My townhouse was purchased at $289,000.00 with a 1st interest only and a second. I have been past due for 7 months now and received the notice of default. I just received a notice from the county that my property is now worth $50,000.00. Is it too late to request a loan modification at the current value?
Yes, I think you can.
According to www.makinghomesaffordable.gov., a federal government run website, there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.
It doesn’t say anything about how past due your mortgage is. So you should still try. Just because the city valued it at 50K doesn’t mean that’s what it is worth. Hang in there!
A good site I used was www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
A loan modification isn’t going to get your principal amount reduced. You will be granted a lower interest rate and a longer period of time in which to pay for the house, The lender isn’t going to write down $240,000 to the $50,000 level.
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Most likely it is too late to get anything done also a loan modification is not going to change the amount of the loan just the interest rate of the loan. That I know of nothing can be done if you are more than 2 months past due especially if they are already in the process of foreclosing on your home. You best bet would be to talk to your lender and if they are not able or willing to do anything for you then you should just leave and walk away from the property.
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i think your lender is not going to write of 289000 for 50000. For more information just visit
http://foreclosureworkouts.info/
References :
http://foreclosureworkouts.info/
I’m a loan modification expert -please feel free to call me with any free advise.
Vic
818-730-2244
http://www.Amerifiusa.com
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The truth of the matter is that mortgage related issues can be very complicated and sometimes confusing. So, you are not alone with your question. I found a great site when searching for an answer to your question that I think you will find useful:
http://www.mortgagerichland.com
Hope this helps!
References :
http://www.mortgagerichland.com
It is never too late to consider a loan modification. The worst thing the bank and do is say no. However, if you pay a professional service you run the risk of losing some money. My suggestion would be to learn a little about the process (what the bank is looking for in order to approve you) and then contact them directly. Knowledge is power and can really help you here
References :
http://www.mortgageloanmodificationsecrets.com
Yes..when is the foreclosure date? You also do not request a loan modification. You hire a really legitimate, legal company to help you..
If you dont quailify you will be denied.
Call me if you still have questions 1866 611-7725
http://www.newhopemortgagesolutions.com
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It is not too late to try! Sorry to hear you are having a hard time with loan modification companies but I know of one that is 100% guaranteed or your money back. They are also rated A+ with the Better Business Bureau or BBB and are an Accredited Business. You are welcome to check them out. After you do this, please call them at 1-800-557-1467 Ext 4 to get help quickly. cresmod.com or Conquest Financial Services.
References :
Yes, I think you can.
According to http://www.makinghomesaffordable.gov., a federal government run website, there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.
It doesn’t say anything about how past due your mortgage is. So you should still try. Just because the city valued it at 50K doesn’t mean that’s what it is worth. Hang in there!
A good site I used was http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
References :
http://www.credit-hub.net/loan-modification
http://www.makinghomesaffordable.gov
well its not late really a titsy bitsy of modification can save from a severe crash….
i suggest you to have a look at http://foreclosureworkouts.info/
References :
http://foreclosureworkouts.info/
No, the bank won’t write a new loan for 50K. They may lower the interest rate and forgive some of the late fees and charges. They also may write the back payments into the new loan. Banks do not want to own real estate.
References :
http://www.hilosatellite.com/modification/