Comments on: How to apply for mortgage loan modification?

By: If Obama was Sully, I’d have some hope at My Stupid Opinion

If Obama was Sully, I’d have some hope at My Stupid Opinion — Sun, 07 Mar 2010 14:48:02 +0000

[...] How to apply for mortgage loan modification? | We Buy Houses, REO … [...]

By: Janice

Janice — Sun, 07 Mar 2010 10:41:59 +0000

That’s quite a predicament you have there. Fear not for you still have the option of taking a renter or going for another job. But of course, you shouldn’t give up on giving mortgage loan modification a shot.
References :
http://www.questhomeloans.com.au/

By: Hallo

Hallo — Sun, 07 Mar 2010 10:05:59 +0000

i try to write the answers your problem in my blog http://www.mystructuredsettlement.co.cc you can see any problem in my blog.
References :

By: Will

Will — Sun, 07 Mar 2010 09:21:59 +0000

Sorry to hear about your situation. I too once had trouble paying my mortgage and I thought I was hopeless, especially since I had to provide for my family at the same time.

Let me tell you now, there is hope for getting a reduced interest rate and lowering your monthly payments despite what anybody says and I know from experience. I had considered my options and was relieved when I had avoided foreclosure. I strongly believe the worst thing to do in any case is to lose your home even if you may be able to drop the loan.

First of all when I was looking for a mortgage loan modification I did not know when to start but after doing quite a bit of research I found a quality service which helped guide me through the process at http://www.mortgage-loan-mod.info

I completed the short form and somebody contacted me within a few days. With there help I was able to negotiate with the lender and refinance my mortgage considering my situation. They were able to help me get me back on my feet and to where I am today.

I wish you the best of luck!
References :
http://www.mortgage-loan-mod.info

By: Nancy

Nancy — Sun, 07 Mar 2010 09:07:59 +0000

please visit this site..maybe it could help you..

http://www.obama-loanmodification.com/

Obama’s Loan Modification Program
“Obama’s Loan Modification Program – How to Qualify for Help!”
References :

By: James Q

James Q — Sun, 07 Mar 2010 08:20:59 +0000

I can tell you from my own personal experience.
First off, modifying your mortgage is a very difficult thing to do. Forget what the media and all these other yahoos are saying about the government’s modification act. Most banks are not willing to modify your mortgage without putting up a fight.
Why? Because it costs them money to do it. Most mortgages are sold off to someone else after you take out the loan, but the original bank still acts as the servicer. They receive a percentage from the buyer of your mortgage to handle the payments and record keeping.
When something complex as a loan modification is requested, any profits they would make disappear and as such they are reluctant to do it.
The media and the banks themselves don’t tell you this of course.
First-expect to hire a lawyer or get a legal aid lawyer. Most banks will not take you seriously unless you have a legal mouthpiece going to bat for you. Having a lawyer shows you mean business and just are not some schlub looking for a handout.
If you try to do it yourself, expect to be jerked around for months only to be told it can’t be done and by the way we’re starting foreclosure proceedings, which will only make the modification even more difficult.
The bank will not talk to you unless you are delinquent. And this is where time is of the essence-if you’re very late with your payments and they have’nt started legal proceedings it makes the process much easier. Once legal proceedings start, then it becomes difficult if not impossible to complete the modification because now the courts will be involved.
Second-you will be expected to make your new payments ON TIME if you do receive the modification. The bank will not care how you accomplish this. You will be told that the first 3 payments or such MUST BE ON TIME OR THE AGREEMENT IS NULL AND VOID.
Keep in mind whatever agreement you agree to will only stall the inevitable. Eventually over time your payments will return slowly back to where they originally were. The original terms and payments will not go away. ALL A MODIFICATION DOES IS LOWER YOUR PAYMENT FOR A PERIOD OF TIME UNTIL YOU CAN GET BACK ON YOUR FEET.
Third-If you feel you can’t keep up with the payments at any time now or in the future, consider selling the home while you can or give it back to the bank. It may seem difficult but it’s a far better option than having it being taken away from you. Also note that if you file for chapter 7 bankruptcy, don’t sign a reaffirmation of your loan. That way if you need to walk away you won’t be held liable for whatever is still owed.
Fourth-I can’t empathize this enough: NEVER, EVER, LET ANYONE TALK YOU INTO BUYING YOUR TITLE OR ASKING FOR MONEY TO REARRANGE YOUR LOAN. IT WILL BE A SCAM I ASSURE YOU AND YOU WILL STILL BE LEFT HOLDING THE BAG.

I hope this helps you and don’t believe Obama and his socialist bullshit. What I told you is the reality and what the government says is fantasy.
Good luck!
References :

By: Reena

Reena — Sun, 07 Mar 2010 08:14:59 +0000

You have only those options:

Get another job or start taking in a renter.

Tell a bank that you no longer have the income that made it possible to get the original mortgage…. and what do you think will happen?

They don’t modify the principal amount you owe. If you can’t afford to pay the mortgage anymore because you have significantly less income… then you need to find a way to generate more income.
Or else you will have to let the house go into foreclosure because you can’t afford it.
References :