Help...American General is my finance company

[dcmalie]

I have a couple questions about the loan modification program. My husband & I have both been laid-off from our jobs and we have been upfront and honest with our finance company American General Finance about our situation, we are now three payments behind on the mortgage but we both find jobs that we will be starting January 5, 2009. They are demanding we make a payment of 1800.00 by 1/2/09 or they will start the foreclosure process. We told that we could pay half on 1/2 and other on 1/9 but they wouldn't except that. They are offering to refinance the loan for us but only if can make a payment of 1800.00 1/2/09. Can anyone tell me if American General participates in the loan Modification program or where I can get more information. We don't want to lose our home and have and we have sole custody of our grandchildren.

[Moe Bedard]

Hi dcmalie,


Welcome to the forum and thank you for joining.............

You would need to ask American General if the investor on your loan offers modification options..........they are a part of AIG........so with the bailout that AIG needed twice recently..........the investors might not be modifying their portfolio.

Is this a first mortgage?
What is the interest rate?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only?
What is the loan amount?

[aglick]

I can only tell you from my own experience that American General Finance will not do a loan modification. My husband became criticallyil in 2006, became disabled, and we got behind on our house payment. They would not work with us under any circumstances. We contacted I think what is called HOPE and they informed us basically that the finance company has to be willing to work with us, and they would not do it. If I were you, if there was any possible way, I would not refinance with them. I am quite sure we have a predatory loan with them. Be very cautious when dealing with them. Good luck!!