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Anybody tried a loan mod with Green Tree?

Discussion in 'Loan Modification' started by wolfe04, Feb 2, 2009.

  1. wolfe04

    wolfe04 LoanSafe Member

    My mortgage is currently 3 months late. I've made some calls about refinancing, but cant due to the late pays. I've contacted a couple loan modification busniness's. It will cost between 2 and 3 grand to go through them.
    The mortgage co. is Lending Tree
    Home is worth about $129,000
    $116,000 still owed
    Property is in Missouri
    There is only one mortgage on this property which was created for this property.

    Can loan mod be done on my own, without paying a loan mod company?
    Does loan mod have any effect on a credit report?
    Any other info on this subject would be much apreciated. Thanks!
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: Might do loan modification- but where do I start?

    The modification would be up to the investor on your loan............so you would need to contact Lending Tree and ask to be transferred to the Loss Mitigation Dept. and see what the options are for modification on your loan.............

    A modification itself isn't going to affect your credit by itself...........but the default payments will still be reported.

    you will also need to put together a hardship letter............click on the link for examples..............
    http://www.loansafe.org/forum/loan-modification/135-examples-hardship-letter.html#post407
  3. wolfe04

    wolfe04 LoanSafe Member

    Better chance with 2 incomes or 1 on a loan mod?

    My ex wife has been living in the house that we used to live in for the past 3 years with my name still on the mortgage. She is 3 months behind on the payments and says she is claiming bankruptsy. I want to preserve my credit so I'm going to try a loan modification. I called Green Tree Servicing today and they told me what documentation they would need to consider the mod. Since my ex is going to claim bankruptsy does that make her a moot point in all this? Should I go ahead and include her income on the loan modification or do I present a better case if I show only my income? Thanks so much for the help.
  4. Dan Bailey

    Dan Bailey Senior Member

    Re: Might do loan modification- but where do I start?

    wolfe,
    If she is living in the home and her name is alos on the home, she will need to be included.
  5. wolfe04

    wolfe04 LoanSafe Member

    Re: Might do loan modification- but where do I start?

    She will be moving out of the house the first week of March. Should I still put her on the loan modification?
  6. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: Might do loan modification- but where do I start?

    that would need to be your call................if you need her income because you are showing a large deficit by having your expenses out weigh your income............then use it............if you don't and she is leaving in a few weeks then you may not need to.
  7. wolfe04

    wolfe04 LoanSafe Member

    I'm trying to figure out what my chances might be. Currently 3 months behind on the mortgage in a house my ex has been living in and paying for. She is broke and is moving out. I am trying to save my butt by taking the place back over. I faxed loan mod info to Green Tree Servicing last week. Of course they still want $ from me, even though I am not living there yet, that I dont have to send them. I've got about 25k in debt, not counting the house and gross about 40k a year. The mortgage terms are currently: 30 year fixed at 7.2%
    Bought the house for $125,000. Payments are $1,100 a month!! Payments do include taxes and escroe. I'm extremely curiouse what my chances are with this loan mod. Anybody?? Thanks so much.
  8. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    You would need to put together a hardship letter.............I posted the link to the examples above in another thread of yours............


    and call Green Tree to ask what the options are going to be from the investor on your loan............

    Green Tree
    1-800-643-0202

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