Upside Down Mortgage

Posts Tagged ‘bad’

Mortgage Modification Steps

Question: Loan Modification Question?

I have an existing mortgage with Citimortgage, but need to modify my loan to a lower payment and interest rate, because I am in danger of falling behind due to financial constraints. I have had no help with Citimortgage to get help on this. Is there a way to have an outside agency step in and help me out?

Answer: There aren't any outside agencies that will step in. Call the mortgage company and request a modification package. They will send you the paperwork you need and determine if you are eligible for modification.

Unless you are in foreclosure you will not qualify for anything though, as obviously you CAN make your payments, they have proof, the check arrives every month.

Mortgage Modification: Part 1

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Mortgage Modification Rates

Question: Does layoff qualify us for mortgage modification?

My husband was laid off from his job two days ago. Prior to this, we were considering refinancing (our current mortgage is at 6.625%). I am wondering if this layoff instantly qualifies us for some type of special rate/terms in a refinance or loan modification or if we should just continue with a conventional refinance? We don't want to miss out on anything that would help us out financially, but we also don't want to wait on something conventional only for rates to shoot up again.

Answer: The layoff means that you probably no longer have the income to justify a refinance. Don't be surprised if the re-finance is completely denied now that there is no (or less) income to support it.

In case you didn't understand the last paragraph - you will not be able to continue with a conventional refinance unless YOU have enough income to do the whole refinance by yourself.

Loan modifications are generally only available to people who spend more than 31% of their gross monthly income on their loan payment. In addition, it is often an interest rate reduction only (not a modification of the principal balance). This might be your only hope to reduce your loan payments at this time.

I hope you have it, but this is why experts say to have 6-12 months of living expenses in savings, because your mortgage payments can come out of savings while he looks for a job.

good luck!

Rate Loan Modification | Loan Mortgage Negotiation

Loan Modification And Credit

Question: Who can help me with my loan modification ?

I am trying to avoid foreclosure, I want to modify my current loan so it is affordable for me. I am using a credit counselor (Acorn Housing) not going to well with that. Would it be better to use an attorney or anyone can refer me to a organization who has a past record of success with helping homeowners modifying home loans.

thanks

Answer: SPEAK TO YOUR LENDER!

The guys that you make your payments to will be more than happy to help. THEY DO NOT WANT YOUR HOUSE! Their are programs out their to help people just like you.

Do not be afraid. Their is nothing to be ashamed about. You need help. They hold the key.

Let them help you but you need to go ahead and open a line of communication with them.

Mortgage Loan Modification