Modify Loan?

[kingyao]

I am 3 years into a 30 year loan with a rate of 6.625%. Countrywide constantly sends me advertisements to refi and lower my rate. When I call them and I give them my info, they tell me that I am not even close to being able to qualify. When I originally did my loan it was no-doc since I am self employed, they told me there is no way I would ever qualify for that same loan today. Is there anyway for me to modify my loan and reduce my rate??

[Dan Bailey]

kingyao,
Most of the reason folks cant re-finance now, even with good credit and pyment history-is the loan to value ratio of the home...hardly any are worth their appraised value from back during the boom.

You can however attempt a modification- the first step to take is to write a hardship letter to the serviser: Example and explanation here:Examples of a Hardship Letter

By reading the other scenarios and explanations on the home page of Loansafe, you will get a good grasp of the process and what is needed.

Glad you foundsd the forum and thans for posting.

Hang in there and good luck! Let us know how it goes and if you have any questions!

[MP927]

Originally Posted by kingyao

I am 3 years into a 30 year loan with a rate of 6.625%. Countrywide constantly sends me advertisements to refi and lower my rate. When I call them and I give them my info, they tell me that I am not even close to being able to qualify. When I originally did my loan it was no-doc since I am self employed, they told me there is no way I would ever qualify for that same loan today. Is there anyway for me to modify my loan and reduce my rate??

We were asked to do a no doc loan also and really can't afford the loan we are in. If you cannot afford your loan you should consider NACA working on your behalf. If you are just looking for a lower interest rate you might have to wait awhile until the banks become more flexible with lending. I wonder if you qualify for Obama's proposal too? What state are you in?

[kingyao]

I am in NJ.