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Options beyond Loan Modification...
(Loan Modification, Mortgage Strategic Default, Short Sale, Foreclosure, Bankruptcy...)
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Home Loan Modification / Mortgage Modification
Home Loan Modification or Mortgage Modification enables you to restructure your mortgage terms and monthly payment to help you keep your home through your hardship. Nationwide mortgage crisis landed government support in encouraging banks to modify their mortgages and help people keep their homes.
- What is Loan Modifictaion?
- Government supported Loan Modification
- How to file Loan Modification Yourself.
- Under the hood Loan Modification
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Strategic Mortgage Default
Strategic default entails making a strategic decision to walk out of your home and turn it back to the lender. Many argue today in vast number of situations homeowner's best rational financial decision is to default on their mortgage and walkout of the home.
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Short Sale and Foreclosure
Short Sale enables borrower to arrange a sell of their home at a price lower than remainig balance of mortgage. Lenders are expected to writeoff the amount that is not recovered from the sale.
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Bankruptcy
Bankruptcy is last resort for anyone to get out of their debts. Bankruptcy is a legal protection offered to all consumers who want start from scratch again.
Recent Loan Modification Results:
| Loan Amount Range | Payment Before Loan Modification | Payment After Loan Modification |
|---|---|---|
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$255,000.00
Before Loan Mod: 6.0% - FIXED FHA
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$2,108.47
Before Loan Mod: 6.0% - FIXED FHA
|
$1,669.00
Before Loan Mod: 6.0% - FIXED FHA
|
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$151,253.00
Before Loan Mod: 7.875% - FIXED
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$1,675.00
Before Loan Mod: 7.875% - FIXED
|
$1,233.00
Before Loan Mod: 7.875% - FIXED
|
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$326,041.00
Before Loan Mod: 5.625% - FIXED
|
$1,991.77
Before Loan Mod: 5.625% - FIXED
|
$1,203.51
Before Loan Mod: 5.625% - FIXED
|
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$286,796.00
Before Loan Mod: 7.24% - ARM
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$2,366.00
Before Loan Mod: 7.24% - ARM
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$1,400.83
Before Loan Mod: 7.24% - ARM
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$119,809.00
Before Loan Mod: 6.75% - FIXED
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$889.90
Before Loan Mod: 6.75% - FIXED
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$788.26
Before Loan Mod: 6.75% - FIXED
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$128,362.00
Before Loan Mod: 7.75% -
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$1,278.00
Before Loan Mod: 7.75% -
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$929.99
Before Loan Mod: 7.75% -
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$89,111.00
Before Loan Mod: 6.75% - FIXED
|
$631.50
Before Loan Mod: 6.75% - FIXED
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$463.45
Before Loan Mod: 6.75% - FIXED
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* These are randomly selected results from web. They are not indicative of what you would achieve. Loan Modification is not Guaranteed.
Loan Modification User Stories and Tips
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Post: Capital One Is Inflexible And Seems Unwilling Unde...
Posted By: John on 09/03/2010 8:55 PM 1 hour 1 minute ago
Capital One is inflexible and seems unwilling under any circumstances to modify loans. I guess they want to go into the used real estate business
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Post: I Think It Ok...
Posted By: Christopher Pulliam on 09/03/2010 7:14 PM 2 hours 42 minutes ago
i think it ok
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Post: I Have Been Trying To Modify May Mortgage Since 12...
Posted By: Rebecca Cain on 09/03/2010 7:09 PM 2 hours 47 minutes ago
I have been trying to modify may mortgage since 12/15/2009 and gotten no were.
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Post: Since We Are Not In Default But Our Property Value...
Posted By: Phyllis Or John Lugo Iii on 09/03/2010 6:42 PM 3 hours 14 minutes ago
since we are not in default but our property value has lowered tremedously we have not been able to quailify for lower rates
More Real Loan Modification Situation
Loan Modification Questions & Answers
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Question: i am disabled due to copd-how can i reduce my monthly mortage payment?
Answer:
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Question: What if you don't own the land? I live in mfg.home in Parrish Florida. Thank you for your reply
Answer:Check out hud's site you might find something. If you don't own the land you may have to work through more issues to get your loan modifications. It seems harder than normal.
