Loan Modification Tips
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{ 15 comments… read them below or add one }
I heard on a loan modification you can delete the second mortgage if you have a firts and a second. Is the true?
That is untrue because the trust deed who holds the 2nd position of your property wants to get what they can from you. The 2nd trust deed can not foreclosue on your house, unless the 1st trust deed is in default.
Is it better for me to paid a special loan modification company to handle the loan modification from my existing lender or sure I just try to work with my lender on a loan modification.
Joua,
Please call me for free consultation as needed. You better have a company to represent you.
Here is my number 559-776-2373
I have a 3o year fixed rate at 9%. I used to have good credit but when I refinanced I went through Ameriquest. Now Citibank owns the loan..I believe ameriquest no longer exist. I did not even know that citibank was going to be my lender. Will I qualify for a modification of my loan..I cannot afford what I am paying now. Due to the housing marker I pulled money out of the equity I had in my house and I refinanced. But now my house is not worth what it was in the past and I owe more money than what my house is worth. I was told that only option arms qualify for loan modifications is this true?
Alicia – I am in somewhat similar situation. Do you have an e-mail address? perhaps we can communicate and put our heads together.
Alicia and Response to Alicia….try going to the forum, loansafe.org, post your story and peoplle will give you information and advice about your situation. I’ve been a member for a llong time and have seen many people save their homes through the website. It’s worth a try. Good luck and God bless.
I need to know if I can get a second loan modification with my lender. I obtained one in July of this year but my income at work was reduced again and fell behind 3 payments trying to get everything else on track and with 4 kids it has been challenging. I know I can continue paying the woked out payment from July but what can I do about the 3 accumulated payments. I tried working this out with lender but they said they did not know what will happend. What can i do?
I have a question? My home loan is under my sister’s name however I make the mortage payments and claim the the house when I file my taxes each year. My wife hadn’t worked for 6 months and now I’m 2 months behind. CAn I file for a loan motification or will my sister need to file it. Please help..
I did aloan mod & I was told to send in my regular amnt before the loan rest & we did they lost our paperwork 7 we had to start all over they had $$ in suspense & then reported our loan delquent when it wasnt to start with!
What can I do! Pleas help me
Joua, it’s always better to simply work with your lender on the loan modification yourself and save yourself money! Check out loansafe.org and click on your lender; there’s a lot of good information there. If you do need a great loan modification company, Fransen & Molinaro are highly recommended on this site.
A modification was completed by a company in Jan.09 was told the first & second loans were together. That one payment per month to first lender was to be paid and second had been placed on back end of loan.Was recently contacted by collection agency for payment of second lender.My monthly note is now the same as it was before getting the modification however my annual property taxes are now included in my monthly payment.Will a second modification be allowed?
My lender sent modification papers for signing on Jan. 6 . I sent them back Jan 26. Sending my payment in Feb. They wanted 2 paymemts and are still stating charging late fees etc. They refuse to work with me and have always refused.I had to pay a company to assist me for modification. Please help!
To the person who had a fixed rate loan at 9%, have you ever thought about refinancing as an option to saving money on your mortgage payments? Even with a bad credit history you should be able to do better than 9% in with interest rates as low as they are.