Not late but cant keep up. - Loan Modification Forum

cjbory · 06-04-2009, 03:10 PM

Hi new here.. Are there any gide lines as to what my financial should look like to have a better chance of a modification.

Thanks.

cj

cjbory · 06-04-2009, 03:15 PM

guidelines that is.

Moe Bedard · 06-04-2009, 11:28 PM

CJ....................the best thing to do is to be honest................they will be verifying all of the information by tax returns, check stubs, bank statements, and they will also pull your credit..........

Borrowers will be required to provide declarations under penalty of perjury attesting to the truth of the information that they have provided to the servicer to allow the servicer to determine the borrower’s eligibility for entry into the Home Affordable Modification Program.

Participating servicers and lenders/investors are not required to modify the loan if there is reasonable evidence indicating the borrower submitted false or misleading information or otherwise engaged in fraud in connection with the modification. Servicers should employ reasonable policies and/or procedures to identify fraud in the modification process.

cjbory · 06-05-2009, 06:28 AM

Thanks... But i guess what I wanted to say was are there any guidelines to know if I could qualify. ffice

ffice" />>>
Here is my situation. After I pay my bills including and estimate for food and gas every month I am left with 160 dollars for all the little things that pup up every month. Half of the time I have to take money out of my savings to cover anything unexpected. I am current on all my bills including mortgage but will like to try to lower my interest rate on my upside down home. I currently have a 6.25 % fixed for 30 years. I know is a long shot but my question is do i have a chance?>>

Moe Bedard · 06-05-2009, 07:59 AM

Here is the link to check if you meet the initial criteria...........there is also an FAQ on the right hand side and a payment estimator to check what your payment is at now......

Making Home Affordable - Home Affordable Modifications

here is the link to the info through Bank of America and the steps to take.........
http://my.countrywide.com/media/mha.html

cjbory · 06-05-2009, 09:01 AM

Thanks so much. According to the calculator, my DTI is 40% on my mortgage. Base on your experience do i have a chance at a mod? Just lowering interest will help me a lot. I know is hard to tell but I am probably going to get lawyer to help me. I just want to get as much info as I can before I make my decision.

Thank you again.
cj

cjbory · 06-05-2009, 09:09 AM

Also looks like FannieMae owns my loan.

morainac · 06-05-2009, 09:31 AM

Most people are going through naca to negotiate their modification. They can help you if you own one property and the services are free.

cjbory · 06-05-2009, 09:41 AM

Quote:

Originally Posted by morainac

Most people are going through naca to negotiate their modification. They can help you if you own one property and the services are free.

That’s was one of the first things I looked at (thanks to this site) but i do own a rental unit so I am not eligible. My rental unit is also with CW/BofA but it almost pays it self so I have no problem with that one. ffice

ffice" />>>

morainac · 06-05-2009, 09:54 AM

see if you can get good company to represent you and dont charge any upfront fees. maybe naca might know of a legit company.

cjbory · 06-05-2009, 10:05 AM

So do you people think is doable.

cjbory · 06-22-2009, 07:57 AM

Has anyone been successful at modifying a loan that is not late? I have read this forum a lot and seem to me that you need to be late to get anything going. I am currently on time with my payments but i cannot keep it up much longer.ffice

ffice" />>>

morainac · 06-22-2009, 08:34 AM

There are people who modified without being late but they went through naca.

cjbory · 06-23-2009, 06:57 AM

well thats bad news. I have a rental property that i cant sell so i cant work with NACA.

rozuki · 06-23-2009, 04:33 PM

Do you have equity in your property? If you have enough equity, you could probably refinance down a few points.......

bruin99 · 06-23-2009, 05:02 PM

Quote:

Originally Posted by cjbory

Has anyone been successful at modifying a loan that is not late? I have read this forum a lot and seem to me that you need to be late to get anything going. I am currently on time with my payments but i cannot keep it up much longer.ffice

ffice" />

>

cjbory,

I am current but was able to get modified down to a 2% rate. Don't let being current keep you from having hope!

cjbory · 06-24-2009, 07:06 AM

Wow, that would be perfect for me. How did you do it?
ffice

ffice" />>>
I am planning to start the process next month. I am getting all the paperwork in line for the battle ahead. >>
>>
I know my mortgage is own by Fannie so i am hoping that can help me a little. >>

06-04-2009, 03:10 PM	#1 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Not late but cant keep up. Hi new here.. Are there any gide lines as to what my financial should look like to have a better chance of a modification. Thanks. cj

06-04-2009, 03:15 PM	#2 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question guidelines that is.

