Modification while im current?

[wrench23]

I have a CW ARM that is set to adjust next March. I want to stay ahead of the curve and have been thinking about loan modification to get into a fixed. I have no lates, i refied in March of '07. I am upside down in the mortage by about $7-15k by my estimation. my ficos are 582,621,655 and are on the rise, i anticipate getting them all over 660 by next year. I have a few questions:

Will they even talk to me yet considering my loan is current?

Does the fact that im upsidedown hurt me on a modification? I assume i cant do a refi in this situation.

My fico scores are rising, do i wait to take advantage of that or do i need to get the ball rolling now?

Any advice on how to get started would be appreciated.

[Cat Damiano]

Hi Wrench23,

Welcome to the forum and thank you for joining........
Right now the lenders are mostly working with a queue of people that are either in foreclosure, are behind in payments, or their adjustable rate is set to adjust over the next 90 days.........since you are not adjusting until March 09.....it is a bit early for you to get started......

For a loan modification your fico scores and being upside down are not factors.........what is a factor is that when the time comes close to the adjustment you will have to show that this will cause you a hardship in order to be modified. Since you are current they will most likely tell you to call back to start a modification at the end of this year around November.

[towens8606]

I did get a CW mod proposal, without even asking, to take my pay option arm to a 3/2/1 buydown "step" loan. This is an investor loan...I am happy

T

[Cat Damiano]

T

That would depend on the investor that is on your loan..........and that offer didn't go to everyone........