How mods are decided?

[No_Kidding]

I am on hampster wheel at the moment with Wells. Wife is thinking if Wells actually gives us a mod, should we consider keeping the house? I am not able to figure out answer to that until I know how mods are calculated?

Home value: 480k
Prin. Bal on 1st: 560K
Arrears so far: 40k


So, if WF were to offer us mod today, will they base it on 560k or 600k? We are in year 7 since the origination of loan. If they give us mod, will it be for 23/33 years from now? or 30/40 years from now?

[msdjsd]

unfortunately we have been denied twice and too this day we still have no definte answer as to why we were denied, a letter sent said "could not find an affordable program", even though they could have lowered the interest rate, gave a principle reduction, they dont want to tell you exactly why, because if it doesnt pay out for them your toast

[brandoncheah]

I am on hampster wheel at the moment with Wells. Wife is thinking if Wells actually gives us a mod, should we consider keeping the house? I am not able to figure out answer to that until I know how mods are calculated?

Home value: 480k
Prin. Bal on 1st: 560K
Arrears so far: 40k


So, if WF were to offer us mod today, will they base it on 560k or 600k? We are in year 7 since the origination of loan. If they give us mod, will it be for 23/33 years from now? or 30/40 years from now?

They will base it on your loan value...the whole reason for a mod is to 'help' keep you in your house, regardless of the values of the houses around you. However, there is Principal Reduction, which from what ive seen is 1 in am million so far.