Need to get started

[meedra]

I've been reading these threads for a couple of days. I guess we need to get started at an attempt to Mod our loan. Can anyone tell us where to start and what kind of qualifications they are looking for? Also, what does this do to your credit - why wouldn't everyone do this and why would the loan companies consider this? I've seen a lot of requests right off the bat for info on loan.

First mort. no second, 296K, 8.2% adjustable in about 6 months, $2500.00/mo. including taxes and insurance, last appraisal done in June - 360K, don't think values around here have dropped that much

Thanks in advance for anyones time and help

[Ljm9697]

Hi,

The people who are prime candidates for a mortgage modification are the people who's house values have decreased and there is no way that they can refinance due to there being no equity in there home.

It sounds like you just need to refinance because you have the equity and you just need to lock in while the rates are low.

I just did a modification on my loan because I was in an adjustable rate loan and my home is worth a lot less than what I owe on it, so I couldn't refinance to get a locked rate..

Good Luck!!

[elpjohnson]

meedra......

Welcome to the forum and thanks so much for joining.....in the event you cannot refinance you should start by writing your hardship letter and compiling all of your financial information and submit it to

Jeanne Drake-Direct phone line 949-784-6011
Fax Line 866-642-4196

Jim Davis- Phone-904-996-9696
Fax-904-996-9653

You will need your hardship letter, income/expense sheet (show a small surplus of like $100-$250 per month), W-2, bank statements, paystubs.....this will get the ball rolling for you.

Good luck and keep us posted on your progress.