Upside Down Mortgage

Posts Tagged ‘modification’

Loan Modification Facts

Question: What advantage do people who do loan modification for a fee have over owners directly dealing with the bank?

I'm desperate for a loan mod but I am confused where to go. Do people who offer services for loan modification get better offers from the lender such as CHASE? If I work it out with Chase, will they offer me the SAME OPTIONS/PROGRAMS like what they would offer a guy (lawyer or not) who is willing to do it for me? Like if I do it myself, Will CHASE offer me just choices A and B and will give options A, B, C D to a loan mod negotiator on my behalf? The fact that loan mod people know all of the in and outs of the process and other legalities as compared to a simple homeowner. I got a representative who is willing to do it for me with no upfront costs. I will only pay the fee ($2500) if I accept whatever he works out with CHASE and if I do not, I don't have to pay anything. Still, money is money and money is tight right now. Any input would be greatly appreciated.

Answer: It would be amazing if you found someone who is not just conning you.

And no, there are no special programs for lawyers. It is pretty simple and straight forward.

Loan Modification Facts

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Mortgage Modification Program Obama

Question: What is mortgage modification? Do I qualify?

My husband and I are current with our payments but, I recently lost my job. I am scared I am not going to find a job anytime soon and we will be in a bad situation. I have heard that all of the Obama programs are for people that are already late on payments or in pre foreclosure. I am not willing to blemish my credit report in order to qualify. Am I qualified for the modification and how exactly will it help me?

Thank you!!

Answer: You best bet is to call the bank NOW. A mortgage modification is where they rework your mortgage without refinancing you. If you claim financial hardship, they may slide you 2 months and tack them on to the end of your term. Hopefully a rate reduction would apply for you.

But here is where it gets tricky. You need to call them immediately before you are late on any payments. Especially if you have credit cards issued from the bank that holds your mortgage.

A slick practice that credit card companies are doing now is when a customer calls up and asks to lower their rate, the credit card company pulls their credit report. If they are late on ANY of their payments, not just to the bank you are talking to, but late on any creditors, they can legally raise your rate. So horror stories have these rates jumping up to 23%

For instance, you call bank A about your mortgage, with whom you also have a credit card. They pull you credit report, and find you have a couple of 30 day lates, they can raise your credit card rate. Then when bank B, another credit card holder, periodically pulls your credit and they see the lates, plus a rate increase by bank A, then they in turn raise your rate there as well.

This can snowball very quickly. They do this because credit cards are unsecured debt and this is their only recourse. So even if they modify your mortgagem they may still be able to get more money out of you thropugh other ways. Also, a loan modification can only be doen once. After that you would have to refinance.

Obama New Rescue Plan, Saving Over 9 million Homeowners. (Modification Program)

Loan Modification Directory

Question: Hope now modification morgage loan -is it myth or can be put on work to lower the morgage payment ?

I have aplly for a loan modification two month ago and the company "Hope Now Modification loan " on the last two days is close when you call and the automated system are unavailabale to directory or extension.How real is this I payed a lots of money and I can't get in touch with nobody from that company.. HELP !!!!!

Answer: Sounds like a scam... they used the familiar "Hope Now" name and made you think that they are actually associated with the new program. (which by the way would have to be done thru your original lender...)

http://www.hopenow.com/

California Attorneys: Can I Negotiate A Loan Modification Myself?