Loan Modification First Franklin

[blueblockers]

Hello All,

I am looking for all the help I can get. I've been reading through the forum threads and have gathered a lot from there.

1st- $106,400.00 @ 6.750% Conventional ARM
2nd- $26,000 @ 9.625% Conventional with PMI

Not primary residence. This was supposed to be an investment property. Does not cash flow. Negative margin of $100.00/month. No equity. Taxes are really putting me in a hole. Same story as everyone else. Bad investment.

2 months behind. Looking to do a loan mod.

Three questions.
1.What type of modification should I request?

• Principle Modification? Doesn't happen often correct?
• Rate Modification?

2.Should I quick deed my primary residence to my son in case I did enter foreclosure to protect my home my wife and I have been living in for 20 years?

3.Should I pay 1 months rent like First Franklin advised me to in order to extend the period of time for LM negotiations?

[Moe Bedard]

HI blueblockers,


Welcome to the forum and thank you for joining...............

In answer to your questions............

The modification given would be up to the investor on your loan and what they are or are not willing to do for a modification...........you would need to contact FF and see what the options are going to be.

on the other questions..............you would need to consult with a real estate attorney to find out about what you should do to protect assets from a foreclosure..............and if you are able to make any payments while going through the mod process you should.


call to start the modification process and see what options there are......

First Franklin
Loss Mitigation
1-800-622-5035



Please keep us posted on your progress..............