Comments on: Should I accept my loan modification offer or counter? http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Mark Vee http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-17085 Mark Vee Wed, 30 Sep 2009 05:00:20 +0000 http://loanworkout.org/?p=4548#comment-17085 I started a daily blog with what I am experiencing as I go through a modification with a third party. I hope this helps anyone that might have to go through this. I started a daily blog with what I am experiencing as I go through a modification with a third party. I hope this helps anyone that might have to go through this.

]]> By: JASON http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-17083 JASON Wed, 30 Sep 2009 04:22:01 +0000 http://loanworkout.org/?p=4548#comment-17083 Hi, I just received a loan modification offer that I don't think is fair. I'm going from a fixed interest rate of 6.8% to an adjustable 3.5% for 5 years, then 6th year (unknown), 7th year (unknown) and ...on until th 40th year where the amortization shows a single (last) payment of $50,0000. In addition, my current loan has not penalty for prepay and under this modication there will be a penalty. My current loan (40yr) principal is 270k. What will be my best counter offer? Thanks in advance for your help! JP Hi,
I just received a loan modification offer that I don’t think is fair. I’m going from a fixed interest rate of 6.8% to an adjustable 3.5% for 5 years, then 6th year (unknown), 7th year (unknown) and …on until th 40th year where the amortization shows a single (last) payment of $50,0000. In addition, my current loan has not penalty for prepay and under this modication there will be a penalty. My current loan (40yr) principal is 270k. What will be my best counter offer?
Thanks in advance for your help!
JP

]]> By: Victor http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16831 Victor Sat, 19 Sep 2009 13:40:07 +0000 http://loanworkout.org/?p=4548#comment-16831 I appreciate very much your dedication in helping us by explaining this complex matter. I have a question... Is it possible to get Bank's approval for a Short Sale, when the property has already a Notice of Trustee Sale date? Thank you I appreciate very much your dedication in helping us by explaining this complex matter.
I have a question…
Is it possible to get Bank’s approval for a Short Sale, when the property has already a Notice of Trustee Sale date?
Thank you

]]> By: Danielle Norris http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16522 Danielle Norris Tue, 01 Sep 2009 22:46:19 +0000 http://loanworkout.org/?p=4548#comment-16522 I have been attempting to get loan mod with Litton Loan Servicing since November, 2008. As of today, September 1, 2009, i was advised over the phone that they are placing us in a trial modification plan wherein they took the amount we were behind, placed it at the end of our loan and recalculated our payment at the same interest rate of 8.4%. So basically, our house payment will go up almost $400.00 per month, when we couldn't afford the payment where it was. They have advised me that they do not have to participate in the Obama plan, but they took some of the bailout money. I have requested my entire mortgage file as well as the name of who owns my loan and I have not received that yet either. I don't have thousands to give someone to try to work this out. I need advise. I have been attempting to get loan mod with Litton Loan Servicing since November, 2008. As of today, September 1, 2009, i was advised over the phone that they are placing us in a trial modification plan wherein they took the amount we were behind, placed it at the end of our loan and recalculated our payment at the same interest rate of 8.4%. So basically, our house payment will go up almost $400.00 per month, when we couldn’t afford the payment where it was. They have advised me that they do not have to participate in the Obama plan, but they took some of the bailout money. I have requested my entire mortgage file as well as the name of who owns my loan and I have not received that yet either. I don’t have thousands to give someone to try to work this out. I need advise.

