With over $4 million applications pending, Lenders have only modified 66,000 home loans. Lenders come up with every excuse in the book and have no intention or desire to modify your loan without a fight. Why would they rather foreclose and force future value of their assets down when home prices fall? Should our Government pass legislation requiring Lenders to modify all loans in default by reducing the principal to market value and fixing the rate at 2-3% while reseting the term? Instead, banks will foreclose, spend $30,000 including lost revenue while the house sits on the market for 9 months before they resell it for market or to an investor for 30% below market. Fixing the housing market involves saving people from losing their homes and preventing values from free falling again.
Posts Tagged ‘Modify’
can you modify interest only home loan?
Can you modify an interest only home loan and pay less
Is it legal for a finance company to modify half a home loan and put the other in collection?
I have a first and second loan with the same finance company, and the company just agreed to modify the loan on my home but I received papers in the mail were they have sold the other half of the loan to a collection company, and I already agreed to the modification and authorized the payments to come automatically out my account. The collection company want a payment in the same time frame. Is this legal
GMAC mortgage wont modify my home loan!?
I have a terrible loan on my home that is fixed for 5 years or when my Principal meets a certain amount. They are adding $1000 plus dollars to my principal each month, which is the negative interest I’m not able to afford each month. I’m trying to fix the problem now before my payment triples and to stop my principal from rising any further. They will not help me and keep telling me I need to fall behind but I have excellent credit. It does not make sense to me to have me fall behind to set me up on a repayment plan (that is usually a pmt and a half which I could not afford) and bring me current so at that point they can see if I can modify. Why not help now, since I’m current? I’ve called numerous times and emailed them, I don’t know what to do. These company’s seem to want all these foreclosed company’s on there hands. It’s hurting our economy so bad and yet they don’t care because the big wigs are still sitting in there nice homes with there 3 figure income. I’m so mad!!!!! Anyone got any advice or has anyone been able to modify lately and how long did it take?
1st of all you know what I ment I was typing fast at work when I put 3 figure income, second of all I did not buy a house out of my means, I purchased the home for $150,000 but had to re-fi because my mother had a stroke and was near death so I cashed out money to get her the best medical care I could because she had no ins. This was the fastest loan I could get and I figured I would just re-fi in a couple years but now all this happened so that’s not an option I have no equity. I didn’t want to walk away without a fight but if I have to give up the house I’m fine with that and with what happens to my credit because I still have my mother. So again I did not buy a house I couldn’t afford.
Is it possible for me to work with my bank to modify my high interest rate home loan?
I was forced to take one of the high interest home “junk” loans and am now paying a high monthly bill.I have looked at some of the online Loan modification sites but don’t know if I can trust them.I would like to do this myself if possible.
How to modify the mortgage.?
I am submitting this question on behalf of my friend, whose wife has take loan from B of A to buy a house 1 and half year back and now she sent a letter to modify her loan. Because there have been several changes to her financial situation which are making her mortgage payment difficult. If nothing is done to change her present loan, she will eventually default. Originally she had intended to make payments towards the principal on her loan, but due to her current income she is paying interest-only and having to pull money from an account that was supposed to be for retirement just to meet living expenses. Despite paying for 1 ½ years and putting in a $30,000 down payment she had no equity. She is paying interest-only because she can’t afford her house. If it was possible she would sell the house and move into something more affordable, but in this market a sale would not bring what she owe on the house.
The Bank did not respond to her letter. Is there any thing her husband can do in this regard? Bank do not attend her husband call because this loan is taken by his wife. Is there any modification plan or short sale, they can qualify and how. Is there any legal Loan Modification agency in Arizona, who can help them to modify the loan. Your positive answer will be greatly appreciated and it will also help those who are in similar situation. Thank you.
How to Modify Your Home Loan Yourself
- Comprehensive Step by Step DVD guide on how to modify you loan
- Online LoanMODulator Software
- Sample Forms ex. Hardship Letter, Proposal Worksheet
- Individually customized Income and Expense Worksheet
- Inside tips to using your Legal Rights witout paying thousands to an attorney!
Product Description
John Ulzheimer’s, a Credit Expert formerly with Equifax and FICO, Do-it-yourself Loan Modification Kit. The kit includes a Step By Step instructional DVD, easy to use LoanMODulator Software, Loan Modification Forms and 24/7 Customer Support. To view a trailor of the DVD and commenly asked questions log onto www.LoanModDVD.com…. More >>
How to Modify Your Home Loan Yourself