Today I sent in my application for a loan modification. My lender has a program in place for screening applicants to see if they qualify for any government loan modification programs (I don't - my loan is too far underwater, among other things). Then they see if the applicant qualifies for their in-house programs (they wouldn't talk to me about what I need to qualify for those until they screened me for the gov't programs). Current backlog is about three weeks so if I haven't heard anything in four weeks I'll start being a pest.
All I really want is a lower interest rate that I could get if my home hadn't lost so much value. It's frustrating that I can't refi when interest rates are so good.
Current interest rates would save me at least the $300 a month extra I need to pay my second mortgage off in 8 years or less.
We'll see what happens...
Anyone else trying to get a loan modification?
Two interesting faces
1 day ago
You are on the right track. I do suggest that you not wait a month before calling back. Call in every week, for many reasons, The bank will lose paperwork, your file will get lost in the system, or thrown away because of missing documentation. A successful loan modification means you have to get past the thousands (upon thousands) of people trying to get one as well.
ReplyDeleteRemember, the lenders are looking for 2 things. That you are having trouble affording your mortgage (not your credit cards and your boat) and that you can afford the home. Affording the home means that you make enough to live in that house, but need a small break on the mortgage. Making your situation look too bad will cause them to recommend you sell the home.
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Hi,
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You are right up there. We all want low rates. I was facing problems with huge loan. After searching the web, I fund out about www.editmyloan.com. This site has got a lot of useful information. They also negotiated with my bank and reduced the interest rate by 2%.
ReplyDeleteOh man, yeah i've tried twice now in the past 6 months to get our 1st mortgage adjusted and was told to go away each time :( While our house is underwater by a good $60k (even though Zillow has it as GAINING value these months - wtf?) we can still afford our loan, we just would like the opportunity to refinance into a lower one like thousands of others are able to.
ReplyDeleteWe did our homework, we pay our bills on time, why shouldn't the rest of us be granted the same options of re-fi'ing right? I should try again this week ;)