 Re: Should I attempt a loan modification with HomEq?
Welcome to the forum and thank you for joining....
The modification process does require that you have adjusted or are going to adjust within the next 3 months or so. The problems that you are having are they associated with an adjustment, if so then you may want to apply for the modification....
You also have to prove income that will support the modification process, if the income is not commensurate with the required payment and the monthly expenses, then again there would be problems with obtaining the modification.
They are beggars to deal with and give lip service to the fact that they are trying to assist the borrower...frankly they are one of the hardest to deal with, but there are a few worse then them.....
You should not start any accelerated collection process with them if you are current, the only time that you have to worry is when you have a loan that may have some significant misrepresentation in it, however if the loan is old enough there is water under the bridge from the time of loan inception forward......
There have been a couple of cases of acceleration up here, but very few...as long as you are current they can not foreclose, unless the above is reflected and they can track it back....frankly with a credit that large and the market as ugly as it is, I would suspect that they would like the loan to preform. |