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I’m attempting to do so in order to reduce my monthly on my home but Wachovia has been less than helpful in this. They keep pushing back the date when they will allow homeowners to go thru with the process citing that they are still updating and preparing themselves for the process. Also, what happens if the loan modification is denied? Will I continue paying the same rates as normal? No penalties or hazards of any kind? Thank you.

I am assuming from your post that you already determined that you cannot refinance.

Are you late on payments? Do you have a "hardship"?

Impossible to answer your question without more info…

I suggest considering all of your options and getting a free pre-approval.

My husband and I currently going through the home loan modification process. Has anyone else gone through the process? What was your experience and did you notice a negative impact on your credit report. They are telling us at Bank of America that the trial payments will not be applied to your loan right away but be put in escrow account until the modification is perm, then they will be applied the oldest past due balance. They will report to the credit agencies that you are 30 days late on your payments too. Also it was pure hell to get this far. We have never been behind or late, but we have exhausted our savings, borrowed money from family, and husbands 401k. This is all do to a job loss and some health issues on my part. Please tell me your experience with this process, also has anyone dealt with Bank of America?
It has taken 4 tries to get this far. the one thing that concerns me is that when they recieve your modifcation payments they put them in escrow and don’t apply them to your mortgage payments until the modification is final. so all along they report the credit agencies that you are late, so no mater what you do it will impact your credit in some way. You think they would bend over backwords so they could prevent the cost of foreclosure fees they would have to pay. But these banks just are so hard to work with. 1st 3 times they said we didn’t have enough income…duh that’s why we applied. then the 4th time they sent the trial modification payment plan. we also looked at refinancing but it would have added to our balance of the loan and only lowered our payments by like $50.00 where the modification has lowered them by $160.00 something.
Also to refinance was like $5000 we had to pay $400 up front then the rest of the $5000 would have been added to loan balance after we have worked so hard to get the balance down.
Attention: Landlord……we did do the loan modification to increase our spendable amount we did it because we were afraid of lossing our home, do my job loss and my continuing illness. you have not right to judge unless you know the circumstances. Alls making home afordable program is for people having a hardship problem that might make them become late on payments, you don’t have to be late or behind on payments to qualify. lead about it. I don’t care for you attitude or answer. I don’t know how you ever became a top contributor.

I am amazed you received a modification with you not being in foreclosure. The program is to avoid foreclosure, not increase your spendable income. I would say they were easy on you, not hard at all. There are people who honestly need their loan modified that can’t.

You can expect your credit rating to drop about 200 points before this all said and done.

I’m interested in getting into real estate investing and I’m wondering where I can go to find foreclosure listings?

I personally use http://Cheaper-Deals.com/foreclosures

It’s a great resource and on their site they say they have over 1 million properties listed. My favorite part is their daily e-mail alerts for properties in your area.

I had talked to the people at the mortgage company in the past and they said that even though we were one month behind, as long as we kept making the payments each month that we would be ok.

I can assure you, 1 payment behind you are not going to be "foreclosed". Lenders will discuss with you a 3 month plan to help assist with payments for you to catch up.

There are laws governing intent to foreclose and the first notice you receive is "Notice of Default". This informs you of a "default", i.e., missed payment(s), in reference to your agreement with the lender. This is issued from the lender and requires a signature. Read this carefully because it will state a specific time frame you must answer. If you cannot make the additional payment simply tell them with a possible number of months you may be able to do so. Return "certified", "return receipt requested".

An attorney representing the lender, if they are truly considering foreclosure, will send a letter of "Intent to Foreclose". This letter basically states make the payment(s) or you need to move immediately and your house is sold the first Tuesday the following month at auction.

If a representative from the lender is telling you they will foreclose talk to a manager. Always write the name(s) of everyone you talk to. Note what each told you as well. If you make any agreement you note what was discussed and tell them to send to you in writing. Do not feel like a "lost sole" with this, 42% of mortgage loans today are in "default".

Good Luck, stay positive with this.

Depends on your state laws and whose name the deed to the house is in. It may have to be sold considering the complications of who owns the land. Community property doesn’t exist in all states.