Zillow Advice RSS: Question-Discussion-Guide,Loan Modifications,IL http://www.zillow.com/advice/IL/mortgage-loan-modifications/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate I was a co-signer with my ex-husband on a mortgage for 3 rental properites which were also titled in http://www.zillow.com/advice-thread/I-was-a-co-signer-with-my-ex-husband-on-a-mortgage-for-3-rental-properites-which-were-also-titled-in/473135/ 2 replies Fri, 04 Jan 2013 19:37:00 GMT http://www.zillow.com/advice-thread/I-was-a-co-signer-with-my-ex-husband-on-a-mortgage-for-3-rental-properites-which-were-also-titled-in/473135/ 2013-01-04T19:37:00Z What about loan modification for an unemployed person that collects benefits and has a part-time job http://www.zillow.com/advice-thread/What-about-loan-modification-for-an-unemployed-person-that-collects-benefits-and-has-a-part-time-job/371852/ that has never been late on the condo mortgage (developed in 2006) but that things are getting very tight now. I have a conventional loan with 5/3rd bank and a 7.375 interest rate and my condo now is valued at $30,000 less than what my mortgage states it to be.My bills have been paid every month on time so far.<br \><br \>5 replies Tue, 19 Oct 2010 13:01:00 GMT http://www.zillow.com/advice-thread/What-about-loan-modification-for-an-unemployed-person-that-collects-benefits-and-has-a-part-time-job/371852/ 2010-10-19T13:01:00Z Denied modification by Harris bank. Do not qualify for refinance because of credit http://www.zillow.com/advice-thread/Denied-modification-by-Harris-bank-Do-not-qualify-for-refinance-because-of-credit/471077/ We were denied by Harris after months of attempting to modify. We are now greatly behind on mortgage our credit is affected and can not refinance due to credit. We were told we were denied because of our gross income not being in the 31%. We are literally in negative weekly. Any suggestions?<br \><br \>3 replies Wed, 12 Dec 2012 02:59:00 GMT http://www.zillow.com/advice-thread/Denied-modification-by-Harris-bank-Do-not-qualify-for-refinance-because-of-credit/471077/ 2012-12-12T02:59:00Z With costs exceeding our means. will a mortgage company give us the loan modification we need? http://www.zillow.com/advice-thread/With-costs-exceeding-our-means-will-a-mortgage-company-give-us-the-loan-modification-we-need/205549/ We seem to be stuck in this moment like many others and on a less than shoestring budget , Will our <a href="http://www.zillow.com/mortgage/">mortgage</a> compnay (Countrywide) Help us to modify our <a href="http://www.zillow.com/mortgage/">loan</a> so we can stay in our home? It seems our value has dropped like others to $450,000 and we bought for $456,000 in 2005. We owe on the note $406,000 currently and are really struggiling working 3 jobs between the two of us.<br \><br \>8 replies Mon, 02 Mar 2009 13:37:00 GMT http://www.zillow.com/advice-thread/With-costs-exceeding-our-means-will-a-mortgage-company-give-us-the-loan-modification-we-need/205549/ 2009-03-02T13:37:00Z Can you qualify for a HAMP loan if you've already completed a HARP loan due to unemployment? http://www.zillow.com/advice-thread/Can-you-qualify-for-a-HAMP-loan-if-you%27ve-already-completed-a-HARP-loan-due-to-unemployment/363861/ My boyfriend needed to get&nbsp;his ex-wife off the mortgage loan and the only way he could do that and qualify is through a HARP loan.&nbsp; Wells Fargo qualified him, the loan is in his name now, and his interest rate went from 6.735% to 5.75%, but only decreased his mortgage payment from about $2000 to $1800/month.&nbsp; Now, he is unemployed and his savings is dwindling due to living expenses.<br/><br/>Can he apply for the HAMP loan at this point?&nbsp; What are his options?&nbsp; He currently has Wells Fargo&nbsp;and have never missed a mortgage payment, has PMI, and his townhouse is worth about $185,000 (maybe a little more/less) and he owes $223,000.&nbsp; <br/><br/>We're just looking for options at this point and he doesn't want to foreclose or short sale, but between his assessments and mortgage it's just over $2000/month and unemployment is only $353/week.