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.

[cbriones]

Ok I Was Told 2 Days Ago By Asc That They Wouldnt Include In Ot In My Mod They Would Only Go Off Of Net Well Today I Talked To Someone Knew And He Said That If They See The Ot Is Consistent Than They Will Include It What Do You Think Do They Add It Or Not.

[cbriones]

Ok I Am Filling Out Paper Wk For The Mod Well All The Cks That My Husband Gets Are Different How Do I Figure Out A Monthly Income.

[RudyJay]

cbriones.. is it possible to average out the income per month? Same with OT.. maybe an average since Jan (?) Just a suggestion...rj

[RudyJay]

You may need to send copies of the check stubbs anyway and you could notate average based on__________ months. rj

[cbriones]

Ok i am in the process of doing a mod with ASC i was just told that they did a i think BPO what does this mean is this good for me or what ..

[nitag]

A BPO is a step in the mod process. Hard to say if its good or bad. Its just the next step and lookslike things are moving along..

nitag
______________________________
My loan was modified by Avelo Mortgage

[TXHomeowner]

cbriones - BPO stands for "Broker Price Opinion." This is one broker's opinion of what your house is worth. I don't know if it's good or bad as far as a modification goes.

Hope this helps!
-TX

[cbriones]

Ok I Have Been Waiting For A Neg To Call Me For My Mod. Well I Just Got That Call 10 Min Ago But Im Not To Happy With What They Offered Actually They Offered Me The Exact Same Payment As To What I Had I Told Her That I Couldnt Afford The Payment But She Said Thats The Best They Can Do The Only Good Thing It Is A 6.75 % And A 30 Yr Which I Appreciate That But Is There Any Way To Neg The Payment Down Or Is This The Final Numbers I Didnt Agree Yet I Asked Them To Call Me Back After Noon So I Can Talk To My Husband .. What Do You Think Are They Able To Do A Little More Work I Really Cant Afford That Payment.

[Cat Damiano]

cbriones,


If the payment also includes the delinquent tax escrows which you had started paying plus the current tax escrows that part of the payment will not be able to be any lower.

[cbriones]

That is the payment with escrows the deliquent taxes will be waived