Where to start? - Loan Modification Forum

WishMeLuck · 01-07-2009, 10:57 PM

So far current on my mortgage payments, but a combination of pay reduction, out of control NYC living expenses, and an overbudget home renovation project have put me 55K into credit card debt. I have two fixed 30 year mortgages fixed at 6%: first from Chase, second (the bigger of the two) from PenFed.

Do I have any options? Where should I start?

Moe Bedard · 01-08-2009, 01:06 AM

Hi WishMeLuck,

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

You would need to begin by putting together a hardship letter......click on the link for examples to help you out...........
Examples of a Hardship Letter

The modifications given are up to the investors on the loans........so you would need to contact the lenders and see what the options are.........

Chase
1-866-665-7629

PenFed
1-800-247-5626

You also may want to see if a debt management program can help with the credit cards for some relief on that end as well.............
Consumer Credit Counseling Service :: Debt Management Services :: Consolidate Debt

WishMeLuck · 03-22-2009, 11:53 AM

I have a second mortgage that is bigger than my first. The combined payment for both loans is almost 50% of my monthly salary. The makinghomeaffordable program talks about payments on the first not exceeding 31%. What can I do?

Dan Bailey · 03-23-2009, 04:09 AM

Wishmeluck,
As *** stated above, contacting the lenders is the first step. You will need to draft up a hardship letter to send them also.

01-07-2009, 10:57 PM	#1 (permalink)
WishMeLuck Junior Member Join Date: Dec 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Where to start? So far current on my mortgage payments, but a combination of pay reduction, out of control NYC living expenses, and an overbudget home renovation project have put me 55K into credit card debt. I have two fixed 30 year mortgages fixed at 6%: first from Chase, second (the bigger of the two) from PenFed. Do I have any options? Where should I start?

01-08-2009, 01:06 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Where to start? Hi WishMeLuck, Welcome to the forum and thank you for joining........... You would need to begin by putting together a hardship letter......click on the link for examples to help you out........... Examples of a Hardship Letter The modifications given are up to the investors on the loans........so you would need to contact the lenders and see what the options are......... Chase 1-866-665-7629 PenFed 1-800-247-5626 You also may want to see if a debt management program can help with the credit cards for some relief on that end as well............. Consumer Credit Counseling Service :: Debt Management Services :: Consolidate Debt __________________ 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 Servicer The 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.

03-22-2009, 11:53 AM	#3 (permalink)
WishMeLuck Junior Member Join Date: Dec 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What to do: large Second I have a second mortgage that is bigger than my first. The combined payment for both loans is almost 50% of my monthly salary. The makinghomeaffordable program talks about payments on the first not exceeding 31%. What can I do?

03-23-2009, 04:09 AM	#4 (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: Where to start? Wishmeluck, As * stated above, contacting the lenders is the first step. You will need to draft up a hardship letter to send them also. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.**

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