We Buy Houses Blog, REO, Stop Foreclosure Home Loan Modifications Blog

I have Citimortgage and they are not moving forward with my loan modification for the "Making Home Afrodable" program that my loan qualifies for through the government. They’ve been stalling for months and I’m about to go bust. Can I for example take my loan to Wells Fargo or another lender for them to do it?

NOPE
Citi has your mortgage and only they can modify it. A modification says you are keeping your loan and ONLY changing the interest rate, which also slightly lowers your payment.
To go elsewhere you are doing a refi.
Call them, keep calling, ask if there is anything else you need to submit, ask if you can talk to anyone else if you’re not getting anywhere.

I have Citimortgage and they are not moving forward with my loan modification for the "Making Home Afrodable" program that my loan qualifies for through the government. They’ve been stalling for months and I’m about to go bust. Can I for example take my loan to Wells Fargo or another lender for them to do it?

NOPE
Citi has your mortgage and only they can modify it. A modification says you are keeping your loan and ONLY changing the interest rate, which also slightly lowers your payment.
To go elsewhere you are doing a refi.
Call them, keep calling, ask if there is anything else you need to submit, ask if you can talk to anyone else if you’re not getting anywhere.

I am going to get a home loan modification…I want to know some advice from anyone that has done this? Chrysler is shutting down for 9 weeks and my hours are going to be cut dramatically, should I wait to apply during that time frame or now when I am currently working 40 hours. Should I keep my side job at a restaurant on the books or ask to be put back under the table? What are my best chances on getting help on lowering my rates?

.Just declare your present situation with Chrysler.Everyone knows their (Chrysler) status.Your other job is part time and not steady.So keep it quiet

I am going to get a home loan modification…I want to know some advice from anyone that has done this? Chrysler is shutting down for 9 weeks and my hours are going to be cut dramatically, should I wait to apply during that time frame or now when I am currently working 40 hours. Should I keep my side job at a restaurant on the books or ask to be put back under the table? What are my best chances on getting help on lowering my rates?

.Just declare your present situation with Chrysler.Everyone knows their (Chrysler) status.Your other job is part time and not steady.So keep it quiet

Does that mean the process is getting close to being completed?

Your next step is to wait and see if the BPO (broker price opinion) is sufficient for the lender to move forward with your mod – which, if you’ree this far into it, then it’s looking pretty good, but don’t hold your breath just yet. A BPO is usually done to see if the lender should consider reducing your balance. This of course depends on the BPO of your property versus what’s owed. What usually comes next is the lender will send you a "Trial Plan Offer", or a reduced 3 month temporary mod payment. Make sure you make these payments ON TIME because if you’ree late, your chances of getting a permanent loan modification goes down substantially.

Additional Info: If you applied for a loan modification a while ago, you may get the permanent loan mod instead of the temporary one I mentioned above.

Does that mean the process is getting close to being completed?

Your next step is to wait and see if the BPO (broker price opinion) is sufficient for the lender to move forward with your mod – which, if you’ree this far into it, then it’s looking pretty good, but don’t hold your breath just yet. A BPO is usually done to see if the lender should consider reducing your balance. This of course depends on the BPO of your property versus what’s owed. What usually comes next is the lender will send you a "Trial Plan Offer", or a reduced 3 month temporary mod payment. Make sure you make these payments ON TIME because if you’ree late, your chances of getting a permanent loan modification goes down substantially.

Additional Info: If you applied for a loan modification a while ago, you may get the permanent loan mod instead of the temporary one I mentioned above.

There are hundreds of sites that sell foreclosure listings. They usually offer a free 7 day trial but you need to submit a credit card. They are getting their information from somewhere, how do I get that info without paying these middlemen?

http://www.hud.gov/homes/homesforsale.cfm

There are hundreds of sites that sell foreclosure listings. They usually offer a free 7 day trial but you need to submit a credit card. They are getting their information from somewhere, how do I get that info without paying these middlemen?

http://www.hud.gov/homes/homesforsale.cfm

My girlfriend is about to lose her house because she can’t afford it after refinancing. We’re running out of time. The house is a nice house in Orlando, but the market is no good for sellers. Should she let it be foreclosed on? What about filing bankruptcy? Her credit isn’t very good anyway.

Filing bankruptcy will only prolong the inevitable. You should trying and do a short sale without recourse.

My girlfriend is about to lose her house because she can’t afford it after refinancing. We’re running out of time. The house is a nice house in Orlando, but the market is no good for sellers. Should she let it be foreclosed on? What about filing bankruptcy? Her credit isn’t very good anyway.

Filing bankruptcy will only prolong the inevitable. You should trying and do a short sale without recourse.