sometimes approve a modification if you're only showing between $200-300 left after expenses, but it just depends on your lender - everyone of them are different... Hope this helps!
Modification
I'd like to ask for your opinion..
Heres the situation.
I lost my job 5 months ago. So now i am receiving unemployment. 2522 a month
My first mortgage is 328k i pay 1059.17centsk a month. interest 3.879 %
2nd Mortgage 78,895k Payment is 730 a month , Interest I guess is 6.0 %
My Expenses is almost 1500 a month. Now my lender wont modify my payment so i can better pay it off. ooops and property tax of 230 dollars.and 200 dollars of HOA. SO guys tell me how can i live and survive.
Whats the best way to handle this.. I only have 1020 left over after paying bills excluding the 1st and second mortgage. Am i really just screwed?
Any advice please.
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