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1 - 8 of 8 Comments Last updated Apr 14, 2009
Joe

Inkster, MI

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#1
Apr 13, 2009
 

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Has anybody attemted a loan modification or anything similiar with thier mortgage company since they have been laid-off. I am not behind on my mortgage, and have a good credit score, just wondering if anyone has looked into this and what kind of a responce that they got?
warren truck trim

Flint, MI

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#2
Apr 13, 2009
 
Spoke to my lender today. They haven't received all the info from the government yet. But, I found this web site about it. www.makinghomeaffordable.gov

Since: Oct 08

Toledo, OH

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#4
Apr 14, 2009
 
I have been told that a person is not eligible for loan modification unless they are 4-5 months behind in payments. You apply, and it can take up to 45 days for approval and at no time are you allowed to make any payments until decision or it automatically voids out application.(and yes, late fees are still added.) If you are denied, you MUST have enough cash to make up all payments or, unfortunately foreclosure is filed with mortgage lender. This is for modification of a home that still holds equity.

Now, my daughter looked into something because she took a heavy hit on her mortgage value (she purchased in late '06 early '07) but was told nothing could be done to help her because her bank has no "servicer" to write these loans yet and she is current on her mortgage.

Basically, we've been told if you are current on mortgage, there isn't really any program you can apply to. Only alternative is a standard refi (and probably why refi's are escalating..)

If anyone else knows of any other programs, please list. THANKS, and good question Joe!
warren truck trim

Flint, MI

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#5
Apr 14, 2009
 
TNAPWife wrote:
I have been told that a person is not eligible for loan modification unless they are 4-5 months behind in payments. You apply, and it can take up to 45 days for approval and at no time are you allowed to make any payments until decision or it automatically voids out application.(and yes, late fees are still added.) If you are denied, you MUST have enough cash to make up all payments or, unfortunately foreclosure is filed with mortgage lender. This is for modification of a home that still holds equity.
Now, my daughter looked into something because she took a heavy hit on her mortgage value (she purchased in late '06 early '07) but was told nothing could be done to help her because her bank has no "servicer" to write these loans yet and she is current on her mortgage.
Basically, we've been told if you are current on mortgage, there isn't really any program you can apply to. Only alternative is a standard refi (and probably why refi's are escalating..)
If anyone else knows of any other programs, please list. THANKS, and good question Joe!
check out the site I listed in my earlier posting. A loan modification is for people who are current on their payments with this new program. It is being offered by the government. www.homeaffordable.gov
Redael

Saint Louis, MO

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#6
Apr 14, 2009
 
warren truck trim wrote:
Spoke to my lender today. They haven't received all the info from the government yet. But, I found this web site about it. www.makinghomeaffordable.gov
Lenders are trying to keep people from doing these programs because they make less money with them.
They want you at a higher interest rate or to take your home and sell to someone else at the higher rate.
They have the info, just don't want to give it to you.
If they can refi at 1% less why would they go 3 or 4% less.
They are salesmen. The more you pay the more they make. If they can't make it from you they go to the next guy.

Since: Oct 08

Toledo, OH

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#7
Apr 14, 2009
 
Thanks for the info Warren Truck Trim. I called our lender to get more info. Bad parts are if your mortgage (and associated costs..taxes, insurance...) does not exceed 31% of gross you are automatically ineligible. You must also be actively working when applying with enough income for payback in modification. Your mortgage must also be backed by Freddie or Fannie. They did say if you are on layoff with a callback date you could apply...(Funny how their tone changed and gave me other options, like BANKRUPTCY when the rep found out this is an autoworkers home and suggested if I were in trouble to file and re-affirm my home ??????????

Thanks again for the info. I'm sure this will help some people out there!!!
DodgeVader

Saint Louis, MO

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#8
Apr 14, 2009
 
I had a loan mod done, and it was so easy it was almost unbelieveable. All I had to do was call my mortgage company, tell them my hardship, explain my bills,and fax them a paystub, they lowered my rate to 5% for 6 months. then when my 6 months was up, I simply called them again, did the exact same process, and now Im in a loan mod for the next 18 months.
Clearvue

Clarkston, MI

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#9
Apr 14, 2009
 
My mortgage was lowered by 64,000 and my payment is half. My bank is a small 3 branch community bank. They are already struggling. They got no TARP money. They said all the banks SHOULD be doing this. Check out this link and call your bank.

http://www.grar.com/docs/Mortgage%20Forgivene...

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