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Answers (5)
- ROY Mason, "REALTORROY"
- Contributions:194
CLICK HERE FOR PROPERTY PROFILE AND COMPS
#1 Pay no attention to WHAT ZILLOW says your home is worth. Zillow said one of my sales is a 3 bedroom when in fact it was 2 bedroom, ZILLOW also said it was only worth $260,000 and I SOLD IT FOR $370,000
#2 the fact your value went down and you cant refi is a perfect reason to get a loan modification.
get the facts on value and comps from where they come from " THE MLS"
- greg knox, "Greg Knox"
- Contributions:80
I mostly agree with Carl below. However, your debt to income must be realistic after all steps are taken. If your rate is lowered to 2% (the floor) and your dti is still over 38% at either 40 year amortization or interest only, then the lender is encouraged but not required to lower your principal to an amount which allows you to qualify.
Furthermore, you must prove a hardship is causing you not to be able to make your current payments since theoretically you qualified when you took your loan. I don't think not having cable qualifies you.
- Stephen Ching, "Edmonds WA"
- Contributions:229
The first government attempt, (FHA secure) helped several thousand people, The second (Hope for Homeowners) helped several hundred people. The third (Obama Plan) is as yet unknown.
If the government or someone steps in to lend you a hand by all means take it. That doesn't mean do nothing yourself and wait...
What do you need in order to survive? Do you really need a loan modification? If you do, then stop reading this and go try for one.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3409
You already have very good terms on your loan, even if you could get a modification there isn't too much that can be done to lower the payments.
If you are sacrificing on day to day essentials, you could consider trying to short sale the property and rent something where you can afford your payments and have a better quality of life.
- Carl Henker, "Carl Henker"
- Contributions:755
The mod program is not based on value it is based on your ability to pay. The lender is to calculate a payment of between 31% and 38% DTI using a reduced interest rate and/or longer amortization schedule. The LTV is not a part of the formula, the 105% is only for refinancing. Are you talking with a loan agent or the loss mitigation department?
My home devalued too much for modification!
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