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  • S4P
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OK, Have Home loans totaling 580 but home is only worth 431. Unable to refi credit is shot? Help

Wife lost job 18+ months ago when she became ill, Not late yet. Settled some credit card dept but not before it damaged our credit. Not sure of what our options are or do we just give up and allow foreclosure.
  • March 10 2009 - Nassau
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Answers (14)

 Any attorney or mortgage broker prviding a "VALUABLE" service does not work for free. The way the process should work is a "icensed" mortgage broker with an advanced fee agreement takes a look at you scenario to determine if you even meet that lenders criteria. Only then should a fee be collected. If you do use a 100% money back guarantee make sure you read the fine print and have a good attorney on stand by. An attorney that is a licensed broker as well can also facilitate loan modifications. Make sure the attorney you use is a licensed broker.
  • June 19 2009
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I'm not saying to be late on your mortgage payment but from what I have seen many lenders want their borrowers to be late to even have the bank look at your modification request.  I know CITI, ASC, WAMU is wanting to see you be late to get you something that is going to be worth going through the loan modification process.  Again that's what I have seen in the last year and 6 months of working with borrowers on loan modifications.  Remember that many of these "lenders" or "loan officers" do not know the in's and out's of the loan modification process since they maybe doing two things referring it to a loan modification processing Co. or doing it themselves and that is why a lot of people get ripped off since many of these are not doing anything that the borrower could do themselves.  Each homeowner needs to look at their situation if you know you do not have the time or do not know the mortgage business to negoiate with your lender then I would advise anyone to hire a real estate attorney and also one that gives you a money back guarantee! Good Luck!
  • June 19 2009
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p.s. Do not take Derek's advice. depending on who your lender is and what your scenario is you should be able to modify you loan without going late. Never miss a payment unless your lender specifically says they will not work with you until you are late. Even then they are playing hard ball. A skilled negotiator can modify your loan while you are current. Anyone who advises you to miss a payment with out direct contact to your lender run the other way.
  • June 19 2009
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Well you deffinitely have a hardship. Who is the lender? Im not sure if I can help or not but I may be able to lead you in the right direction.
  • June 19 2009
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i can help yo uget your loan modified. Please email me for more info.
  • June 19 2009
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Banks are getting tougher on modification requests.  By settling some credit card debt was a good first step...What you need to do now is to get your lender to modify your home.  .  As stupid it may sound also your lender will not modify your home until your late on the mortgage payment.  If you do not have the time to follow up and negotiate with your lender I would advise you to hire a real estate attorney.  The modification process is not easy it's really time consuming.  Good luck!

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  • June 18 2009
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I would suggest contacting your bank and doing a modication directly with them if you have not already. However, before you do I would learn a little about the process first.  The more information you have and better understanding of the loan modification process, the better your chances are for a great result. The two most important things to do would be to prepare a hardship letter and a financial budget.  If both are acceptable to the lender, you have a great chance.
I have prepared a Do It Yourself Guide. Just click on my profile for more information.
  • June 17 2009
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You can get a modification. Principal reductions usually occurs if the borrower runs a forensic audit on their loan documents. There is also availability in the HAMP for principal reduction as well depending if your lender took the TARP money. I have some additional resources on my profile. Good luck
  • June 17 2009
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Much better Justin...
 
  • March 11 2009
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You can mod...But you have to realize your not going to get any principle reduction your most likely just looking at lowering your rate maybe and you have to have provable income coming into the household to afford the mortgage payment or the lender will deny the mod.
  • March 11 2009
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You have to Modify the Primary (First) Mortgage before you can Modify the Second.  Keep that in mind.  Good Luck.  And dont let them beat around the bush!  Stick it to em'!
  • March 10 2009
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  • S4P
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Wow, thanks for the response, so Will tell hubby and well try calling the lenders. Thanks!!!
  • March 10 2009
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Spicy4play, NO!  Do not give up and allow foreclosure!  Call your servicer regarding the Home Affordable Modification Program.  Through this program, the servicer can reduce your mortgage payments down to 31% of your debt-to-income ratio, forgiving principal to acheive that ratio.  There are no credit score requirements or LTV requirements.  Best wishes!
  • March 10 2009
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Loan Modificaton.

  • March 10 2009
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