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This is a discussion on Loan Mod question, HomeQ loan within the Loan Modification forums, part of the Foreclosure Forum category; Hi, I was a success story a while back with HomeQ. Had my loan mod done for 5 years at ...
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| Member Join Date: Mar 2008
Posts: 25
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Loan Mod question, HomeQ loan 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 |
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| Founder Join Date: Aug 2007 Location: Southern California
Posts: 16,931
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Loan Mod question, HomeQ loan 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.
__________________ 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 ServicerThe 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. |
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| Member Join Date: Feb 2009
Posts: 25
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Loan Mod question, HomeQ loan 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 |
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| Member Join Date: Jul 2008
Posts: 29
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Loan Mod question, HomeQ loan 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 |
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| Member Join Date: Feb 2009
Posts: 25
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Loan Mod question, HomeQ loan 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. |
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| Senior Member Join Date: Mar 2008
Posts: 41
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Loan Mod question, HomeQ loan 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. |
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