<br \><br \>1 reply Thu, 26 Aug 2010 17:53:00 GMT http://www.zillow.com/advice-thread/Can-you-qualify-for-a-HAMP-loan-if-you%27ve-already-completed-a-HARP-loan-due-to-unemployment/363861/ 2010-08-26T17:53:00Z Cash For Keys Deed In Leiu HSBC http://www.zillow.com/advice-thread/Cash-For-Keys-Deed-In-Leiu-HSBC/452903/ My Mortgage holder is HSBC they offered me 11K to move out which I have , My Question is is this for real ? Anyone ever get paid ? <br/><br/>Without going into too much detail I moved out of the house thinking this Cash For Keys is a Lie and was moving out anyways .It would be nice if they did pay up since I did leave the home in great shape .<br \><br \>3 replies Fri, 27 Jul 2012 15:05:00 GMT http://www.zillow.com/advice-thread/Cash-For-Keys-Deed-In-Leiu-HSBC/452903/ 2012-07-27T15:05:00Z options on getting rid of my second mtg? http://www.zillow.com/advice-thread/options-on-getting-rid-of-my-second-mtg/347433/ It depends on the lender, but typically, you'll need to prepare a hardship letter (a good hardship letter doesn't complain about property values, it explains why you can't afford the debt anymore), a list of income/expenses, and a written offer for however much you're offering to settle the debt for.<br/><br/>Again, this is not something that is a surefire way to get rid of a second mortgage, but I have negotiated seconds down to a few thousand dollars on several occasions. It's always a good deal, and it doesn't hurt to ask.<br/><br/>Hope you can work something out.<br \><br \>0 replies Tue, 27 Apr 2010 20:02:00 GMT http://www.zillow.com/advice-thread/options-on-getting-rid-of-my-second-mtg/347433/ 2010-04-27T20:02:00Z Can I refi if my husband has been out of work for more than 6 months. Unemployement gives him $410 http://www.zillow.com/advice-thread/Can-I-refi-if-my-husband-has-been-out-of-work-for-more-than-6-months-Unemployement-gives-him-410/249757/ A Re-Fi depends on alot of things: your credit score, the value of your home in relation to what you owe, and your ability to pay. If unemployment is your hardship you may have more luck with a modification, as the previous poster said. Before you pay anyone to help you obtain a <a href="http://www.zillow.com/loan-modification/">loan mod</a> though, I'd definately say try to do it yourself. I am actually a loan mod professional and I always tell my clients that IF THEY HAVE the time (and if ur hubby is unemployed he probably does) you should be trying to modify on your own. Search the web for the 'loss mitigation' numbers of your <a href="http://www.zillow.com/mortgage/">mortgage</a> servicer and read up on the MHA guidelines. Some mortgage servicers WILL accept unemployment however its up to the bank ultimately. Focus all your energy on him getting a new job(even if its a minimum wage one) because ANY income is preferred over unemployment benefits.<br \><br \>0 replies Fri, 26 Jun 2009 15:19:00 GMT http://www.zillow.com/advice-thread/Can-I-refi-if-my-husband-has-been-out-of-work-for-more-than-6-months-Unemployement-gives-him-410/249757/ 2009-06-26T15:19:00Z I am trying to get a loan modification. Should I hire a lawyer http://www.zillow.com/advice-thread/I-am-trying-to-get-a-loan-modification-Should-I-hire-a-lawyer/338694/ <p>Call your&nbsp;lender and ask for the loss mitigation department. Tell them you are having a difficult time paying the mortgage and ask them if they can offer any assistance. Don't hide from your lender because they will think you don't want to work something out. Lenders are getting better at the process of doing these loan mods.</p><br \><br \>0 replies Tue, 30 Mar 2010 17:21:00 GMT http://www.zillow.com/advice-thread/I-am-trying-to-get-a-loan-modification-Should-I-hire-a-lawyer/338694/ 2010-03-30T17:21:00Z Can I refince with the same Mortgage Company? http://www.zillow.com/advice-thread/Can-I-refince-with-the-same-Mortgage-Company/224479/ 5 replies Thu, 16 Apr 2009 18:56:00 GMT http://www.zillow.com/advice-thread/Can-I-refince-with-the-same-Mortgage-Company/224479/ 2009-04-16T18:56:00Z preapproval for a mortage http://www.zillow.com/advice-thread/preapproval-for-a-mortage/552979/ Reach out to a mortgage lender..Maybe you can start w the bank that you do banking w, if they do mortgage<br \><br \>0 replies Thu, 18 Sep 2014 02:15:00 GMT http://www.zillow.com/advice-thread/preapproval-for-a-mortage/552979/ 2014-09-18T02:15:00Z Should I walk away? http://www.zillow.com/advice-thread/Should-I-walk-away/312995/ I am so sorry that you are stuck in this situation. I would definitely