Comments for Loan Modification | Foreclosure Prevention

Comment on Has anyone been thru the Florida Mortgage Modification Program? What can one expect? by Rusty

Rusty — Tue, 21 Apr 2009 21:24:15 +0000

As I understand Obama’s loan modification, the mortgage lender has to bring your debt to income ratio down to 38 per cent by extending the loan term, allowing you to pay interest only or be lowering your interest rate to as low as 2%. Then the deep pickets government will kick in to get the ratio to 31 per cent, i believe the cap on the mortgage amount is in the $75,599 range. Sweet deal. There is another plan for those wanting to refinance but is too complicated for my feeble mind to comprehend.Google Obama’s Loan Modification for all the gory details.

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Comment on Where do I find current information about mortgage modification, refinancing, and new mortgage rules? by Black

Black — Tue, 21 Apr 2009 02:27:10 +0000

Here’s one was recently on CNN:

I found it very useful.

Hope it helps.

Comment on Anyone ever do a Mortgage Modification? How was your result? by Glynis

Glynis — Mon, 20 Apr 2009 07:26:48 +0000

I would look at this from all angles. You probably can’t get a refi or modification because your debt to income ratio is too high. You should try to look at locking your HELOC, call them to see if you can lock at a lower rate/payment. Call your credit card companies to see if you can lower your interest rate. This can help lower the min payment and allow you to pay more.

Look at what can be cut from your budget ( those incidentals add up), sometimes we really don’t know where our money goes. Try taking lunch to work. Carpool. You can also take on odd jobs like walking dogs, babysitting on weekends or if you have a hobby, turn that into a part time job. Do research online. There are many places that you can get other ideas. Also, bankruptcy will not be much easier as if you want to keep your home, you would have to continue to make those payments anyway. All it does is restructure payments. You can file on the unsecured portion but you won’t have any credit for a long time, You should have an emergency savings if you don’t have credit or you will be back in the same situation. Additionally, $1500 in credit card debt is not a lot considering the national average.

Try Yahoo finanance for more information and suggestions. It is workable, you just have to tighten your belts. I know, I have been there and worked my way out.

Comment on Has anyone been thru the Florida Mortgage Modification Program? What can one expect? by jake

jake — Mon, 20 Apr 2009 05:13:02 +0000

All mortgages will be paid with invisible money.

Comment on What mortgage modification company is the best? by WHO ME

WHO ME — Sun, 19 Apr 2009 23:12:48 +0000

MORTGAGE modification company are usually scams.

Tell you will pay them ONLY AFTER they get your mortgage modified.

Comment on What mortgage modification company is the best? by Expert Realtor

Expert Realtor — Sun, 19 Apr 2009 15:58:55 +0000

Mortgage modifications companies are SCAMS.

They can’t do a darn thing that you can’t do yourself.

You know why? Because there is NO LAW the requires them to modify your mortgage.

Comment on Mortgage modification? by heidyoliva511

heidyoliva511 — Sun, 19 Apr 2009 09:44:06 +0000

r u trying to do a loan modification because if so the debt to income ratio doesnt affect it in a way it helps it because then the bank knws that u r on a real tight budget i specialize on that i knw a lot of ppl who hav been aproved only heard of two that havent been aproved because it was too late for them if u have any questions email me hope i helped

Comment on What should I include to get the most out of my mortgage modification letter? by fattyacids_89

fattyacids_89 — Sun, 19 Apr 2009 00:06:02 +0000

First. Make sure you’re honest. A lot of people seem to think that if they put a lower amount for income, that they will get a better Mod. This is not true. The mortgage company wants to see that you are not to far in the red and that if you are given a mod, you will be able to make the payments…. Also, depending on your investor, the mod may not lower the payment a great deal. The most common Mods right now are either lowering the interest rate or extending the life of the mortgage. Just include everything that the package ask for and know that he may take a month or so to hear back after you send in the paper work, depending on who is servicing the loan.
Best of luck!!

Comment on Where do I find current information about mortgage modification, refinancing, and new mortgage rules? by Talan

Talan — Sat, 18 Apr 2009 15:08:36 +0000

because of bad financial conditions a large number of Americans are in debt. what i advise doing to prevent being in debt is to check your credit score&report yearly. check out if you want aid.

Comment on Mortgage modification? by bullet_proof_drunk

bullet_proof_drunk — Fri, 17 Apr 2009 00:14:32 +0000

usually you will go with a “refi”. years ago, it was 4 times your annual income for a mortgage debt. so if you made $30,000 you were good for a $120,000 mortgage. i’m not sure about todays practices.

there’s been so much “hanky panky” in the mortgage industry in the last few years, zero percent and other crap. i’d stick to the old standard of 4X your income for any mortgage, then you’ll stay out of trouble. i had a 9% mortgage in 1990 and paid it off in 24 months.

find the lowest rate and pay it off as fast as possible.

the funniest part is people deducting the interest from their mortgages from their taxes. they will pay a bank $10 in interest to get UP TO $3.50 back in taxes! Here bank, take my $10, so i can get maybe $3.50 back from the feds! too stupid!