are bank really accepting to modify loan to current price?
March 21st, 2009
funny asked:
Please folks be honest , i haven’t pay my house for 5 months . one more question how much are realtors charging to do the work? thank you for your attention.
Please folks be honest , i haven’t pay my house for 5 months . one more question how much are realtors charging to do the work? thank you for your attention.
You don’t go through a realtor to modify your home loan. you go direct to the lender.
NOT yet. And that will be limited.
Realtors typically get from 3-5% of sale price, for selling your home.
Loan modification is done by YOUR lender. Hope you’re talking with them.
Being more than 3 months in arrears, your house is in foreclosure or soon will be.
Hope your saving the money you haven’t been paying your bank for the last 5 months.
I work for a mortgage loan servicer and you need to contact your lender/servicer as soon as possible to discuss options to try and save your home. It costs a lender/servicer more to foreclose on a property than it does to work with a borrower to keep them in that property. My company is modifying the interest rate and forgiving portions of the balance and your lender may be doing something similar.
Are you in a position where you can make payments if the loan was modified and brought current? If you are not, then you may want to consider a short sale and moving to a residence that you can afford.