Loan Mod question, HomeQ loan

[MLG619]

Hi,
I was a success story a while back with HomeQ. Had my loan mod done for 5 years at 5%. Well my husband works for the state of California and now his pay has been decreased by 10% and the OT he used to get so easily isn't the same. I would say income decreased by $800. We are not behind as we've been able to make it so far, but this month has been tough and I don't see it getting any easier. Has anyone been able to get a loan mod done again due to change of income? Am I asking for too much?

Maria

[Moe Bedard]

Hi Maria,


If the financial hardship has changed...........they will normally allow you to reapply for a modification after 12 payments have been made.............if this isn't the case in your situation............contact them anyway and see if you will be able to submit your information again for another modification.

[workingmom43]

Hi Maria,

I'm a state of California employee as well, so I know what your husband has experienced. I recently got a mod with Homeq, but it was my first one. Make sure if you do it they know your situation is uncertain. For me, first it was overtime removed and now they're saying a 3% pay cut could be coming. So Homeq started me at 4%. Read my thread in this section and you'll see numbers that I called. I had my mod is less than one day, but the difference is I was behind 4 months.

Hope all goes well, Dee

[robcg]

I too am trying to get another mod with HomeQ. I am self employed. Like you, my situation has changed. They keep telling me they can only do 1 mod per the life of the loan.

Have they told you that?

- robcg

[workingmom43]

Luckily, since they lowered my rate so much, I can afford my new payment and won't have to remodify. I plan to have a forensic audit done to leverage myself to make them keep my loan at the new rate, but that will be a while from now.

[robcg]

From what I understand that was your first mod. I'm curious if people are getting 2 mods.

- robcg

[workingmom43]

That's correct. I've read people on here saying most banks require you to make 12 consistent payments before remodifying.

[jfmiller]

Originally Posted by workingmom43

Luckily, since they lowered my rate so much, I can afford my new payment and won't have to remodify. I plan to have a forensic audit done to leverage myself to make them keep my loan at the new rate, but that will be a while from now.

Have you done a forensic audit yet? If so did it help you keep your low rate? I have a situation with Homeq but i dont like the 5 year term, seems like a set up to fail to me. I want to use the forensic audit to my advantage as well.