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Loan mod info

Discussion in 'CitiMortgage' started by Datsun, Jan 14, 2014.

  1. Datsun

    Datsun LoanSafe Member

    Hello, new to the forum and wanted to say there is a wealth on information on this great website!

    My parents have 2 houses, residential and investment. The citimortgage property is our residential. My dad has retired(unexpectingly) and now has to deal with the mortgage. So far he is managing to pay the mortgage, but nonetheless it is high. The property is not underwater and has plenty of equity. I tried a loan mod and we kept getting the run around, they basically want us to default which will ruin my parents credit.

    Is there a way to force a loan mod without becoming delinquent? Another option was to refinance, and I am not sure we would like to go this route as it will extend and add to the balance of the mortgage.

    My parents truly want to have this paid off soon so we can have a secure place to live if god forbid something happens to my folks.

    Any advice would be greatly appreciated.

  2. bigfrog

    bigfrog LoanSafe Member

    The key is plenty of equity. if your parents default, they are going to take both your family's houses. They'll retired as homeless. Loan mods and Settlements are only for houses that are underwater(negative equity), because they are burdens to banks that took them back.

    Showing the wolves where're the meats.
  3. Datsun

    Datsun LoanSafe Member

    I understand, but couple things. My dad is fighting for a loan mod on the investment property, as that is very much under water.

    For our personal home we have equity but, since my dad is forced with retirement his salary got cut and my moms income is way too low and the bank said they can't refinance due to her income.

    So what next?
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hello Datsun,

    I would definitely recommend that your parents continue to pursue a loan modification on their investment property. This is certainly possible since the property is underwater and they can demonstrate a financial hardship through the loss of income.

    On the other hand as the member above mentioned, a loan modification will be very difficult to obtain if your parents have sufficient equity in their primary residence. Do you happen to know what their current interest rate is? A refinance is the first option I would explore and they can always shop around various lenders to find a program that suits their needs. If no lender will refinance due to their income, then I would continue with the loan modification.

    You need to set a game plan asap if they're unable to achieve a lower monthly payment. Worst case scenario they can sell the property and use some of the equity to purchase a cheaper home elsewhere. Some programs such as FHA allow financing with as little as 3.5 percent down payment or if in AZ, CA, NM or NV may qualify with only 0.5 percent down.

    You may also want to consider reaching out to Michael from the Loan Mod Help Center and have him review your parent's numbers and determine if they can take on your case. They are the only company we recommend (other than non-profit housing counselors) and will charge no upfront fees for assistance. Call or email Michael with the following information so he can review your case:

    1. Loan Balance Now=
    2. Past Due if any=
    3. Gross Monthly Income for Borrower and Co Borrower=
    4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
    5. Real Estate Taxes per month=
    6. Hazard Insurance and/or HOA per month=
    7. Home Value (check zillow.com or chase home value estimator)=
    8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)
    9. Other monthly debt payment total for credit cards and collections =
    10. Current interest rate =
    11. Fixed Rate or Adjustable Rate? =
    12. Have you been modified before?
    13. When did you get this loan, what year? =
    14. If you own any other properties, it is best to set an appointment to discuss =


    Toll Free Loansafe.org Members:
    (855) 678-6690
  5. Datsun

    Datsun LoanSafe Member

    Thank you, I'll fill those out and send it out to him.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    My pleasure, please keep us posted and we'll do all we can to help you and your parents make it through this grueling process.

    Good luck!

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