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

I want to do modification of loan because my rates are higher7.25% and the value of property is low

Does modification of loan affect my credit score negative????? How is the impact for my credit score??

I never missed any payments and never been late and also I don’t want to be late or miss any payments

Thank you

Okay, I’m really going to answer your question. These other answers all look like scams.

Anyway, in short: No. Loan mods don’t alter your credit score. Your score is created based on credit available vs. credit used and any late payments. Loan mods are not reported to the bureaus. It is similar to doing a refinance with no cash out – and no one gets reported to the bureaus for doing that either.

I am trying to find a way to lower my payments because I don’t make enough money. Loan modification is one way but I don’t know all the details about it and it seems for people that are already behind on there payments. I don’t know if I qualify for refinancing as well but my house is not worth what I paid for it. If anyone knows about some of the new programs out there that will help the people that are still making there payments but can’t really afford them. Thx.

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

Be very careful if you choose to use a loan modification company that takes a fee up front to negotiate your loan modification for you. They cannot guarantee a successful modification and can end up costing you another month’s mortgage payment in exchange for false hope. The best of these companies have done the modification countless times and will actually try to help you in earnest without guarantee. The worst are scams that take your money with a cursory attempt to help you (if any).

Who can we complain to when the banks are refusing to modify loans

Well, now you see the genius of Obama’s plan – there is no oversight committee, its up to the banks to police themselves.

What relation do these figures have (if any) to the price you really have to pay for the property?
Some of these are less than $2000, which doesn’t seem like an asking price.

RealtyTrac shows the balance of a lien that may be foreclosing (it could be one of many). If you are interested in a property it is best to make friends with someone at one of your local title companies. Call them and ask for an o and e report (ownership and encumbrances) that will tell you exactly what is owed on the property. If the folks at the title company believe you may be sending them some business they will usually prepare the report at no charge. Good Luck.

My boyfriend’s house is currently in foreclosure. He is six months behind on payments. The sale date is two months away. If he can come up with the past due amount and pay it to the lender, will the foreclosure go away?

That is up to the lender, but usually the would welcome having a loan brought up to date. He will probably have to pay late fees, legal fees and additional interest.
He should call them pronto to work this out.

a coupIe of year ago we refinance our building but we could get a much lower rate if the refi was done only in his name so we did now I would like to sell the co-owned building but he is unwilling to sell the property is it possible to force him to sell the property legally and can he refi again without my permission?

Yes, you can force a sale. The method is to file a suit for "partition" in the local court. There is essentially no defense to a partition action, tho you can quibble over special contributions to the property. The court will enter a "judgment of partition" determining each partner’s share interest and ordering the property sold at auction just like a foreclosure. Each part owner can bid & outsiders too. The difference is that each partner has a free bid up to the % limit of his interest. So you each bid on the property & the high bidder takes it, paying the the bid price (over the mortgage if there is one) to the court clerk & getting back his % interest. Very few partition actions actually go to sale, due to costs and risks involved. They almost always settle on one side buying the other out, or an agreed upon listing for sale. But the answer is, yes, you can force a sale.