Loan Modification Forum - LoanSafe.org - View Single Post

hoodcana1 · 03-24-2008, 03:32 PM

Update:
3/14 My 143 faxed financials were received and I have been assigned to an adjuster and a BPO ( Broker Price Option) was ordered. Suggested I check back in 10 days.

3/24 My adjuster was gone for the day and I asked about the BPO the gentleman said "The BPO came back and the house is average for its age and the value is 742,000."

Poppy....Thank you for taking my question.

I realize I will be talking to this adjuster, perhaps tomorrow to discuss why they should modify my loan. A little background info, my loan is for 580,000. Rate 9.125%. My documented financials show a monthly surplus of $114.00 My mort payment is 5200 which represents 46% of my monthly take home. I am asking for 5.00% For 30 years or 5.25% for 35 years.

Do you think my only leverage is to plead with them;
1) Why I am a good risk.
2) Say it is better for both of us to work together now to work out an agreement instead of when I am behind on payments and the value of the house has possible gone down.

Do you have any other comments or stratagies on how I can push for a 30-40 year fixed rate around 5.00 - 5.50 % and hopefully get this loan modified.

THANK YOU !

03-24-2008, 03:32 PM	#5 (permalink)
hoodcana1 Member Join Date: Feb 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WaMu loan mod? ARM will never go down! Update: 3/14 My 143 faxed financials were received and I have been assigned to an adjuster and a BPO ( Broker Price Option) was ordered. Suggested I check back in 10 days. 3/24 My adjuster was gone for the day and I asked about the BPO the gentleman said "The BPO came back and the house is average for its age and the value is 742,000." Poppy....Thank you for taking my question. I realize I will be talking to this adjuster, perhaps tomorrow to discuss why they should modify my loan. A little background info, my loan is for 580,000. Rate 9.125%. My documented financials show a monthly surplus of $114.00 My mort payment is 5200 which represents 46% of my monthly take home. I am asking for 5.00% For 30 years or 5.25% for 35 years. Do you think my only leverage is to plead with them; 1) Why I am a good risk. 2) Say it is better for both of us to work together now to work out an agreement instead of when I am behind on payments and the value of the house has possible gone down. Do you have any other comments or stratagies on how I can push for a 30-40 year fixed rate around 5.00 - 5.50 % and hopefully get this loan modified. THANK YOU !