try for a short sale or deed in lieu before you decide to walk away. Short sales can take more effort on your part, but in exchange the bank often agrees to hold you blameless for the shortfall on the mortgage amount. You might also &nbsp;want to consider a deed in lieu. You can read more about them both&nbsp;<a rel="nofollow" href="http://www.nolo.com/legal-encyclopedia/article-30016.html">here</a>. Before you decide what to do, please get 1 hour of legal advice. This is a big decision and you need to honest answers from someone that is not trying to make money off of you on a commission. It is hard to know who to trust, but you need to ask all the questions before you decide and go to your bank with your offer.<br/><br/>$4200 is a huge payment. If you don't think that you can afford to carry that every month, you are wiser to make your decisions now and clean your slate as well as possible than struggle for years under a heavy financial burden. You are not alone and others are facing this too. Get all the information that you can, assess your situation and make the best decision that you can moving forward.<br \><br \>0 replies Sat, 09 Jan 2010 02:28:00 GMT http://www.zillow.com/advice-thread/Should-I-walk-away/312995/ 2010-01-09T02:28:00Z i'm getting unemployment, can i refinance my mortgage under this program? http://www.zillow.com/advice-thread/i%27m-getting-unemployment-can-i-refinance-my-mortgage-under-this-program/223427/ i'm getting unemployment&nbsp; i can still make my <a href="http://www.zillow.com/mortgage/">mortgage</a> payments now.can i&nbsp;refinance or modify my mortgage?&nbsp;<br \><br \>2 replies Tue, 14 Apr 2009 15:22:00 GMT http://www.zillow.com/advice-thread/i%27m-getting-unemployment-can-i-refinance-my-mortgage-under-this-program/223427/ 2009-04-14T15:22:00Z My Wife and I are underwater on our home. We have been late on our mortgage recently. http://www.zillow.com/advice-thread/My-Wife-and-I-are-underwater-on-our-home-We-have-been-late-on-our-mortgage-recently/430660/ We make decent money and are finally about to get out of debt soon. As stated above, we have been late on our mortgage in the last few months with Wells Fargo but we always make good. It seems like my Wife and I are doing too good to get any real help. We have asked for assistance from Wells many times but to no avail they are not interested in really helping us lower our mortgage. We need some direction and advice. Thank you<br \><br \>8 replies Wed, 01 Feb 2012 21:35:00 GMT http://www.zillow.com/advice-thread/My-Wife-and-I-are-underwater-on-our-home-We-have-been-late-on-our-mortgage-recently/430660/ 2012-02-01T21:35:00Z I am upside down on my mortgage. I don't qualify for any assistance. What are my other options? http://www.zillow.com/advice-thread/I-am-upside-down-on-my-mortgage-I-don%27t-qualify-for-any-assistance-What-are-my-other-options/505339/ 11 replies Mon, 05 Aug 2013 17:41:00 GMT http://www.zillow.com/advice-thread/I-am-upside-down-on-my-mortgage-I-don%27t-qualify-for-any-assistance-What-are-my-other-options/505339/ 2013-08-05T17:41:00Z If no amt of mortgage is forgiven; just the rate is changed,no late payments,does that hurt credit? http://www.zillow.com/advice-thread/If-no-amt-of-mortgage-is-forgiven-just-the-rate-is-changed-no-late-payments-does-that-hurt-credit/323819/ <p>If you just want the rate of your <a href="http://www.zillow.com/mortgage/">mortgage</a> lowered, not the bal of principle, and you haven't been late ever, will that hurt your credit rating?</p><br \><br \>2 replies Thu, 11 Feb 2010 19:18:00 GMT http://www.zillow.com/advice-thread/If-no-amt-of-mortgage-is-forgiven-just-the-rate-is-changed-no-late-payments-does-that-hurt-credit/323819/ 2010-02-11T19:18:00Z Refinancing under Obama plan http://www.zillow.com/advice-thread/Refinancing-under-Obama-plan/221636/ I called my <a href="http://www.zillow.com/mortgage/">mortgage</a> bank (i have 177000 <a href="http://www.zillow.com/mortgage/">loan</a> - house value 190000) and they said that they could <a href="http://www.zillow.com/refinance/">refinance</a> it under Obama Plan: 30years fixed, 5.75,0 point,monthly payment 1033.26. Currently my monthly is 1033 (ARM loan) and the note says its new rate will be 2.25 + LIBOR - who knows what the LIBOR will be in the future? Right now if I calclate new rate it is 2.25 + 1.99 = 4.24. So this would be great rate today, but I cannot predict its rate in september 2010 when the ARM will change the rate.