Sps loan modification approval!!! - Loan Modification Forum

Struggling76 · 08-05-2009, 10:38 AM

I need to know if this sounds good or could I ask for better? At this time I have a 1st and 2nd mortgage. 1st mortgage is with SPS and the one that I am approved for the three month trail. At this time it is an interest only 3year arm. My interest rate is 7.00% and my payment is $525/month. The loan mod will give me a payment of $560/month with a fixed rate, but they would not tell me yet what the fixed rate is yet until I receive my packet. This is also paying principle and interest. They said I do not qualify for the HAMP program because my loan payment as of now is not over 31% of my income, but it is over 31% with all my expences (car payment, car isurance, etc...). Should I accept? Can I still modify my 2nd mortgage?

Evan Bedard · 08-05-2009, 11:32 AM

Hi struggling76,

I would wait for the documents to see if you should accept or not. Find out what the new rate it is they are offering you and go from there...

Also modifying your 2nd mortgage is definetely possible. If you have some money saved maybe you can try to settle your 2nd for as low as 5-10% of what is owed..

jakelabry · 08-05-2009, 12:28 PM

Quote:

Originally Posted by Struggling76

I need to know if this sounds good or could I ask for better? At this time I have a 1st and 2nd mortgage. 1st mortgage is with SPS and the one that I am approved for the three month trail. At this time it is an interest only 3year arm. My interest rate is 7.00% and my payment is $525/month. The loan mod will give me a payment of $560/month with a fixed rate, but they would not tell me yet what the fixed rate is yet until I receive my packet. This is also paying principle and interest. They said I do not qualify for the HAMP program because my loan payment as of now is not over 31% of my income, but it is over 31% with all my expences (car payment, car isurance, etc...). Should I accept? Can I still modify my 2nd mortgage?

The 31% ONLY applies to the payment on your first mortgage and has nothing whatsoever to do with your car or any living expenses.

Evan Bedard · 08-05-2009, 01:46 PM

Thanks Jakelabry you are correct

Struggling76 · 08-05-2009, 08:59 PM

Thanks for the info

Struggling76 · 08-05-2009, 10:45 PM

My 2nd mortgage is with First Franklin, and it seems from what I have been reading they are difficult to deal with.

08-05-2009, 10:38 AM	#1 (permalink)
Struggling76 Member Join Date: Jul 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Sps loan modification approval!!! I need to know if this sounds good or could I ask for better? At this time I have a 1st and 2nd mortgage. 1st mortgage is with SPS and the one that I am approved for the three month trail. At this time it is an interest only 3year arm. My interest rate is 7.00% and my payment is $525/month. The loan mod will give me a payment of $560/month with a fixed rate, but they would not tell me yet what the fixed rate is yet until I receive my packet. This is also paying principle and interest. They said I do not qualify for the HAMP program because my loan payment as of now is not over 31% of my income, but it is over 31% with all my expences (car payment, car isurance, etc...). Should I accept? Can I still modify my 2nd mortgage?

08-05-2009, 11:32 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sps loan modification approval!!! Hi struggling76, I would wait for the documents to see if you should accept or not. Find out what the new rate it is they are offering you and go from there... Also modifying your 2nd mortgage is definetely possible. If you have some money saved maybe you can try to settle your 2nd for as low as 5-10% of what is owed.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-05-2009, 01:46 PM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sps loan modification approval!!! Thanks Jakelabry you are correct __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-05-2009, 08:59 PM	#5 (permalink)
Struggling76 Member Join Date: Jul 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sps loan modification approval!!! Thanks for the info

08-05-2009, 10:45 PM	#6 (permalink)
Struggling76 Member Join Date: Jul 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sps loan modification approval!!! My 2nd mortgage is with First Franklin, and it seems from what I have been reading they are difficult to deal with.

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