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Question: Will Suntrust do mortgage renegotiations? Do they want you current on all of your obligations before they will consider it, or is it better to pay your mortgage first?
Answer:Yes i believe suntrust will do it. You can check out the suntrust profile on this site that shows how many people are coming in with suntrust mortgages. Most lenders want to make sure you can pay the modified loan amount. they don't care if you are current on everything however you must have ability to pay. What i have seen is lenders work through loan modification cases that are delinquent on mortgages much faster. Its just the amount of requests they get. Ideally they have a simpler system to get loan modifications done.
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Question: Can i get my loan modified if i am not delinquent on my mortgage? I hear mortgage modification is harder to get if mortgage payment is current regardless of hardship.
Answer:
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Question: My loan amount is around $140,000. All I would like to do is to have a lower interest rate and have reduced monthly pyments. How do I go about doing this with my current lnder?
Answer:hi there, Loan modification is a process of making your home mortgage affordable. Most lenders will try to make your monthly payment roughly around 33% of your gross income. If your loan is 140k, first thing you need to see is what is your home's value, current income and expenses. Figure out what your gross payment could be according to federal loan modification guidelines. Once you have that you get a sense of where you payment should be. Ofcourse your income has to be higher than your modified mortgage payment post loan modifictaion. Depending upon your lender you can choose to do it by yourself or go through an attorney. It is better to go with an attorney because that improves your chances of getting loan modification.
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Question: my home is worth 300,000.00. i owe 480,000.00. i already had one modification,and had about 100,000.00 reduced on the principal.my payment started at 1,359.00 a mq..and jumps about 200.00 a year after that. i have a haedship,my wife has had two back surgerys and a heart attack and had a quadruple by-pass.she cannot work anymore ,and is now on social security.
Answer:100k principal reduction should have brought your loan down to 380k. Are you able to afford your reduced payment now? It seems like you are not. If you are not able to afford it you could apply for second loan modification. the trick is you must have a job and must be willing to pay your mortgage before lender would make another mortgage modification for you. My suggestion is to speak to an attorney so you can get some clear advice. I am hoping you are only Couple of hundrad dollars away from being able to afford it or not.
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Question: I,ve been current with my loan with you but have late on other responsibilities,why wont you work with me on giving me a lower rate ?
Answer:Hi there, You must have misunderstood this site for someone else. We are not a lender. This site is a user community site to help each other out in dealing with these lenders. Who do you have your loan with? What are you trying?
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Question: What are the federal guidelines for loan modification eligibility?
Answer:Your Review:
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Question: My bank is Union Bank and they are not participating in any government programs. Is there a program available that would help me because Union Bank won't (already tried). Business Income down due to the economy. I'd like to be able to talk to someone on the phone - my phone number is: xxx-xxx-xxxx(Secured by administrator) (California)
Answer:It is sad to see Union bank not participating in government program. However, all is not lost. Any attorney based loan modification firm should be able to help out. Loan modification is a process by which you renegotiate your already negotiated mortgage terms. If you look at your current mortgage it is essentially a contract between you and your bank to pay certain amount on certain terms. All you want to do is restructure those terms. Banks even if they are not participating in government loan modification program or obama loan modification program they have to restructure loans. Think about a scenario where bank says no to loan modification and than consumer defaults on the loan. Bank then has to go through the foreclosure and sell the property below the remaining loan amount. Now, bank/lender not only lost money on the property but also had to pay around $20000 for foreclosure process and ofcourse consumer is now out of home and not talking great things about the bank. Given all these downsides most of the banks are willing and able to make something work as long as you can negotiate with them. Its in lender's best interest to modify your loan vs forcing you out of the home. I'd recommend you seeing some help.
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Question: why is so hard to refinance my home .. all i want to do is lower my mortgage payment
Answer:Hey there, refinancing is not hard as long as you qualify for refinancing. Key to remember here is: 1. Loan to value ( Loan Balance divided by Value of your home) is either 80% or lower for jumbo loans. or 96.5% or lower for any loan amount that qualifies for FHA loans 2. Your home is not a mobile home As long as those two work you should be able to refinance. you can compare rates instantly on http://www.mortgagewoot.com Good luck!
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