]]> By: kate http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16251 kate Thu, 20 Aug 2009 17:40:56 +0000 http://loanworkout.org/?p=4548#comment-16251 Hi! Help! I don't know where to turn for help or who to trust. I am behind on mortgage payments by about 6 months. I have been working with the local CDC authority (who is 'working' with the lender)(lender referred me to CDC). I received a loan mod offer with 6 days to answer the lender. It was decent. I responded by signing and the lender (Indy Mac bank for Deutsch Bank)declined to accept me. They said I could not prove my income (a rental unit in my home earns monthly income, but is currently empty pending this house resolution). Now, the lender has started the foreclosure procedure. I was served with summons (so was my 'unnamed spouse' who I didn't even know at the time I purchased the house 5 years ago). I need to respond to this summons within the next 10 days. What do I need to include in my response letter in order to preserve any rights under the law that I may have? I paid $218K in 2004. My first mortgage (the MOST TOXIC in the industry according to Indy Mac representative) WAS $174,400, adjustable up to 9.25% (balance now $186+ due negative amortization) and the piggy-back second (Indy Mac for JP Morgan-Chase) is $21K, at 11.25%. My new husband and I both want to relocate within the year. We are willing to keep the house and rent it if it is sensible. How do we know whether we should try to keep it or just let go and take the loss? By the way, the second loan mod offer (stamped 'Final Offer') just came in the mail. Again they want a response within 6 days. The payment has now been reduced further to only $375/mo. P&I for first 5 years (at 3%). The 6th year at 4 % and the 7th year at %%, and finally the 8th and all remaining years (up to year 2034) at 5.25%. This part is great. It actually pays off about $51K, according to the lender's package. And we can afford this, which is awesome. But the problem I have is understanding the two balloon payments, one for $96K (remaining principal) and one for $46K(misc.?). Balloon comes due at time of sale, or refinance, or final (30th) year 2034. Oh, yes, the county just listed new property appraisals for our area this week. The 'comparable sales value' is $142,700. The 'just/market value' is $127,633. Is there any reason to believe that the house will be worth keeping? (p.s. We have been told that the 2nd mortgage of $21K will not be addressed until the first mortgage is settled. What is going on here?) Many thanks for any help you can offer!!! MANY MANY THANKS!!! Kate Hi!
Help!
I don’t know where to turn for help or who to trust. I am behind on mortgage payments by about 6 months. I have been working with the local CDC authority (who is ‘working’ with the lender)(lender referred me to CDC). I received a loan mod offer with 6 days to answer the lender. It was decent. I responded by signing and the lender (Indy Mac bank for Deutsch Bank)declined to accept me. They said I could not prove my income (a rental unit in my home earns monthly income, but is currently empty pending this house resolution). Now, the lender has started the foreclosure procedure. I was served with summons (so was my ‘unnamed spouse’ who I didn’t even know at the time I purchased the house 5 years ago). I need to respond to this summons within the next 10 days. What do I need to include in my response letter in order to preserve any rights under the law that I may have? I paid $218K in 2004. My first mortgage (the MOST TOXIC in the industry according to Indy Mac representative) WAS $174,400, adjustable up to 9.25% (balance now $186+ due negative amortization) and the piggy-back second (Indy Mac for JP Morgan-Chase) is $21K, at 11.25%. My new husband and I both want to relocate within the year. We are willing to keep the house and rent it if it is sensible. How do we know whether we should try to keep it or just let go and take the loss?
By the way, the second loan mod offer (stamped ‘Final Offer’) just came in the mail. Again they want a response within 6 days. The payment has now been reduced further to only $375/mo. P&I for first 5 years (at 3%). The 6th year at 4 % and the 7th year at %%, and finally the 8th and all remaining years (up to year 2034) at 5.25%. This part is great. It actually pays off about $51K, according to the lender’s package. And we can afford this, which is awesome. But the problem I have is understanding the two balloon payments, one for $96K (remaining principal) and one for $46K(misc.?). Balloon comes due at time of sale, or refinance, or final (30th) year 2034. Oh, yes, the county just listed new property appraisals for our area this week. The ‘comparable sales value’ is $142,700. The ‘just/market value’ is $127,633. Is there any reason to believe that the house will be worth keeping? (p.s. We have been told that the 2nd mortgage of $21K will not be addressed until the first mortgage is settled.
What is going on here?) Many thanks for any help you can offer!!!
MANY MANY THANKS!!!

Kate

]]> By: FREE LOAN MODIFICATION HELP..GOOD RESOURCE « My Blog http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16186 FREE LOAN MODIFICATION HELP..GOOD RESOURCE « My Blog Sun, 16 Aug 2009 21:52:58 +0000 http://loanworkout.org/?p=4548#comment-16186 [...] Should I accept my loan modification offer or counter? [...] [...] Should I accept my loan modification offer or counter? [...]

]]> By: Cesar http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-15796 Cesar Thu, 23 Jul 2009 02:37:59 +0000 http://loanworkout.org/?p=4548#comment-15796 i am going thru a loan modification with american home mortgage and they have sent me 3 loan agreements. the first agreement was not acceatable because the payment would be going up until i ended paying more than my original payment. the second one was not to clear and the third party that is so called helping me said after 5 years the bank would raise the payment to whatever they wanted so they told me not to sign and resumit for the 3rd time. we now received the third agreement and the payment is more than the original payment and it will continue to increase for the next 3 years. i had requested interest only and i have paid my taxes and insurance and the bank gave me interest and principal and included taxes and insurance to my payment. can i resumit for a fourth time i am going thru a loan modification with american home mortgage and they have sent me 3 loan agreements. the first agreement was not acceatable because the payment would be going up until i ended paying more than my original payment. the second one was not to clear and the third party that is so called helping me said after 5 years the bank would raise the payment to whatever they wanted so they told me not to sign and resumit for the 3rd time. we now received the third agreement and the payment is more than the original payment and it will continue to increase for the next 3 years. i had requested interest only and i have paid my taxes and insurance and the bank gave me interest and principal and included taxes and insurance to my payment. can i resumit for a fourth time

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