Posted on: 27th Feb, 2009 09:22 pm
I am current on both first and second and would at least like to modify my second to a fixed lower rate if not both to a lower rate. The house isprobably worth about $50,000 less than I owe. The second loan is for $50,000. I live in Arizona
Thanks
Thanks
Hi rvmanturner,
As you are current on your mortgage payments, I don't think the lender will accept your request for loan modification. Lenders accept the loan modification request if you are delinquent on your payments for at least a month. However, you can write a hardship letter to the lender and try to negotiate with him.
Thanks
As you are current on your mortgage payments, I don't think the lender will accept your request for loan modification. Lenders accept the loan modification request if you are delinquent on your payments for at least a month. However, you can write a hardship letter to the lender and try to negotiate with him.
Thanks
Suntrust will look into the matter only if you are delinquent on your payments for at least 31 days.
what Niicss has suggested is true you can go for hardship letter. i hope it will solve your problems. if it gets solved with hardship letter do come back to mortgage forum and leave your testimonial. :wink:
what Niicss has suggested is true you can go for hardship letter. i hope it will solve your problems. if it gets solved with hardship letter do come back to mortgage forum and leave your testimonial. :wink:
There is an art to writing a loan modification letter. I actually should write a book on the topic. Most borrowers make a mistake of getting too detailed as to why they cannot make their payments instead of focusing on what they CAN do and what their plan is.
I don't have any of the hardships listed on the hardship topic and I don't want to screw up my credit by not paying to get suntrust's attention. I just want my bail out, I am hard working and can accept that the house is not worth what I paid for it but why is it that the irresposible people are getting a bail out and I am being played as a fool for not being irresponsible?
It is not that irresponsible people are getting the benefits of the bailout program. Lenders generally prefer to give options to people who are already past due on their mortgage payments. If you are current on your payments, the lender feels that you are capable of paying the mortgage dues. However, if you are facing hardship, you can inform the lender about it and check out if he has any options for you.
Check your closing docs carefully against the TIL and REG Z requirements. Chances are good there are bad fees, mistakes and Reg Z violations. That's your leverage in renegotiating your terms.
i liked the answer of adonis that when any person is making good payment then surely the lender will think that he is capable to pay rather he will never ever bother to offer any assistance in terms of relaxation of norms on the part of the payment.
but once the person shows the lender that they are really in trouble then surely the lender will authenticate the hardships, if it is really a tough situation surely he will give a thought towards the rearranging the loan terms.i.e.bailout program.
what i think that one need to present the lender the truth about the financial situation then surely they will have a positive look about the situation.
but once the person shows the lender that they are really in trouble then surely the lender will authenticate the hardships, if it is really a tough situation surely he will give a thought towards the rearranging the loan terms.i.e.bailout program.
what i think that one need to present the lender the truth about the financial situation then surely they will have a positive look about the situation.
:roll: :cry: