Zillow Advice RSS: Question-Discussion,Loan Modifications, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/mortgage-loan-modifications/question-discussion/ Zillow Advice search results | Zillow Real Estate Every time I want to access a HUD representative at 1-800-995-hope talking about my modification pro http://www.zillow.com/advice-thread/Every-time-I-want-to-access-a-HUD-representative-at-1-800-995-hope-talking-about-my-modification-pro/343630/ <p class="MsoNormal">Every time I want to access a HUD representative at 1-800-995-hope talking about my modification problem, a recorded message says, "sorry we are very busy now, try later!" Is there another magic number that I do not know about? Or I am out of luck here too!!</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Thank you for your answer,</p><p class="MsoNormal">Gab</p><br \><br \>2 replies Tue, 13 Apr 2010 07:31:00 GMT http://www.zillow.com/advice-thread/Every-time-I-want-to-access-a-HUD-representative-at-1-800-995-hope-talking-about-my-modification-pro/343630/ 2010-04-13T07:31:00Z Can you qualify for HAMP or a Loan Mod if your current loan is Interest-only? http://www.zillow.com/advice-thread/Can-you-qualify-for-HAMP-or-a-Loan-Mod-if-your-current-loan-is-Interest-only/601524/ my mortgage lender is stating that under HAMP they cannot increase my monthly payment. Therefore they are denying my modification because I have an interest only loan now. So if they were to modify it that would include principle which in turn will make my payment higher. I am sure there is some way around this. I need some help and some direction in finding more information on this, and if it is possible to modify an interest only loan. My last meeting with the mortgage company is less than a week away, and they are not wanting to budge in this area. Is there something out there that will help me modify my loan that is past due that was an interest only payment? I have the means to make a payment that includes principal now. Our income is over there 31% guideline, so I am Not sure why they do not want to modify.<br \><br \>15 replies Sun, 23 Aug 2015 04:52:00 GMT http://www.zillow.com/advice-thread/Can-you-qualify-for-HAMP-or-a-Loan-Mod-if-your-current-loan-is-Interest-only/601524/ 2015-08-23T04:52:00Z Has anyone used the Costco site to obtain a new/refinance mortgage loan? http://www.zillow.com/advice-thread/Has-anyone-used-the-Costco-site-to-obtain-a-new-refinance-mortgage-loan/461608/ We are looking to refinance and take cash out.&nbsp; We're interested in a couple of the lenders; however, I'm reading some things on the web that make me a little leery.&nbsp; It would be helpful to know if you dealt with a particular lender...and what your experience has been.&nbsp; Thanks.<br \><br \>24 replies Thu, 27 Sep 2012 11:25:00 GMT http://www.zillow.com/advice-thread/Has-anyone-used-the-Costco-site-to-obtain-a-new-refinance-mortgage-loan/461608/ 2012-09-27T11:25:00Z How long does a liquidiation of the mortgage or home take? http://www.zillow.com/advice-thread/How-long-does-a-liquidiation-of-the-mortgage-or-home-take/599681/ would like an answer from a pro or someone who has actually experienced this. Mortgage lender says the house is in liquidation, how long before they foreclose?? or ask the owner to leave? unsure of how this works or the process<br \><br \>2 replies Tue, 11 Aug 2015 04:14:00 GMT http://www.zillow.com/advice-thread/How-long-does-a-liquidiation-of-the-mortgage-or-home-take/599681/ 2015-08-11T04:14:00Z Permanent Loan Modification Approved -- Is this a good HAMP offer? http://www.zillow.com/advice-thread/Permanent-Loan-Modification-Approved-Is-this-a-good-HAMP-offer/378510/ Hello,<br/><br/>I'm happy to report our mortgage company, GMAC approved&nbsp;our request for&nbsp;a permanent loan modification.&nbsp;Before I sign the HAMP papers I am&nbsp; hoping&nbsp;the&nbsp;professionals here&nbsp;can tell me this is a good or bad offer. <br/>Here are&nbsp;the details:<br/><br/><strong>Current Loan:</strong>&nbsp;$332K, 5.65% conventional 5/1, interest only ARM expires&nbsp;now. 11.875 life cap, 2% margin ea yr, prime. California, GMAC<br/><br/><strong>HAMP offer: $</strong>287K, 25yr fixed (remaining time on 5/1), 3% for first 5yrs, then 4% for 1yr, then 4.62% for the remainder 19yrs of the loan. $45K&nbsp;of principle was deferred, no interest, money due if I sell, transfer, or when last payment made. <br/><br/>My husband and I plan on living in house long term and want to pay off loan.<br/>We believe this is a very good offer, but we are not the experts so any advice is welcome.<br/><br/>Thank you in advance.<br \><br \>8 replies Thu, 23 Dec 2010 17:28:00 GMT http://www.zillow.com/advice-thread/Permanent-Loan-Modification-Approved-Is-this-a-good-HAMP-offer/378510/ 2010-12-23T17:28:00Z What happens to me if I walk away from my home & it goes into forclosure?? http://www.zillow.com/advice-thread/What-happens-to-me-if-I-walk-away-from-my-home-it-goes-into-forclosure/361462/ 8 replies Tue, 10 Aug 2010 01:49:00 GMT http://www.zillow.com/advice-thread/What-happens-to-me-if-I-walk-away-from-my-home-it-goes-into-forclosure/361462/ 2010-08-10T01:49:00Z have a double wide mobile home and land having trouble refinancing http://www.zillow.com/advice-thread/have-a-double-wide-mobile-home-and-land-having-trouble-refinancing/470609/ I live in South Carolina and have a double wide mobile home and land mortgaged with Chase Mortgage.&nbsp; I lost my job 2 years ago and though I'm still working I'm not making what I used too.&nbsp; I have to struggle to make my house payments.&nbsp; I tried to refinance through HAMP and they said I qualified but then they declined the refi after the appraisal showed the property as a mobile home.&nbsp; They sent me a overnight letter yesterday offering me a 4% interest down from the current 7.38% through the Chase Rate Reduction Program so I called and they declined again because of the property type.&nbsp; I've been making all payments on time for the last 12 years.&nbsp; But now that I need some relief I'm treated like a low class citizen because I live in a double wide and pay my bills.&nbsp; Is there anything I can do - so I can feed my family?&nbsp; My debt to income ratio is low due to the fact I've always tried to not live above my means and have tried to be responsible, but it would ne nice to get the same relief that those that haven't made responsible decisions.<br \><br \>5 replies Thu, 06 Dec 2012 21:22:00 GMT http://www.zillow.com/advice-thread/have-a-double-wide-mobile-home-and-land-having-trouble-refinancing/470609/ 2012-12-06T21:22:00Z how well does first franklin mortgage work with loan modification http://www.zillow.com/advice-thread/how-well-does-first-franklin-mortgage-work-with-loan-modification/254058/ 3 replies Wed, 08 Jul 2009 19:23:00 GMT http://www.zillow.com/advice-thread/how-well-does-first-franklin-mortgage-work-with-loan-modification/254058/ 2009-07-08T19:23:00Z Wells Fargo refusing to remove PMI when I paid down my principal http://www.zillow.com/advice-thread/Wells-Fargo-refusing-to-remove-PMI-when-I-paid-down-my-principal/465411/ I have a loan with Wells Fargo and I paid an additional 6500.00 in principal to lower my LTV to 78% based on the original value of my home.&nbsp; I used the Appraisal as the original value because nothing else in my closing documents indicates "VALUE"&nbsp; .Wells Fargo is telling me that value is based on my original loan amount&nbsp; or the appraised value which ever is lower.&nbsp;No where in my documents does it indicate&nbsp; that&nbsp; either or statement. It only states original value but does not indicate how "original value" is determined. My PMI is not scheduled to be at 78% till 2017. My home was purchased in 2008 and as is standard across the country I would not be able to get an acceptable value by having a new appraisal.<br \><br \>18 replies Tue, 23 Oct 2012 16:53:00 GMT http://www.zillow.com/advice-thread/Wells-Fargo-refusing-to-remove-PMI-when-I-paid-down-my-principal/465411/ 2012-10-23T16:53:00Z anyone get the the deferred principal balance? http://www.zillow.com/advice-thread/anyone-get-the-the-deferred-principal-balance/314278/ 13 replies Tue, 12 Jan 2010 23:22:00 GMT http://www.zillow.com/advice-thread/anyone-get-the-the-deferred-principal-balance/314278/ 2010-01-12T23:22:00Z I got a letter from a company called Loan Payment Administration, Xenia, OH saying that by making my http://www.zillow.com/advice-thread/I-got-a-letter-from-a-company-called-Loan-Payment-Administration-Xenia-OH-saying-that-by-making-my/436945/ Mortgage payment in smaller biweekly payments instead of monthly I could reduce the term of a 30yr by 6.4 years.&nbsp; I realize if my&nbsp;monthly payment is now $1000 (12 X $1000 = $12000)&nbsp; and every two weeks would be $500 X 26 = $13,000.&nbsp; Is there any advantage to their program?&nbsp; Did they think that I didn't realize I would actually be paying an additional $1000 a year?&nbsp;&nbsp;&nbsp;<br \><br \>49 replies Wed, 28 Mar 2012 15:22:00 GMT http://www.zillow.com/advice-thread/I-got-a-letter-from-a-company-called-Loan-Payment-Administration-Xenia-OH-saying-that-by-making-my/436945/ 2012-03-28T15:22:00Z Should I switch lenders? Help! http://www.zillow.com/advice-thread/Should-I-switch-lenders-Help/592142/ <p>i talked to a few lenders that said I need a paper trail of where the money comes from. I got pre aproved for a USDA loan, my parents are gifting me $1000 for earnest money, and the lender said I could deposit the money as cash..I'm confused..is this right? Do the lenders determine if you need a paper trail? Why would he tell me it doesn't matter? I don't want problems down the line if we find a house and no money trail. He mostly contacts me through email and hasn't explained anything about anything.&nbsp;</p><br/><p>Also, they are not on the appoved lenders list on the USDA website, should I not go with them and find someone else? I've talked to numerous companies but nobody ever callms me back.&nbsp;</p><br \><br \>4 replies Sat, 20 Jun 2015 11:57:00 GMT http://www.zillow.com/advice-thread/Should-I-switch-lenders-Help/592142/ 2015-06-20T11:57:00Z should I short sale or just walk away? http://www.zillow.com/advice-thread/should-I-short-sale-or-just-walk-away/453865/ I was demoted and lost significant income . I was denied any help. I believe that because I have a PMI on my loan it is not in their best interest to help me because they are going to get their money anyway. Should I short sale or just walk away. I owe $149,000 on a home that will sell for no more than $80,000.<br \><br \>6 replies Fri, 03 Aug 2012 01:25:00 GMT http://www.zillow.com/advice-thread/should-I-short-sale-or-just-walk-away/453865/ 2012-08-03T01:25:00Z Do you need a loan? http://www.zillow.com/advice-thread/Do-you-need-a-loan/590797/ [Spam deleted. See our <a rel="nofollow" title="Good Neighbor Policy" href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>.]<br \><br \>0 replies Thu, 11 Jun 2015 11:10:00 GMT http://www.zillow.com/advice-thread/Do-you-need-a-loan/590797/ 2015-06-11T11:10:00Z how to lower your mortgage http://www.zillow.com/advice-thread/how-to-lower-your-mortgage/590242/ 3 replies Sun, 07 Jun 2015 20:04:00 GMT http://www.zillow.com/advice-thread/how-to-lower-your-mortgage/590242/ 2015-06-07T20:04:00Z Ocwen - Worst bank to deal with for loan modification http://www.zillow.com/advice-thread/Ocwen-Worst-bank-to-deal-with-for-loan-modification/506652/ I have a mortgage loan with Ocwen (Worst company to ever deal with), not trying to be racist but they hardly understand me what i am trying to explain them. being an indian company they hardly want to help Americans. i have tried for a loan modification over 4 times now and every time they deny me with a different reason.