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Is there any obligation for EMC to lower my rate if I can't afford it?
April 15, 2008
I've talked to EMC and other foreclosure companies about loan modifications. They either wanted a lump sum in a very short time; that I don't have now. Or EMC wanted me to do a 3 month payment arrangement, saving me only $300.00 a month, which is still too much. I am hoping I can buy down my rate so that my payment won't be any more than $2000.00 per month.
Related Entries
- They are in India and we are in foreclosure, thanks Option One - January 7, 2008
- I need a Loan Modification to help us with Option One - January 9, 2008
- My home burned down an I can't afford to rebuild, what can Option One do to us? - May 5, 2008
Comments
Does Option One require borrowers to be current or delinquent in their mortgage payments to be able to qualify them for a loan modification?
MORTGAGE LOAN MODIFICATION LUMP SUM REQUIREMENT - A Legitimate Loan Modification Offer will never require you to pay a hefty lump sum. Banks realize that this is not a viable loan modification option since owners facing a current hardship resulting in the Loan Modification application are not in a position to pay a lump sum payment. Any and all late fees and arrearages should be rolled up into the loan balance.
MORTGAGE LOAN MODIFICATION SHORT TERM PAYMENT ARRANGEMENT -
These are very common when banks want to establish the likelihood of the Borrower committing to a long term and permanant loan modification. While it should always be the goal of the borrower to execute a permanant mortgage loan modification and should be wary of these short term trial agreements, often times the bank or the investor behind the paper will require a successful trial period to re-establish a successful payment history.
Respectfully Submitted,
Frederick A Neustein, Esq.
MORTGAGE LOAN MODIFICATION SHORT TERM PAYMENT ARRANGEMENT -
These are very common when banks want to establish the likelihood of the Borrower committing to a long term and permanant loan modification. While it should always be the goal of the borrower to execute a permanant mortgage loan modification and should be wary of these short term trial agreements, often times the bank or the investor behind the paper will require a successful trial period to re-establish a successful payment history.
Respectfully Submitted,
Frederick A Neustein, Esq.