Mod question from a newbie :) - Loan Modification Forum

smi2710 · 02-26-2009, 12:34 PM

First off i just found this site and have perusing all the info

So heres my dilemma, we have been trying to sell our house it was on the market a 1.5 years then we took it off for 7 months now its back up there unfortunatly home prices are declining and our price where we need to walk free and clear is low enough

bottom line numbers
we owe 211,500
realtor fee is 5% = 10,500.00
total sale price would have to be around 222k

Comps in our area are about 199k to start even getting lookers we are at 235k price point

we put it up at that price because well i thought we owed more apparently not

we have two loans first is a ARM for 6.xx% till july '10 for 174k and the second is a 7 year arm for 37,550.00

we want to sell and move obviously but the house wont sell for what we owe because of this downfall

we are not behind nor are we gonna be i dont see us having a problem refinancing when the need arises to get out of the ARMS we both have jobs ( wifes out right now due to new baby

) . We have no credit debt and one car payment. And great credit ratings

Wheni spoke with WF a few months ago about a refi they told me there records showed my home being worth 206k so our LTV would be crazy they told me my home had to appraise at 295k to get a conventianal mortgage

All i want to do is get them to mod my loan to a price i can sell our home say 189k and free me from the oweing anything after sale of the house. So we can move, so we can see our newborn more rather then be out of the 12 hours a day since we work far from home.

I dont want to short sell becasue we are not late nor see ourselves falling behind unless of course the interest jacks up and cant refi by july'10

where do i start? call WF and ask for Loan mod papers?

should i empty our savings accounts so it looks like we have no cash? i am not sure

all info welcomed

thanks
e

Dan Bailey · 02-26-2009, 03:48 PM

smi2710,

What you are talking about is a principle reduction....and the investers are just not doing that as of yet/this point...and it does not look like they will be doing it.

A loan mod will lower your interst rate and extend the terms.

smi2710 · 02-27-2009, 07:49 AM

that sucks
our interest is good for the time i guess ill jsut refinance

02-26-2009, 12:34 PM	#1 (permalink)
smi2710 Member Join Date: Feb 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Mod question from a newbie :) First off i just found this site and have perusing all the info So heres my dilemma, we have been trying to sell our house it was on the market a 1.5 years then we took it off for 7 months now its back up there unfortunatly home prices are declining and our price where we need to walk free and clear is low enough bottom line numbers we owe 211,500 realtor fee is 5% = 10,500.00 total sale price would have to be around 222k Comps in our area are about 199k to start even getting lookers we are at 235k price point we put it up at that price because well i thought we owed more apparently not we have two loans first is a ARM for 6.xx% till july '10 for 174k and the second is a 7 year arm for 37,550.00 we want to sell and move obviously but the house wont sell for what we owe because of this downfall we are not behind nor are we gonna be i dont see us having a problem refinancing when the need arises to get out of the ARMS we both have jobs ( wifes out right now due to new baby ) . We have no credit debt and one car payment. And great credit ratings Wheni spoke with WF a few months ago about a refi they told me there records showed my home being worth 206k so our LTV would be crazy they told me my home had to appraise at 295k to get a conventianal mortgage All i want to do is get them to mod my loan to a price i can sell our home say 189k and free me from the oweing anything after sale of the house. So we can move, so we can see our newborn more rather then be out of the 12 hours a day since we work far from home. I dont want to short sell becasue we are not late nor see ourselves falling behind unless of course the interest jacks up and cant refi by july'10 where do i start? call WF and ask for Loan mod papers? should i empty our savings accounts so it looks like we have no cash? i am not sure all info welcomed thanks e

02-26-2009, 03:48 PM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Mod question from a newbie :) smi2710, What you are talking about is a principle reduction....and the investers are just not doing that as of yet/this point...and it does not look like they will be doing it. A loan mod will lower your interst rate and extend the terms. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

02-27-2009, 07:49 AM	#3 (permalink)
smi2710 Member Join Date: Feb 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Mod question from a newbie :) that sucks our interest is good for the time i guess ill jsut refinance

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