Carrington Loan Modification SUCCESS!!

[tigiyo]

I have tried unsucessfully to refinance my house, and the last option is a loan modification. This is a great website and I am glad I found it. My situation is unique, I think. I purchased a home in 2004 with an ARM solely in my name because I had the better credit than my husband, my husband makes the most money though. In 2006 my arm was going to adjust and I had to refinance to another arm with 9.75% interest again, now it was suppose to adjust again in September but it is not because I guess the interest rate is low, so for the next six months my note will stay the same.

I don't know where to start.. I have been told my debt to income ratio is too high because the house and two cars and bank loans, credit card bills are all in my name, but I don't have the income to support and that. My husband's name is not on the house therefore I can't use his income.

My lender is Carrington Mortgage, they sent me out the paperwork to begin filling out for the loan modification. I have never been late on the mortgage note. Please help, do I have any options? I have tried endlessly with about 5 companies to refi and they all tell me the same thing debt to income ratio is too high.

[Moe Bedard]

tigiyo,


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

For the modification it works a little different than a refi............

You would be able to use your husbands income...............
You would need to put together all household income and all household expenses..........and for the modification you should be showing a surplus of $100-$250 left at the end of the month...........

If you can show this then you should be o.k. to try for the modification.........

Carrington mortgage is very easy to deal with on modifications........and they are also very organized in handling them............

If they provided a fax number for you to send the paperwork in use that as it is a bit quicker............

Please keep us posted on your progress.............

[tigiyo]

Do the bank loans hurt you as with the refi with a loan modification? I am currently in school and the loans are deferred until 2010. Will this help me with them being in deferment

[Moe Bedard]

You are only required to list the expenses that you are paying on currently.......

[SHAUNK]

I know that each lender is different, but our home is in my husband's name only because he also had the better credit score, but I had the most income. First Franklin told me to send in a hardship letter but also state that we want to have me added to the loan because his income alone would not be enough for the modification. Now we're sending in all income plus all expenses for the home. Hope that helps. Good Luck!

Shaunk

[tigiyo]

Over the weekend husband decided he wanted out of the marriage, of course he made the most income,like I said earlier the two cars and the house are in my name. I have about 3500 in savings that had started to save for my son's tutition, will that hurt me with a modification loan. Of course my income want support the debt. Do I have any options, my plan was to add my husband to the loan to use his income, but that want likely be happening at this point. Someone please give me advice!!!!!

[Moe Bedard]

tigiyo,


I am so sorry that you are going through all of this at once.......

At this point you will have to contact Carrington and ask them what options are available to you...........they will let you know.

Please keep us updated on how it goes.............

[The Professor]

Sorry about your situation and unfortunately it pointedly identifies the secondary effects associated with financial distress. I would encourage you to seek emotional support from family, friends, and if possible professionals skilled in dealing with emotional issues. There are no quick and easy answers to your situation. Know that we are here to provide what support we can to help you make informed decisions.

Daniel

[tigiyo]

Thanks for all your encouraging words.

[tigiyo]

When is the best time to apply for a loan modification? My loan want adjust again until March 2009. Should I start now or wait until the time is closer.

[Moe Bedard]

You need to call Carrington to ask what options are available.......

Are you still going to be able to show the surplus of $100-$250 left at the end of the month when you do the household income versus the household expenses? This will be needed for a modification..............if it is possible to do this then call and see if they will let you start the process.........if not then you would need to find out what other options they will allow.........

Please keep us posted on your progress.........

[tigiyo]

I recently submitted all my paperwork for loan mod to Carrington Mortgage. A gentleman called me back today to inquire about a car loan on my credit. My husband and I are seperated and we have two cars. I pay for mine and his come directly out of his checking account. Will this hurt me? He asked me about the other car note, I explained to him that it was a car that my husband and I had together and he pays the note each month and not me.

[Moe Bedard]

they should let you know if you would need to submit proof.............

[tigiyo]

I received a call today from Carrington stating my interest was changed from 9.75 to 7.25 for the life of the loan. It saved me roughly 200.00 per month. Just waiting on the papers to come in the mail to sign. I am so glad this is over. Thanks Loan Safe I could not have done it without the help of the forum.

[Moe Bedard]

That is great news!!
Please let us know when you receive the docs and if you have any questions on them........

[tigiyo]

Finally it is over, thanks to LoanSafe I could not have done it without you. I received my papers from the notary to sign on last week, it's official I got a 7.25 interst rate from a 9.75 for the life of the loan.

[elpjohnson]

Congratulations!!!!!!:d:d:d:d

[schwefls]

tigiyo:

Congratulations, kudos to you, party hardy, you deserve it.