| Author | Message | ||
     Teddagreek |
Curious.... Has anyone done a loan modification on their home and how easy was it.. Long Story Short Bad Marriage, Divorce, and 50% custody of my kids and I can see me being the custodial parent in the future. My house is upside-down like many folks out there... The whole thing sucks but I'll be fine..... Talking with people this is what I've heard The lender won't even be serious about it unless your late, don't pay and or pay half. kinda of a moral dilemma on my part, I've never not paid on time or skipped or paid anything late in my life on purpose. I can make the mortgage now but I'm going to go negative every month.. So I may not have a choice in the near future.. Selling my Buell soon as well as other things to cut monthly costs.. Refi isn't going to happen because of ex jacking up my credit that's another story. Word to the wise guys and gals "PRENUP" Any suggestions would be greatly appreciated.. | ||
| Sticks |
If you are upside down you're golden. Banks will work with you. It's when you have a lot of equity that it can get spooky if you get into trouble. Do a lot of research. Scams abound. It's all new territory, nobody knows shit about this stuff, you can talk to 100 different people and they'll all tell you something different. Gotta go. My mortgage guy is here. Really. Gulp, Good luck! | ||
| Firebolt32 |
We are actually looking into this now. I feel ya buddy! We put out more a month than we bring in. Somehow we are making it. | ||
| D_adams |
I did one a year or two ago. Called the lender, said "rates are low, mine is too high, fix it." and they did. Essentially it's the same as refinancing, but not quite as many hoops. They called it "streamlining" the loan and it cost me nothing out of pocket. I ended up having 1.5 percentage points taken off, so I'm at about 4.5% now. Payment went down about $200/month, maybe a hair more. If your current lender will not work with you, force their hand and refinance. | ||
| Fahren |
Yes, always start the discussion with your current lender before trying elsewhere. | ||
| Woody1911a1 |
keep in mind that going late on your mortgage is going to seriously effect your credit rating for the next 7 years and right now getting any kind of credit/loan is next to impossible w/o great credit and assets to back it up . | ||
| Andymnelson |
LOTS of bad advice out there...including right here! DO NOT get late on your account. You ruin your chances of qualifying for the home loan modification program! That is one f the clearly written government requirements of the program: that you are current on your account and always have been. The goal of the program is to get your mortgage payment under 34% of your income. They do some creative things to get you there! The best thing to do is to call your mortgage company, explain that you are having troubles making the payments and that you want to apply for the home affordable home loan modification program. They will help guide you. | ||
| Aptbldr |
"... best thing to do is call your mortgage company", writes Andy. Wonder if mortgage broker is worth contacting? Or, does one go directly to mortgage holder? | ||
| Andymnelson |
mortgage holder. All a mortgage broker can do is sign you up for a brand new mortgage (and roll thousands of dollars of fees into it). | ||
| Cyclonemick |
My home lender would not even talk to me about it!! They said call Accorn!! NO Thanks!! | ||
| Maddiemsu |
I'm doing a short sale on my rental property (previously primary residence). Refi does me no good as the house is empty and I can't find a renter anyway. Place is worth less than half of what I paid for it in 2007 and about $100K less than what I owe. Damn LV market. You sound like the perfect candidate to refi. Talk to your lender. | ||
| Sifo |
Standard refi won't work if he's upside down. If your mortgage is held with the institution that originated the loan you could contact the loan officer you worked with. They love to keep their clients happy so that they get referrals. If your mortgage has been sold as most are then contact whoever currently owns it (that's who you write the check to each month). Despite what many people claim, the last thing they want to take your house, especially in the current market. I've been out of the business for a few years now so I'm not up to speed on the government programs to help out. Be honest with your lender and let them know that it's only a matter of time before your savings dry up and you will be under water. I would certainly explore all the options you can find BEFORE you start getting behind. You can get behind anytime you feel it's in your best interest, but it's impossible to undo the damage other than years of rebuilding your credit history again. | ||
| Davegess |
1. Much better to talk to current lender BEFORE you get behind 2. Never hurts to get a rate quote from one of the cheapo sleazy folks who advertise all the time, gives you a reason for asking for a lower rate. 3. Call your bank and ask nice. IF you are lucky they may actually still own your note and be very willing to work with you. Good Luck | ||
| Panhead_dan |
Years ago I found myself looking like I was going to fall behind on my house payment. I went to the bank and talked to them about it and they calmly said "no problem. How much time do you think it will take to get you back on track?" We agreed that 3 months of no payments would fix my problem and they simply added three payment on to the end and it worked out fine. | ||
| Andymnelson |
http://makinghomeaffordable.gov/modification_eligi bility.html Government sponsored program that is legit and very beneficial. Basically, you need: -conforming loan, originated my Sallie Mae or Freddie Mac -to have made all payments (you're not behind) -have a loan smaller than $730k -have a loan that originated before 2009 -have a mortgage payment that is more than 31% of your income (not the 34% I previously stated) |