<br/><br/><br/>It was all fine untill I got a phone call a few days back telling me I owe Ocwen over $12000.00 as they ran an Escrow analysis and my Escrow balance was Negative. Due to this i was unable to afford my mortgage anymore. I have been trying to get a loan modification through Ocwen for the past 2 years and still have no luck.Some times they say that I have High income and some times they say that my property is not under water which is true as I did property appraisal and my property Value is $430k against the Unpaid principal balance of $390k with interest rate of 5.5%.<br/><br/><br/>I googled this person who has been advertising over the internet by the name loan mod and he says that he will only charge a nominal fee for the help only if the loan modification gets approved or else he does not take a single penny from me, also would not take a upfront fee and grantees 100% loan modification.<br/><br/>he claims to have experience in loan modifications with Ocwen for more than 7 years, when i called him he said that he can get me&nbsp; a principal and interest reduction. Do i take his help as he has told me that he will not take any upfront fee untill the modification is approved.<br/><br/>Need some advice in terms of taking this persons help or not.<br \><br \>33 replies Tue, 13 Aug 2013 16:48:00 GMT http://www.zillow.com/advice-thread/Ocwen-Worst-bank-to-deal-with-for-loan-modification/506652/ 2013-08-13T16:48:00Z Does anyone know a good loan modification company or lawyer in Atlanta Georgia area? http://www.zillow.com/advice-thread/Does-anyone-know-a-good-loan-modification-company-or-lawyer-in-Atlanta-Georgia-area/325416/ 9 replies Tue, 16 Feb 2010 22:09:00 GMT http://www.zillow.com/advice-thread/Does-anyone-know-a-good-loan-modification-company-or-lawyer-in-Atlanta-Georgia-area/325416/ 2010-02-16T22:09:00Z FHA loan mod two years ago with 15K fees, now trying to refi with cash out http://www.zillow.com/advice-thread/FHA-loan-mod-two-years-ago-with-15K-fees-now-trying-to-refi-with-cash-out/589408/ My lovely wife signed a loan mod two years ago with a 15K fee attached on a 200k loan, paid when we sell the house. Now we are trying to refi plus cash out and the new broker/lender is saying they wont carry that over and we have to pay it off with the cash out. <br/><br/>Questions.<br/>Has anyone ever heard of such a fee?<br/>Do we have any legal recourse with original lender?<br \><br \>6 replies Mon, 01 Jun 2015 23:53:00 GMT http://www.zillow.com/advice-thread/FHA-loan-mod-two-years-ago-with-15K-fees-now-trying-to-refi-with-cash-out/589408/ 2015-06-01T23:53:00Z Low Appraisal value while trying to get PMI cancelled http://www.zillow.com/advice-thread/Low-Appraisal-value-while-trying-to-get-PMI-cancelled/588567/ I bought a house for $440k two years ago. It appraised at that time for $430k. The demand and prices of homes in my area has been increasing. We finally hit the percentage owned to cancel PMI. The appraisal we received only came in at $330k, and did not account for the finished basement with an extra legal bedroom that was included in the original appraisal. What is the best action to take at this time?<br \><br \>4 replies Wed, 27 May 2015 02:06:00 GMT http://www.zillow.com/advice-thread/Low-Appraisal-value-while-trying-to-get-PMI-cancelled/588567/ 2015-05-27T02:06:00Z I am paying on an interest only loan and have no equity built up to be able to refinance. What are http://www.zillow.com/advice-thread/I-am-paying-on-an-interest-only-loan-and-have-no-equity-built-up-to-be-able-to-refinance-What-are/462696/ 20 replies Thu, 04 Oct 2012 21:43:00 GMT http://www.zillow.com/advice-thread/I-am-paying-on-an-interest-only-loan-and-have-no-equity-built-up-to-be-able-to-refinance-What-are/462696/ 2012-10-04T21:43:00Z