Can a person who owes 5 houses get a mod

[Mary Salzer]

There are no other options, you have got them in a nutshell, you either pay the taxes and impounds with the payment or......they can and will call the loan.

[mreedlaw]

Cbriones, please do not get me wrong...I certainly want things to work out for you...and I can tell you that others on this forum want it to work out also. It is just sometimes we have to post things that you may not want to hear, and this may be one of those times...I am sorry, and hope that the loan terms are able to work out for you, I really do.

[cbriones]

Hello my loan with ASC will adjust in August when can i start the mod process?

[Cat Damiano]

You were already in the modification process and the lender was going to add your back taxes to it and you said you couldn't pay that..............so what happened to the mod?

[cbriones]

Oh you remembered me .... well actually this is the first month that i have paid the mtg with taxes added to it ASC told me to bad to sad they added 450.00 more to my mtg so that was that now the loan will adjust in August .. The paper wk that i received with the loan stating how much mtg will go up to is that accurate ...

[Cat Damiano]

Yes we already explained that to you..........
You can look back at the posts above to reference the response......

[cbriones]

I Wasent In The Mod Process They Added My Taxes To My Mtg But I Wasent Doing Mod Yet ..i Had Missed 3 Tax Payments..

[Cat Damiano]

Yes this I know you were delinquent on your taxes and they spread them over 48 months and added them to your payment........

[Cat Damiano]

This is your post from Feb. 6th...........

My rate will adjust in August its going up 800.00 and im subprime so i cant refi . I dont even know if there going to help me then, anyways when i called ASC they said that they were doing the analyst and they would be sending me the new mtg payment amount from there then i could call a counselor to see what and how they can help me so hopefully they can spread the 6200.00 enough so that i can afford the payment..


Then ASC gave you the payment stream that they were willing to workout with you..........it sounds like that is the best they are willing to do........

Have you called the couselor that helped you initially two months ago?
I would call that contact back and see if a modification is possible for you.........
They might want to see you make the payments with the back taxes first........

[cbriones]

Is It True That When We Do Mod They Automatically Subtract 20% From Your Monthy Income For Any Kind Of Emergencies Then Whatever Is Left They Subtract All Your Exspenses, Bills Etc.

[cbriones]

I Was Told That When Doing A Loan Mod That The Mtg Company Automatically Sets Aside 20% From Your Entire Income For Any Emergency Of Medical Bills Then From Whats Left They Deduct All Bills, Mtg Payment, Etc Is Thsi Right...

[cbriones]

I Am Getting Ready To Send My Financials For My Loan Mod ...is It Correct That The Mtg Company Automatically Subtracts 20% For Your Net Income ?

[Cat Damiano]

What they go off of is the Gross Income not the Net Income...........

When you do the household income versus the household expenses including current mortgage payment and taxes.........you need to show a surplus of around $100-$250 at the end of the month...............
this is what they look for........

[cbriones]

Do i send a hardship letter with the financial application ?

[schwefls]

Oh yes, that is an essential piece of the puzzle, along with your financials, paystubs, taxes. etc.