06-04-2009, 11:28 PM	#3 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question CJ....................the best thing to do is to be honest................they will be verifying all of the information by tax returns, check stubs, bank statements, and they will also pull your credit.......... Borrowers will be required to provide declarations under penalty of perjury attesting to the truth of the information that they have provided to the servicer to allow the servicer to determine the borrower’s eligibility for entry into the Home Affordable Modification Program. Participating servicers and lenders/investors are not required to modify the loan if there is reasonable evidence indicating the borrower submitted false or misleading information or otherwise engaged in fraud in connection with the modification. Servicers should employ reasonable policies and/or procedures to identify fraud in the modification process. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-05-2009, 06:28 AM	#4 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question Thanks... But i guess what I wanted to say was are there any guidelines to know if I could qualify. fficeffice" />>> Here is my situation. After I pay my bills including and estimate for food and gas every month I am left with 160 dollars for all the little things that pup up every month. Half of the time I have to take money out of my savings to cover anything unexpected. I am current on all my bills including mortgage but will like to try to lower my interest rate on my upside down home. I currently have a 6.25 % fixed for 30 years. I know is a long shot but my question is do i have a chance?>>

06-05-2009, 07:59 AM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question Here is the link to check if you meet the initial criteria...........there is also an FAQ on the right hand side and a payment estimator to check what your payment is at now...... Making Home Affordable - Home Affordable Modifications here is the link to the info through Bank of America and the steps to take......... http://my.countrywide.com/media/mha.html __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-05-2009, 09:01 AM	#6 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question Thanks so much. According to the calculator, my DTI is 40% on my mortgage. Base on your experience do i have a chance at a mod? Just lowering interest will help me a lot. I know is hard to tell but I am probably going to get lawyer to help me. I just want to get as much info as I can before I make my decision. Thank you again. cj

06-05-2009, 09:09 AM	#7 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question Also looks like FannieMae owns my loan.

06-05-2009, 09:31 AM	#8 (permalink)
morainac Senior Member Join Date: May 2009 Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question Most people are going through naca to negotiate their modification. They can help you if you own one property and the services are free.

06-05-2009, 09:54 AM	#10 (permalink)
morainac Senior Member Join Date: May 2009 Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question see if you can get good company to represent you and dont charge any upfront fees. maybe naca might know of a legit company.

06-05-2009, 10:05 AM	#11 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: quick question So do you people think is doable.

06-22-2009, 07:57 AM	#12 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Not late but cant keep up. Has anyone been successful at modifying a loan that is not late? I have read this forum a lot and seem to me that you need to be late to get anything going. I am currently on time with my payments but i cannot keep it up much longer.fficeffice" />>>

06-22-2009, 08:34 AM	#13 (permalink)
morainac Senior Member Join Date: May 2009 Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Not late but cant keep up. There are people who modified without being late but they went through naca.

06-23-2009, 06:57 AM	#14 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Not late but cant keep up. well thats bad news. I have a rental property that i cant sell so i cant work with NACA.

06-23-2009, 04:33 PM	#15 (permalink)
rozuki Senior Member Join Date: Mar 2009 Location: Long Island NY Posts: 356 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Not late but cant keep up. Do you have equity in your property? If you have enough equity, you could probably refinance down a few points....... __________________ ~Rozuki...NACA loan mod approved 6/10

06-24-2009, 07:06 AM	#17 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Not late but cant keep up. Wow, that would be perfect for me. How did you do it? fficeffice" />>> I am planning to start the process next month. I am getting all the paperwork in line for the battle ahead. >> >> I know my mortgage is own by Fannie so i am hoping that can help me a little. >>

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