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Can a loan modification get me a fixed rate that I can afford?
September 21, 2007
We are constantly getting questions form people that need help because their mortgage has adjusted and they can’t afford the higher amount. Many mortgage companies have adjusted their ability to help home owners that are in this circumstance. We can go to them and get a Loan Modification to get your mortgage on f fixed rate. Here is someone that contacted us that is in a similar position.
”Hello, we are desperately trying to avoid foreclosure and we can't keep the payments continually current on our mortgage with the higher interest rates. We have had our first mortgage with Option one for the last three years, when we did the 3 yr ARM my husband had a great job, well he was laid off in 2005 and we had no income and were late on a couple of our 2nd mortgage pmts (the last one being April 2007) and since we had no money we put all of out cash into making our house payments & utilities, therefore some of the credit card debt and some other bills we unable to be paid. My husband has a great job now but it's still not the income we had before and we just can't make payments of $2200 a month when his income is not even that some times! We do NOT want to get behind or foreclose but that will be the end results if our mortgage payments don't go down. Now that Bush has signed a bill to help people in our situation we need to get a FHA loan with lower payments/interest rates. We have NEVER been late on our Option One payments, we want to pay off all our debt but if we do not have any money to do so because of high payments we will just get in debt deeper and deeper. Please contact us at ***-***-**** Trying to get through to the people by phone is not working, they kept sending us to Loan Specialist! It is the only way we will avoid loosing the home and if you foreclose it will be a major loss to you because in our small town of ****** Michigan NO ONE is buying homes, there are tons of places for sale and a few are in foreclosure because the people have just up and left!!!!! Please help!
Give us the chance to try and get your rate back to fixed and get your payment back to where you can afford them. Please contact us for a free no obligation consultation.
Related Entries
- Did I make a mistake in getting an Adjustable Rate Mortgage - December 31, 2007
Comments
my 1st mortgage was also sold to ASC. the rate has now adjusted to 8.5% (from 5.5%) since july. i called ASC to see if we can bring down the interest rate to its original 5.5% so i can afford my mortgage. my saving account has been depleted since the increase in the rate. although i have not been late on payments, i'm afraid that that in the next several months, i will miss the payments. ASC asked me to write a hardship letter along with the form that i need to accomplish for them. Will the hardship letter and applying for a loan modification ding my credit score/report? i have an excellent credit as of now and i'm afraid that the loan modification/hardship letter would decrease my score by 50s.
a loan modification will only help your credit - you are doing something to remedy your situation- by allowing foreclosure to go on your credit will be worse. remember - lenders don't want to get stuck with your house - they don't want "more" foreclosures on their books.
My husband lost his job last spring (2007), and for over six months his only income was unemployment compensation. We considered selling our house, but the housing values where we live in California have experienced a great drop after a big jump in prices, so that wasn't an option. Next, we contacted Wells Fargo; they service our 1st mortgage and they have our Equity Line. They wouldn't work with us until we were actually late. In October, Wells Fargo started the foreclosure process. By November, after several calls and some letter writing on our part, Wells Fargo offered us a loan modification. My husband was finally employed, but only as a temporary with half of his previous income. We signed the loan modification, which gave us until Feb. 2008 before our first payment was due, and all letters and calls from Wells Fargo ceased. Now, in January, we have received a letter from Wells Fargo asking us to sign a "Special Forbearance Agreement" (with completely different terms than our loan modification). We don't know what happened to our other agreement. (Actually, my husband is still a temp. and should know in a couple of weeks what the status of his job will be, so even the terms of the loan modification may be impossible.) How can Wells Fargo forget our loan modification agreement? Also, if we are unable to make the payments in our loan modification agreement that was accepted in Nov., do the foreclosure proceedings start fresh (because of the loan modification), or do they start right where they stopped at the end of November? Today is Monday, January 28, 2008, and we are now going to attempt to contact Wells Fargo to find out why they are now sending us a special forbearance agreement after we already signed loan modification. If you can answer our above questions soon, we would appreciate it. Thank you.
About 7 months ago, I had to take a big pay cut at work to help the company out or I might not have had a job. We had no savings and our credit isn't great. My wife and I are looking for new careers. We are late on our two last mortgage payments and have been in contact with Chase Mortgage. We filled out and sent in all the papers for a Hardship program. We are calling our rep at Chase tomorrow to see about the "Special Forbearance Agreement". Do you think that us being late on payments will hurt this process and do you know if Chase makes it easy to defer some payments to help us?
I'm in the military and stationed in Kuwait with my family and ARM loan is about to mature. We've owned our house for three years and have been upside down with the rental payments in relation to our mortgage. When our loan adjusts in Oct, we will have a difficult time making the payments. I've contacted the mortgage company and they've asked me to fill out a loan modification document, but I'm concerned as to what that does for me. I need some sound advice on what to do...
v/r,
Tilo
v/r,
Tilo
You can get a fixed rate with a payment you can afford if you fight tooth and nail with your lender. A loan modification attorney can fight for you with more experience and power to negotiate for you.
Is National City out of commission "so to speak" as far as refinancing due to PNC taking over? They would not help us when I contacted them in July of this year or even answer me for help until recently in November and then said I asked for a forbearance on our mortgage and I asked for a modification for us.