Loan Modification Forum - LoanSafe.org - View Single Post - Who is elligible for a loan modification?

workinlossmit · 12-01-2007, 10:04 AM

OOH something i can answer...

good info from MOE (of course... ) and evel has done some research... (we need kudos)

okay..

loan modification: altering the original terms of your loan.

its that simple. nothing weird about it. but it is like an "internal refinance"

so yeah, unless you have a crapload of equity in your property, you will probably have a higher UPB (unpaid balance) after the modification is complete by a few thousand dollars.

hmmm. what else.. modification qualifyers.. (chase only) there are none!!!

up until september there were tons of layers to work through... (i.e. had to have made certain amounts of payments, had to be at certain debt to income ratio, had to be primary residence, etc etc.) well chase (in its all growing wisdom) realized that if we dont help people keep their homes then chase (and investor) are going to be owning a WHOLE HECK OF A LOT OF PROPERTY!!! and since chase is not in the real estate game they must have realized that they need to waive all the criteria to start "referring" loans for modification.

so.. yeah you need to just request it.. remember if your loan is not currently in foreclosure----to keep payin your bills.. but if its in foreclosure then you need to keep stowing that money away for the down payment...

sorry i didnt read all responses.. *sigh*
um.. say you and the lender reach an agreement.. and lets say you owe 10k.. with a good faith down paymnt of 3k--that would leave ya 7k in arrears...(what ya still owe) that remaining bal, will then be reabsorbed into the UPB (unpaid balance). then you will go under your new terms... depending on your servicer (bank) you may be introduced to step rates, temp rates or even fixed rates... chase uses the 1st and 3rd options... and countrywide and citi have been using the second option..

as for being upside down, sideways.. doesnt really matter nowadays. most lenders are continually changing their criteria because of the market trends.. and we are a copycat league.. what works for one financial institute.. may be adopted later for another institute.

12-01-2007, 10:04 AM	#7 (permalink)
workinlossmit Chase Loan Modification Guide Join Date: Nov 2007 Location: texas Posts: 65 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Who is elligible for a loan modification? OOH something i can answer... good info from MOE (of course... ) and evel has done some research... (we need kudos) okay.. loan modification: altering the original terms of your loan. its that simple. nothing weird about it. but it is like an "internal refinance" so yeah, unless you have a crapload of equity in your property, you will probably have a higher UPB (unpaid balance) after the modification is complete by a few thousand dollars. hmmm. what else.. modification qualifyers.. (chase only) there are none!!! up until september there were tons of layers to work through... (i.e. had to have made certain amounts of payments, had to be at certain debt to income ratio, had to be primary residence, etc etc.) well chase (in its all growing wisdom) realized that if we dont help people keep their homes then chase (and investor) are going to be owning a WHOLE HECK OF A LOT OF PROPERTY!!! and since chase is not in the real estate game they must have realized that they need to waive all the criteria to start "referring" loans for modification. so.. yeah you need to just request it.. remember if your loan is not currently in foreclosure----to keep payin your bills.. but if its in foreclosure then you need to keep stowing that money away for the down payment... sorry i didnt read all responses.. sigh um.. say you and the lender reach an agreement.. and lets say you owe 10k.. with a good faith down paymnt of 3k--that would leave ya 7k in arrears...(what ya still owe) that remaining bal, will then be reabsorbed into the UPB (unpaid balance). then you will go under your new terms... depending on your servicer (bank) you may be introduced to step rates, temp rates or even fixed rates... chase uses the 1st and 3rd options... and countrywide and citi have been using the second option.. as for being upside down, sideways.. doesnt really matter nowadays. most lenders are continually changing their criteria because of the market trends.. and we are a copycat league.. what works for one financial institute.. may be adopted later for another institute. Last edited by workinlossmit; 12-01-2007 at 10:16 AM..