is it worthwhile?

[Needler56]

i'm current and am not in a financial hardship, but after reading through the site, would it even be worth it to try to do a loan mod? i'm reading a lot of valid scenarios that take months whether they're unsuccessful or not. i might already know the answer, but i'm new to all this and just thought i'd see just in case

[Evan Bedard]

Hi Needler56 welcome and thank you for joining.

i'm current and am not in a financial hardship, but after reading through the site, would it even be worth it to try to do a loan mod? i'm reading a lot of valid scenarios that take months whether they're unsuccessful or not. i might already know the answer, but i'm new to all this and just thought i'd see just in case

Well can you explain a little about your situation.

Do you have a hardship thats making it hard to pay your mortgage?

[Needler56]

sorry to be so vague, but basically what's happening is this. with the time's we're in right now, i've survived a few rounds of layoffs, no raises and more than likely no bonuses at the end of the year. i've also picked up a car payment late 2008. we're also current and pay our bills on time.

our rate will become adjustable next june and along with the above mentioned i wanted to get ourselves ready and stay ahead of everything to avoid any problems in the future.

our first and second is through us bank and based off their eligibility questions on their site, we don't qualify for obama and loan mod. i went ahead and called them anyway, was transferred a couple of times only to find myself on hold for an hour on their "consumer finance" line. i had no more time to be on the phone as i am at work so i hung up.

if non of this stuff works, will it be hard to shop for another fixed rate in june when our rate goes to adjustable?

[MyHAMP]

Originally Posted by Needler56

if non of this stuff works, will it be hard to shop for another fixed rate in june when our rate goes to adjustable?

Not necessarily - since you said you never missed a payment...

[whirlingbirdie]

I don't think it will be, but since you've never been late, maybe you want to start looking at options now?

[Amy3265]

NO! I would definitely say it's NOT worth it! If you can find any other way to make things easier, do it. It has been an emotional roller coaster ride. When we started the process we were not behind on our mortgage..now we are. If we are denied, we could lose our home where as before it was just tight but we might have been able to make it. Now I don't sleep at night and wish I could take it all back and never have started this process. The not knowing, day and night, for 9 months has been unbearable. I would not recommend this process to anyone.