Is it too soon to ask for a loan modification? - Loan Modification Forum

LadyDero · 01-22-2009, 01:53 PM

Our 5-year ARM expires in September of this year. As of now, we are making our mortgage payments with little problem, but we are pretty over-extended and the adjustment in September scares me. I'm sure the interest will go up and we will also have to start paying principal. My question is: Should I ask for a loan modification now, or wait until my loan adjusts in September? Thanks so much for your help!

Moe Bedard · 01-22-2009, 01:57 PM

Hi LadyDero,

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

The modifications given are going to be up to the investor on your loan.............so you won't know if it is too soon to start out until you call and see what the options are going to be.

Who is the servicer?
What is the interest rate at?
What is the loan amount?
Do you have one loan or two?

LadyDero · 01-22-2009, 03:06 PM

The ARM is with First Horizon at 5.5%. The loan amount is for $381,364.13. I also have an HELOC, but with another lender. Any help would be appreciated. Thanks again.

LadyDero · 01-22-2009, 03:09 PM

I just spoke to a customer service person at First Horizon. They said I should expect my loan payments to go up an additional $1200! I told them that I wouldn't be able to make that kind of payment. They said the only programs they offer are for people who are in foreclosure and about to lose their homes. So, basically, I have to be in trouble before they can help vs. helping me stay out of trouble in the first place?

Moe Bedard · 01-22-2009, 03:24 PM

If this is the only property that you own and is owner occupied, you can try utilizing the non profit NACA and see if they may be able to help you out. Click on the link for the info.............

https://www.naca.com/refinance/refinanceTenStep.jsp

01-22-2009, 01:53 PM	#1 (permalink)
LadyDero Junior Member Join Date: Jan 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Is it too soon to ask for a loan modification? Our 5-year ARM expires in September of this year. As of now, we are making our mortgage payments with little problem, but we are pretty over-extended and the adjustment in September scares me. I'm sure the interest will go up and we will also have to start paying principal. My question is: Should I ask for a loan modification now, or wait until my loan adjusts in September? Thanks so much for your help!

01-22-2009, 01:57 PM	#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: Is it too soon to ask for a loan modification? Hi LadyDero, Welcome to the forum and thank you for joining............. The modifications given are going to be up to the investor on your loan.............so you won't know if it is too soon to start out until you call and see what the options are going to be. Who is the servicer? What is the interest rate at? What is the loan amount? Do you have one loan or two? __________________ 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.

01-22-2009, 03:06 PM	#3 (permalink)
LadyDero Junior Member Join Date: Jan 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is it too soon to ask for a loan modification? The ARM is with First Horizon at 5.5%. The loan amount is for $381,364.13. I also have an HELOC, but with another lender. Any help would be appreciated. Thanks again.

01-22-2009, 03:09 PM	#4 (permalink)
LadyDero Junior Member Join Date: Jan 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is it too soon to ask for a loan modification? I just spoke to a customer service person at First Horizon. They said I should expect my loan payments to go up an additional $1200! I told them that I wouldn't be able to make that kind of payment. They said the only programs they offer are for people who are in foreclosure and about to lose their homes. So, basically, I have to be in trouble before they can help vs. helping me stay out of trouble in the first place?

01-22-2009, 03:24 PM	#5 (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: Is it too soon to ask for a loan modification? If this is the only property that you own and is owner occupied, you can try utilizing the non profit NACA and see if they may be able to help you out. Click on the link for the info............. https://www.naca.com/refinance/refinanceTenStep.jsp __________________ 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.

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