has anyone out there obtained a loan modification??? How did you do it and how long did it take. I have been trying for the past two years and they keep turning me down even though I qualify under President Obama's financialand medical hardship. all suggestions welcomed but please NO negative comments as I have no credit cards, did not purchase a house above my means (lived in the same house for over 30 years), did not take any equity out of the house , and live within my means. My interest rate is over 7 while others are paying between 2-3%. My lender is Wachovia/Wells Fargo ad they are EXTREMELY unhelpful!!!!!!!!!!!!!!!!!!!!!!
When I started the process they said I didn't make enough money to refi and too much money for a loan mod. Then I hired an attorney and they told her that if I could make my payments then they couldn't get a mod so I stopped and here we are today!!!!!!!!!!!! Still looking for a loan mod
Do you need a loan modification, or can you refinance? If you can refinanace, then you can shop around for other banks who will give you a lower rate.
when i was with my ex we tried that 2 times. he got laid off but we were current with our payments...they told us your debt to income isnt high enough were not helping and you're not late. then he gets a job they say nope denied because you dont need the help....i move out, he is late on payments finally and they still say no...goodluck
we were bank of america
Find another lender! There are tons of companies out there who can help refinance your home. It's harder than you think to do a loan modification (because your bank is basically agreeing to let you pay less). So look into refinance.
Try other lenders there are lots of banks and S&Ls out there. You might also consider joining a credit union; they usually have very good terms for mortgages. You'll have to have an appraisal and pay closing costs, but for a reduction in interest rate of over 3% it's worth it. Good luck.
I had a modification done about a little over year ago. I originated my loan in and modification with Country Wide. Started the modification process in 08 a few month into that BOA took over and I had to resart the process of the modification, I was denied numerous times. I ended up calling one of those non for profit organization that help you with modifications and I was eventually approved in April of 2011 to a more affordable rate and payment.
This organization is BIG and have a huge amount of people asking for their help.
If your house is not under and you owe more that what your house is worth you can definetaly get a mod.
What they really focus on is your income vs your hardship expenses. If they see that even if they lower your monthly payment you have more expenses and not enough income, they will deny a mod because they feel that you simply can't afford the mtg payment.
Now if your house is worht more than what you owe, you can definetaly do a refi, look around different banks.
GOOD LUCK!
I don't understand why you can't do a no cost (DOES NOT ROLL ANY COST INTO THE LOAN) re-fi.
We are on our 2nd refi in 3 yrs and we've never paid any fees, and no fees have ever been rolled into the loan either. When we do it we pay the loan down more and always, opt out of escrow. If you are self disciplined enough, you can save the money yourself for property taxes and insurance and you reap the benefit of the interest instead of letting the lender use your money for a year. Our new rate at closing will be just over 3%.
You will probably have to refinance. If you plan on staying in the house, it makes sense, even if you have to put the costs back into the loan.
Unless you are behind in your payments, I don't think they will consider you for a modification. I would look around to refinance. Good luck!
I work in the industry and I know how frustrating it is. It is true that most lenders will not modify a loan if the borrower is not behind on the payments. Now that you are behind they will at least look at the modification request. HOWEVER, if they see that you do live within your means and CAN truly afford the current payments, they will likely not want to modify the loan. Because of the economy, the lenders are getting swamped with modification requests from people who cannot afford their current payments becuase of job loss, etc. Those requests will take precedence over requests from borrowers who can afford their current payments but are just seeking a lower interest rate.
My sister qualified for a refi through B of A because they hadn't been late on their mortgage in over 3 years. If your payments have remained current, you might check with WFB or BofA to see if you qualify for a refinance as opposed to a modification. Another option is if you have a Freddie Mac or Fannie Mae loan, or if you have an FHA loan, you can qualify for federal programs that aren't available to other borrowers. You can check the FHA websites (or email me) and I can provide this information to you. It should also available through the attorney general's office in your state.
