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

Okay, I realize that some of you did a loan modification on your own and that it was free – outside of any fees your bank may have charged.

However, for those of you that did decided to pay for the services of a professional loan modification company I was wondering what creative ways you used to come up with the money for their services.

How much are they charging you and what is your loan amount on your home?

Do they help to save your loan and lower your interest rate? How true are these modification programs?

Beware of any company that claims it will "help" you modify your loan. Deal only directly with your lender.

I am considering a home loan modification to reduce my interest rate (and thus my payment), but I was told by the mortgage company it has a negative affect on one’s credit score, but they couldn’t give me details.

I don’t want to refinance as I probably won’t remain in the house long enough to cover the closing costs.

My interest rate, while fixed, is high (7.5%). My credit score is good (740)

For anyone who has done this or is in the industry; any information is appreciated.

I am not behind at all on my payments, and not likely to be. I just feel 7.5% is way too high in today’s environment and I think I’m paying too much but don’t want the expense of a refi.

I posted this once before and only got 1 answer, so I’d like to get at least a couple of perspectives.

Thanks

It won’t hurt your credit score because you are not actually borrowing any money, you are just refinancing. In some cases it may actually help you credit score. Example your first loan was for 200K, you’ve paid off 50K, your new loan will be for 150K, that means your loan amount is smaller, and better for your credit. Also it will show on yor credit score that you paid off a loan. I just refinanced with a no closing cost loan( you pay a higher APR, but you will not pay any closing cost. ) I am paying 6 1/4, it’s probably even lower now. The fed is supposed to lower it again, so I would wait a month or so to see what happens,

I am looking into buying a house and was interested in foreclosures. Is there any websites I can go to and look at listings without paying? Also, has anyone bought a foreclosure that can give me some advise or tell me what to expect? Tips? Is this a smart way to buy a house?

http://foreclosuremortgageoptions.com/ has a lot of good information on everything about how to protect your house from becoming foreclosed, foreclosure laws, and how to buy houses on foreclosure auctions.

I was diagnosised with cancer in April of this year and have to undergo to different surgeries thus causing me to lose my income. Due to the excessive medical bills we are currently behind on our mortage payments and are facing a possible foreclosure. Is there anyway to keep our home and be able to get our payments back on track? We are finally getting back on track but still cannot make the back payments. We are still living on my husbands income alone. Help!!! I have no idea what to do or where to go for assistance. We have 3 children and do not want to lose our home. I have checked here locally for assistance and have come up with nothing. Any suggestions would be helpful. Thanks and God Bless!

In order for your lender to be of some help to you, the situation that cause or is causing you to be in foreclsoure has to have changed.

In order for your lender to be of help to you you need to call them and explain your situation to them. Ask if they can be of any help to you so as not to lose you home.

Ask them for a forebearance agreement. This agreement will basically call for you to make the back payments up in small monthly payments at a payment you can do in addition to your regular monthly payments.

This agreement can last from 24 months to some where around 48 months. Make the best deal you can so you can afford the two payments that you will be required to make.

It will be sort of like you now having two (2)mortgages

They might also have other programs for you to consider, so make sure you ask if there are others. If you don’t get the response you want from the first person you speak with ask for a manager. Failing to reach an agreement with a manager ask for a supersvisor.

You have to remember the mortgage company does not want your house. They are in the business of lending money not managing or selling houses. They already know you and would rather keep you as a client. Keep asking for someone until they agree to make an arrangement with you.

I hope this has been of some use to you, good luck.

"FIGHT ON"

The property is in Texas

only if it involves a sale or a profit. (eg buy out partner.)