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

What does a DTI ratio have to be when applying for a Loan Modification?
I am doing a report on loan modifications. It appears that everyone and their mother is now an expert on loan mod’s. Does anyone know the exact DTI ratio the banks look for when applying for a loan mod?

As of today If your investor is FNMA then 31%-37%. With FHA, FmHA, GNMA and other Prime loan lenders the DTI should be about 36%.

You can look at www.hud.gov for a more detailed breakdown if necessary.

If it’s a Bank Owned Note or Sub-Prime loan – you should call your servicer to find out what numbers they would require.

I have been calling since March and get different directions every time I call. I did the application over the phone twice now but when I call to check the status, they say it isnt in the system. I’m going to send everything in the mail tomorrow. I was just wondering if anyone has had any success with the program, especially with Chase.

I’ve completed my 3 month trial with Chase and now they’re just stalling. I was suppose to get me permanent mod in July but that is not happening. All of a sudden I became "MAY not qualify for the mod" from being qualified originally.

I’ve contacted the executive team and they are looking into it.
You should call the executive team 800-242-7399. they will help you expedite your application. good luck

My parents lost their jobs 3 yrs ago and was in the process of adopting 3 small children. They are struggling to make ends meet. What can I do to help them lower their mortgage payments and interest, but no increase their repayment term? Thanks for any answers.

They will not qualify unless they are working.

If they are working they can pretty much count on increasing their repayment term if they are lowing their interest.

I want to have my own business and have always been interesed in real estate. Any suggestions or starting a real estate buy and sell business? Possibly rentals but more interested in buy and sell.

Title companies can get you NDO listings (Notice of default). They’re also freely available from the county recorders office where you want to look for properties.

foreclosure sale set for today at 2pm. heading down to court house to file for backruptcy, this morning.
I live in AZ. and my lender has been lying, cheating…. she even took out a 2nd mortgage on MY HOUSE! we just want to stop the sale so we can show the court what’s she’s been doing.
I did the credit counselling course over the phone last night, have my printed certificate in hand.

It ALWAYS someone else’s fault, isn’t it?

SIGH!

NO, it’s too late to get out of it now. It’s not as easy to file for bankruptcy now as it used to be – for the very reason that people used it as a loophole to deny their own financial responsibility.

Sorry. You’re just going to have to face the music on this one.

Japan hold a lot of Us Real estate right 8-10% they went on a buying spree in the 80′S