&nbsp; I was also told that if the 2nd mortgage (which I have for 25000, 20000 balance) would be paid off I could only get 5.35 rate and monthly payment would be 991.&nbsp; They also said that once they lock the rate they will only be able to lower it if the value of the house go up.&nbsp; Question is if the value of the house will ever go up considering current economy.&nbsp; Because i wont be able to pay the 2nd mortgage off so quick, i must make a decision.&nbsp; I am not sure what would be a wise decision.&nbsp; WAIT?<br \><br \>0 replies Thu, 09 Apr 2009 17:18:00 GMT http://www.zillow.com/advice-thread/Refinancing-under-Obama-plan/221636/ 2009-04-09T17:18:00Z Under the fed gov mortgage modifications program, how long do the banks have b4 you get an answer? http://www.zillow.com/advice-thread/Under-the-fed-gov-mortgage-modifications-program-how-long-do-the-banks-have-b4-you-get-an-answer/360182/ We went to the bank for modification, after our ARM went up $300.00 a month. I have been unemployed for 18 months and we are not behind in payments. We knew that the added expense would not be affordable. We applied in May and have been told every week since then that an answer is being considered and to call in the next week for an update. How long do the banks have before you get an answer? We will be in default if we do not hear from them soon. Our savings are almost gone!<br \><br \>2 replies Fri, 30 Jul 2010 19:46:00 GMT http://www.zillow.com/advice-thread/Under-the-fed-gov-mortgage-modifications-program-how-long-do-the-banks-have-b4-you-get-an-answer/360182/ 2010-07-30T19:46:00Z Hardship letter http://www.zillow.com/advice-thread/Hardship-letter/381013/ I wanted to post my hardship letter to get some feedback.<br/><p>To Whom it may concern:</p><p><br/></p><p>I am writing this letter to explain why it has become very difficult to continue paying my current mortgage. My number one goal is to continue paying my mortgage so I can stay in my home, and I'd really appreciate the opportunity to do so.</p><p><br/></p><p>The following are reasons I eventually won't be able to continue paying my mortgage:</p><ol><li><p>Due to the current economic conditions, my overtime has been decreased since November of 2010. I've been looking for another job with a stable salary, but I haven't found anything as of yet.</p></li><li><p>My mortgage with your company was interest only for 5yrs, and it is scheduled to increase from $1185 to $1385 in June of this year.</p></li><li><p>I have a home equity line of credit. So every month the amount I pay varies.</p></li><li><p>The value of my home has dropped by about 30%.</p></li><li><p>I'm a single mother of two who doesn't receive child support.</p></li></ol><p><br/></p><p>Is it possible to reduce the percentage rate on the mortgage? If not, can the principal balance be reduced in such a way that my mortgage payments would decrease? I'm sure that I'll be able to pay the mortgage successfully if the monthly payments are reduced. Whatever solutions you have I am certainly welcome to hearing them.</p><p><br/></p><br/><br/><br/><br/><br/><br/><br \><br \>3 replies Sat, 15 Jan 2011 21:50:00 GMT http://www.zillow.com/advice-thread/Hardship-letter/381013/ 2011-01-15T21:50:00Z What do you do when you've just started a new job after long layoff and need to show being employed? http://www.zillow.com/advice-thread/What-do-you-do-when-you%27ve-just-started-a-new-job-after-long-layoff-and-need-to-show-being-employed/351864/ It is usually part of a lenders qualifications to validate income for the last two years. &nbsp;I have not seen any way around that as of yet. &nbsp;But the most you can do is shop around lenders in your area. &nbsp;It is more likely that you might find success with a credit union or bank rather than a mortgage broker. &nbsp;But that is just from my experience. &nbsp;If you do find some sort of remedy please remember to repost. &nbsp;That would be the first I would have heard of.<br \><br \>0 replies Fri, 28 May 2010 14:18:00 GMT http://www.zillow.com/advice-thread/What-do-you-do-when-you%27ve-just-started-a-new-job-after-long-layoff-and-need-to-show-being-employed/351864/ 2010-05-28T14:18:00Z