I have a question regarding modifying loans.I purchased my property about three years ago they has been sold to various banks it currently resides with MetLife.
I have made payments in full on time each month. My credit score is 760+. I am never late with any of my payments. My problem is I lost my job a few months ago I am currently on unemployment benefits. My rate at the time was 5%+
In addition my property has some litigation going on, due to this even if I were employed no bank would touch it.
Since the current rates are at 3.xx%, I could use a lot of savings from a modification. I have plenty of savings so the issue of paying my mortgage is not at big deal but I would like my interest rate to be reduced.
my loan balance is about 200K, condo value is about 300K.
my loan was not qualify for the harp program due to the purchase date of sep 2009.
how would a modification work with MetLife will there be negative comments on my credit report? Under what circumstances would they be willing to reduce my interest rate?
I was able to get some information from a Realtor who lives in the building who stated that there was a local bank was willing to provide refinancing. Since I do not have income I would not qualify for it. If I get my parents to cosign will that take care of the income issue?