Hello,
I have been reading here for a while and I just decided to register cause it seems like everyone is in the same boat as me. I put in for my loan mod in December and I have not herd anything. I was calling weekly and they still said it was under review. So I called today and I was told that I dont qualify for anything. I am not behind in my payments but it will be soon getting to that point. I just do not know what to do now.
Welcome and thank you for joining the community.
You will find hundreds of homeowners here who are currently pursuing a modification like yourself. This process generally takes at least 3-6 months to hear anything back from your lender but it is crucial that you follow up at least once a week until a decision is made. Can you please explain a little more about your situation?
Below are a few threads in regards to first Horizon.
Nightmare with First Horizon
First Horizon - Loan Modification
Where from here: 4 months waiting for Mod;Foreclosure just postponed?
Keep Fighting!
Evan Bedard
LoanSafe.org Support Team
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A few years ago I switched jobs and took a big paycut. I refinanced to an interest only loan with a promise in a few years I would be able to get back to a 30 year fixed when my financial situation was better. Well those years passed and I never got back to my previous pay because of pay freezes and lag payrolls. I had my 2nd daughter this year and my wife and her had some issues that thank God are better now but She was out of work longer then expected and we were living off credit cards. So basicly now we are treading water with daycare costs and high credit card bills. Plus my houses value dropped 115k when I went for a conventional refi. I just want out of this interest only loan and reduce these payments so I can breathe again. Im sure everyone knows that this situation always puts a strain on a marrage, I dont want that anymore. Any advice would be great. Thank You.
Converting from an interest only loan to a fixed rate that includes principle won't necessarily lower your payment. As a matter of fact, it will almost surely raise especially when they escrow for taxes and insurance. Why did they tell you you weren't eligible for modificationOriginally Posted by nygiantsfan
Sounds like one of two things preventing you from qualifying: Too much income or too much debt. Meaning they think you either make too much or too little. I'm betting it's "too much" because you're current.
No matter what the numbers say, a homeowner current on payments is telling the bank they can afford their payment. Of course the bank will let you submit a request all day long. But they are not going to do anything and you're wasting your time, as you found, unfortunately.
I hope that if you start to fall behind on the mortgage payment that you can resubmit and get qualified. You might also think about a debt settlement program for those credit cards. If you're paying on overwhelming credit card debt, you can be disqualified for modification also. One way or another there is no way out of this without some kind of unpleasantry (late payments).
Go to the thread "Please help me with my financial" - Whittier and I helped a couple people calculate their financials for submission to the lender. It might help you figure out where you're going wrong. But remember, all bets are off if you're current.
Life isn't about waiting for the storm to pass. It's about learning to dance in the rain.
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