Archive for the ‘Mortgage Modification’ Category
Mortgage Modification
Hoping that you may be able to take advantage of a mortgage modification? Curious what one even is?
Due to all the foreclosures in 2008-09, the US Department of Housing and Urban Development (HUD) has put an official title on mortgage refinance plans due to loss mitigation. It simply means a loan that has been re-instated and can include amounts in the principle like fees, back rent, and other late charges.
It officially calls this a 'loan modification option,' and the only way for you, the homeowner to be granted a mortgage modification is to go through some sort of a loss mitigation process, such as a short sale.
You don't have to go through all of that to get the benefits (if you can call them that) of a mortgage modification... Before you get to that point in the foreclosure proceedings, simply ask your lender for a refinance, and it will be the exact same thing.
This page will keep you up to date on the world of home mortgage modifications. Any news we hear about them, we'll post below.
Loan Modification Income Guidelines
December 16th, 2009
Loan Modification Income Guidelines
Question: stated income eloc will be difficult to get for how many more years?
I've been paying my mortgages on auto draft every month, had one that was in default but rcvd. a loan modification for that and have been paying for the past 6 mos. I tried for a line of credit on the home w/ the most equity I have in ca, but was denied b.c. the stated income guidelines are stricter these days (understandable so)...i'm just wondering if stated income is just non existant w/ the current market?????
Answer: I would think that in this market, they will want to see at least 2 years of solid ontime payment history before they will give you a Home Equity Line Of Credit (HELOC)
Real Estate & Mortgage Marketing 6 - Making Home Affordable Dec08 Fannie Mae Loan Mod Guidelines
If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!
Posted in 
Loan Modifications With Bank Of America
December 15th, 2009
Loan Modifications With Bank Of America
Question: If my mortgage isn't backed by Fannie or Freddie, are there any other refi or modification programs avalaible?
My mortgage is through Bank of America. I was told today that I didn't qualify for Obama's "Making Homes Affordable" program because my loan wasn't backed by Fannie Mae or Freddie Mac. I've read that there are alternatives to this program if your mortgage is secured by another company, but I can't find anything on it. I'm current on my payments, my home value has dropped since I bought it, the principle balance is just over 105% of the current value, and about six months ago, my wife started working about 20 hours a week less. Do I qualify for any kind of mortgage modification or refinance that is backed by the government?
Answer: You need to ask B of A which programs you qualify for. We do not know what your income is, credit rating, etc, they will be able to tell you.
ABC News - Nightline on Loan Modifications
Tags: Wells Fargo Loan Modification Financial Worksheet
December 15th, 2009
Wells Fargo Loan Modification Financial Worksheet
Question: Loan Modification - Financial Worksheet?
Hello everyone!! I need help. In a financial worksheet, under the section "Liabilities" they ask for the vehicles. How do I determine the estimated value for my car? Also, they ask for 401k, etc. I have a retirement account (407) but that money is untouchable until I retire. Do I have to include it. As a last favor, do you have a link to a financial worksheet template? I asked Wells Fargo for one, and they told me to google for it in the Internet. Thanks for all your valuable help
Answer: You can find the value of your car online.
Yes, you have to show the value of your retirement account.