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Loan Modification Cases

Question: Loan Modification First Payment or keep Checking from Chex?

Ok here is the brutal honest truth-I lost my Father had to pay for his funeral expenses and pay his debts- in the meantime did not pay close enough attention to my bank account and debt (obviously)-I did a loan mod on my house which was a long process and finally my first payment is due the 1st of May-now on the other hand I let my check account get out of control and I owe 1400-if I don't pay that off by the 30th of April they will send to collections and Chex-my mortgage NORMALLY gives a 15 day grace period but I am not sure in the case of just doing a loan mod-I cannot pay both by the due date-I can have both paid if the mortgage can wait until the grace period date-any advice? thanks!!

Answer: Have you contacted your bank? Usually you can set something up with them to pay it back in smaller increments, as long as you make your weekly payments. I went through that with my bank (I was overdrawn by 300) and they let me pay it back weekly while still allowing me to use my account and not taking all of the money out when my direct deposit went in. Contact your mortgage company and just ask them. Don't go into it detail, just ask. The worst they can tell you is no.

Can you get your pay/money in cash/check form and just Western Union or MoneyGram your mortgage payment to the company? That is one way to make sure your mortgage company gets the payment. I understand that your risking the account going to collections, but making your mortgage payment on time far outweighs your bank account going to collections. Good Luck!

Loan Modification Case Study

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Loan Modification Requirements

Question: mortgage loan modification financial requirements?

Does anyone know the debt to income ratio lenders are using as a threshold to approve loan modifications?

Answer: I do not know exactly. But there is service where you can find out:

http://tinyurl.com/5mg4ae

It's free, as far as I can tell.

A Complete Guide to the Loan Modification Process - Part 2 of 3

Loan Modification On Unemployment

Question: Can someone explain to me how these Loan Modifications are working on Mortgages?

I have been unemployed for the past eight months and have returned to school as of this past March because I can not find any employment in my already established degree...

Anyways I have a fixed rate 30 year mortgage on my home and have had it on the market as long as I have been unemployed because I knew I wouldn't be able to afford it if I could not find employment in a reasonable time...

I have exhausted all my savings and already had to file an extension on unemployment which I have about three months left on... My home value has dropped about 40,000 so the price I am asking just isn't getting any hits but I can't afford to go cheaper...

I have heard that these loan modifications will reduce your mortgage based on the current home value but I am uncertain if this is true or not and was looking for some advice on this...

Please don't say I should have been more responsible and bought a more affordable home it was only 97,000...

Thanks for all those who answer

Answer: The equity is less important;you do need to have the ability to afford the new lowerpayment. sometimes they lower the principal amount fo r you.

Perceived Time to Get a Loan Modification?