Old 01-19-2009, 10:09 AM   #1 (permalink)
Junior Member
  
 
blueblockers's Avatar
 
Join Date: Jan 2009
Posts: 1
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
blueblockers is on a distinguished road
Loan Modification First Franklin

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?


blueblockers is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 01-19-2009, 12:37 PM   #2 (permalink)
Founder
  
 
Moe Bedard's Avatar
 
Join Date: Aug 2007
Location: Southern California
Posts: 16,887
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
Moe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond reputeMoe Bedard has a reputation beyond repute
Re: Loan Modification First Franklin

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..............
__________________
Moe Bedard
Founder

LoanSafe.org "America's #1 Home Loan Forum"
LoanWorkout.org "America's # Loan Modification Blog"


Get My FREE Loan Modification E-Book | Please donate to LoanSafe.org | Loan Modification Training For Attorneys | Rate Your Mortgage Servicer


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.
Moe Bedard is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -7. The time now is 06:16 AM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.2.0
Copyright 2009 LoanSafe.org and MoeSeo Inc. All Rights Reserved. Home Loan, Loan Modification & Foreclosure Help Forum - LoanSafe.org

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100