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

If you earn triple yoru mortgage, youought to ba able to afford th payments and youlieky won’t get a modification.

Your lender is the best, and in fact the only, company to get you a modification.

If you are behind on your mortgage banks are modifying your loans to give you a better deal. Is this a slap in the face tot the people who DIDNT overextend themselves in the first place?
FLSwamp, they are modifying it below market rates simply because they stopped paying. Do you understand that?

Absolutely. Those of us responsible enough to buy appropriate sized homes and manages our finances are now saddled with bailing out the morons with (what they thought were) unlimited credit cards and obscene mortgages. And that’s in addition to having to suffer 40+% declines in the values of our own homes.

I have a home loan modification with Bank of America under review for 1 year and 6 months now. I’ve been on a trial period since then. Up to this date, they have not given me any response as to getting approved or denied. I call at least twice a month and all they tell me is that is still under review and no other documents are being requested. I find this strange that they are not asking for more current financial information. Does anybody out there know why they can be taking so long and why are they not requesting updated documents?

If your paper stay long in that bank for that span of year… Many reason why it takes that long to process your Loan Modification:

1. The Bank are doing some background check of your credit status
2. Many people are applying for Loan Modification that they can’t accommodate all the applicant
3. No one is taking care for your application
4. They might lost your documents
Or other reason pertaining it.

I suggest that you make a new one and past it again.

Got approved on home loan modification recently but after few months lost job but found new job for less income.

That depends on your lender.

Most lenders will not approve a second loan modification.

Everyone is telling me that I’m paying too much on my home mortgage and that I should call the bank and request a home loan modification. Is there a catch to this? Money upfront on my part? Anything else I should know?

You can request, but unless there is some sort of hardship (you took a substantial pay cut, for instance), you will not receive a modification.

Mods are not easy to receive approval for, at all.

You can check here to see if you are qualified but there is no guarantee you will get one. http://www.makinghomeaffordable.gov/get-assistance/explore-eligibility/Pages/eligibility.aspx

I am now in foreclosure and have been turned over to a collection agency that has tacked $14,000 onto my bill

You should be able to sue for damages. Mental anguish might be included, but you probably can sue for the loss of your home.

I’ve just completed a hamp permanent loan modification with a major lender. If my situation improves say I found a better paying job in the future, would the lender reverse my loan modification back to the original terms? I’ve checked the final paperwork that i’ve signed from the lender and didnt see anything said otherwise.

You have signed a contract and those are the terms unless BOTH parties agree to change them. So if your situation improves (knock on wood), the bank should not change the terms without your agreement.

we got a loan modification on our current home 2 years ago, our credit scores are 720 and 730 and our current mortgage is listed as ‘modified’ in our credit report. We would like to rent out our current home and buy a new home. Is it possible to obtain a home loan after receiving a loan modification?

Sure, as long as your income qualifies you for another home you will not have a problem.