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preliminary approval???

Discussion in 'Loan Modification' started by brokeblonde, Jun 24, 2008.

  1. brokeblonde

    brokeblonde LoanSafe Member

    I am pretty much pulling my hair out at this point to find myself in this dreaded situation and wondering how we got here yet again. I'm hoping someone can offer some advice.

    We have a 30 year fixed rate 7.5% mortgage. We have had problems with paying it for almost the entire loan. We have been on several repayment plans which are really a joke because if you can't pay $1300 a month, how can you pay $1700.

    We had a loan modification a couple of years ago and then last year we had a partial claim. We are now in the same boat again, 6 months behind on our mortgage, but have been in contact with them the entire time. We have been on a couple of payment plans for the past 6 months that we can't keep because the payments are so high. What hurts us the most is when we get two months behind, they will no longer accept a regular payment which gets us further and further behind.

    The problem is, on paper it looks like we can afford the note, but we are not very good at budgeting apparantly because we always end up in this situation. My question is, would it be possible for us to get another loan modification or partial claim are do the lenders only allow one. It is a FHA loan. Thanks..........
  2. brokeblonde

    brokeblonde LoanSafe Member

    Re: What are our options now?

    I could not find an edit feature, but I wanted to add that with the first modification, there was only a slight change in payment amount (I think it went up a few dollars actually) and there was no change in interest rate. The advantage for us was being able to put the past due payments at the end of our loan.

    I also mentioned above that it looked like we could afford the note on paper, but we always get in this situation. To clarify, it is not that we choose to neglect our mortgage payments. We have just always lived paycheck to paycheck and if you look at it on a month to month basis, it looks like we can afford the note, but if one unplanned expense comes up (replacing tires, washer, dryer, etc.) that is not in our budget, it throws us for a loop. Probably too much information, but......Thanks again.
  3. brokeblonde

    brokeblonde LoanSafe Member

    I spoke with someone at citimortgage today that did our "preliminary approval" or something like that. He said he was forwarding to a "senior rep" to see what she could offer us, but insured me that we would definitely be offered something, either a loan modification or a extended repayment plan. Either would be fine for me. I am scared to get my hopes up though. Can anything go wrong at this point or does this really mean we are ok?

    This process is so draining.
  4. Moe

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

    brokeblonde,

    With an FHA loan they will most likely offer you the repayment plan...............you will have to wait and see what they will allow when they look everything over............
  5. brokeblonde

    brokeblonde LoanSafe Member

    Can I be pretty assured that they will something though?

    I know you can't tell me for sure, but I have this fear of them coming back and saying, "sorry, even though you passed preliminary approval, we thought we could help you, but we can't."

    The guy I talked to seemed to think they would definitely offer something, and I am probably thinking way to much into this, but it has absolutely consumed my thoughts lately.
  6. Moe

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

    I know that the waiting is the hardest part.................I waited 5 months...........so I hear you..........
    I don't know what they will be able to offer you..................
  7. brokeblonde

    brokeblonde LoanSafe Member

    Are they going to ask me?

    I am waiting on a possible loan modification. I'm a little confused after reading on the board that they have come back and ask people what they want their payment to be. Do I need to have a figure to give them when they contact me?

    I had a loan modification in the past and my payments actually stayed the same (maybe a few dollars difference). They just put the past due amount at the end. The first one I had was actually with ABN AMRO, but my loan was sold to Citimortgage and this is who is doing the modification now.

    My loan is a fixed rate, not an ARM.

    Thanks for all the great information on this board.
  8. nitag

    nitag LoanSafe Member

    Like Cat says its all pretty much a waiting game. No one knows what each lender/investor is going to do. Every loan and individual is so different. I'd just take a deep breath and wait for their offer... Hopefully it will come soon for you and be exactly what you need.

    nitag
    ______________________________
    my loan was modified by Avelo Mortgage
  9. RudyJay

    RudyJay LoanSafe Member

    Fingers crossed for you... we all know about the wait.. rj

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