Archive for August, 2007
Mortgage Modification Questions
August 18th, 2007
Mortgage Modification Questions
Question: Question about my mortgage loan modification?
We have a duplex home that we share with my inlaws. 3 years ago we took out a second mortgage. we used that money to build another house. the house is only half finished because we ran out of money and then my husband lost his job. we are currently going through a loan modification with our bank. The bank just called and told us they want to put a blanket loan over both properties to secure the loan. the loan was secured with the first house. Do we have to let them use the half finished house as collateral too? any advice would be great thanks
Answer: Hello,
It looks like you have no option and will have to do a blanket loan. It is your only option if you do not want to lose your house.
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Posted in Home Loan Modification | 
Tags: loan, loan_modification_agreement, modification, mortgage, mortgage_loan_modification | 
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Mortgage Modifications Chase
August 18th, 2007
Mortgage Modifications Chase
Question: How does the $700 billion financial bailout plan help people who are about loose their house?
How does the $700 billion financial bailout plan help me? I have 1st mortgage with Chase, 450K and 2nd with homecomings $150K. Current house value is $415K. Due to medical issue with my mom for the past year I have been able to make 1/2 monthly payment ($2,200) with Chase (they are working with me.. not permanent but temporary forbearance) and no payment for 2 months for Homecomings. How can loan modification help? or this $700 billion bailout?
Thank you
Answer: The bailout is not going to help you, it is going to keep banks afloat. They are required to have a certain amount in cash assets, since home values have dropped their balance sheet has reflected this therefore their cash assets have dropped.
As for your situation, I would continue to work with the bank. The other option is to sell your house since you can't afford it and pay the difference.
Posted in Home Loan Modification |
Tags: chase, chase_mortgage_modify_loan, fargo, jpmorgan, loan_modification_chase_mortgage |
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Loan Modification Wells Fargo
August 18th, 2007
Loan Modification Wells Fargo
If you was a Wells Fargo loan modification, you are in luck.
It's not too difficult to get one with this lender, as compared to other lenders. But, there are still some things to consider to make sure you qualify.
You have to have a financial difficulty and you also have to have a job. Yes, I know, that's not cool. But, you have to show that you can afford to make the modified payment. That's just how it works. Almost anything can be a financial difficulty...loss of wages, medical bills, etc. So, that's not the hard part of getting qualified.
The main thing you need to focus on is your financial information. BEFORE you call you lender, you need to go over your financial documents and fill out an income and expense sheet. It is basically saying "Ok I make $6000 a month and my current expenses are $5900, so I have a positive cash flow of $100 per month." In that example, the $100 per month positive is a good number to shoot for. You can be $100 negative, $200 positive, anything around there is what your lender wants to see. If you aren't there, you need to know what items show up on your credit report and are verifiable by your lender. Then, you can make some "adjustments" to the other items on your income/expense sheet to get you "in the window". This is where most homeowners fail and get denied.
Wells Fargo is accepting some Obama Mortgage Plan candidates. This will cap your monthly payment at 31% of your net monthly income. This can save you hundreds, if not thousands, of cash per month. It is a great program, but sadly not many people have been approved. They don't just accept everyone that calls up and requests a loan mod, you have to get the application correct!
If you would like some more information on getting a Wells Loan Modification, just visit the link below. There is some more info on the subject, some companies that are experts at qualifying Wells customers and even some good DIY programs that help you get the financials correct!
Good luck!
About the Author:
If you would like more information on the Wells loan modification program, just visit Wells Loan Modification or Wells Fargo Loan Modification. Some of the companies listed on this site can get you approved in a week for this lender!
Article Source: ArticlesBase.com - Want a Wells Loan Modification Fast