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what to do if you loan modification has been denied by your mortgage company?

I am 3 months behind in my mortgage payments,my mortgage company denied my loan modification.:First in a letter they say because of my credit then I called them and ask why i was denied  and i was told that they don't help if you are only 60 days behind.The person who help me send the loan modification application wont return my calls or emails after i let her a voice masage that my loan modification was deinied.please help

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September 08 2012 - Fridley
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If you want to stay in your home, you could contact the Minnesota Home Ownership Center and speak with a one of their counselors for assistance.  http://www.hocmn.org/en/foreclosurePrevention-map.cfm or contact HUD for more information http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure

If you are looking to move on, there are other options like doing a short sale, deed in lieu, or letting it go to a full foreclosure, but there are pros and cons to each of these options.  I'd still recommend talking to an impartial source like the counselors at the Minnesota Home Ownership Center.

I hope that helps!
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September 11 2012

Simplified catch-22.

Banks will not modify the loan if they know you can pay the full amount anyway. So without serious default, there's not much chance.

But if in serious default, then banks want to foreclose and auction off the property to get their money.

Tough to win unless a knowledgable professional (usually an attorney) is hired to look at all aspects and deal with the bank on your behalf.

Raheel Shahzad, Attorney, CPA, Real Estate Agent
Lombard, IL

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September 09 2012
I think you just contacted me directly from Zillow? give me a call and lets talk about it.
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September 09 2012
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September 09 2012
 
Related Questions
what to do if you loan modification has been denied by your mortgage company?
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Latest answer by Patti Ann Kasper
September 11 2012 | 4 answers
  • Asked by user8360553
  • In Mortgage
  • September 08 2012
Mortgage Rates
 
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