I hired an attorney 5 months ago and I just got my loan modified and signed last month. Our previous loan was a neg. arm.
CW dropped the interest rate fixed for 28 years (that's where we are now since we alread paid two years and add the delinquent which we owe them $15,000 back to our principal) for 5.76%. Tax, insurance, and mortgage altogether is $1,782.00. I wish it was lower but better than the neg. arm. Can't argue with them because they'll say take it or leave it. We didn't want to be ******** so we signed the one sheet and got notarized at our local bank.
I started a loan mod. business just to help my family and friends or anyone. Last week I was helping my aunt and uncle (my uncle unemployment) do a pre qualification loan mod. before submitting to the lender and the processor that I'm affilated said that my aunt and uncle is -$700.00. I guess bank wants to make sure you're able to pay the mortgage. If you unable to afford, there is no point to make a loan mod. or do the Obama plan. If you make too much money, bank don't do a loan mod. either. They just want to make sure you're have enough or exact money to pay the loan. I'm not an attorney but calculate all of your expenses and subtract from you and your spouse's gross income. If it show a negative sign, then you don't qualify for a loan mod.
Also one of my other aunt she did her own loan mod with the lender and they gave her a trial loan which will be expired on Oct. 1, 2009. She didn't qualify because she is $400.00 short. She had to add her son who works part time and that's how they got a trial loan. Still Shaky!!! I do have the passion to help people. You can call me at 651.783.2524