Upside Down Mortgage

Posts Tagged ‘indymac loan modification problems’

Loan Modification Problems

Question: How do you qualify for a loan modification?

I’m trying to apply for a Loan Modification and I asked my lender that question and they wouldn’t tell me. I don’t want to waste my time preparing for it when I won’t be able to lower my interest rate = overall monthly payment.

I’m current on ALL of my bills and have a median credit score of 704. Every month, after all the bills I still have a little more than $800 left to spend. The only problem is, I’ve been with holding my tax and spent it on paying bills and other stuff that I won’t have enough to pay the IRS in April of 2010 for the tax year of 2009. So that’s my worry and that’s why i want to lower my monthly payment so that I can save up enough to pay the IRS.

Please advise. Thanks!

Answer: Paying your income taxes is NOT grounds for a mortgage loan modification. You need to better manage the "other stuff" you're spending on.

Common Loan Modification Problems