Posted on: 12th Sep, 2009 09:19 pm
i purchased property with a girlfriend a few years back, when we broke up, she stayed in the property and as such was responsible for the entire mortgage presumably untill she was able to refinance in her name. unfortunately that never happened, and much to my dismay she stopped paying and continued residing there for about 6 months. once i found out, i started talking to wells fargo about a modification, through some legal maneuvers, i was able to again take up residence in the property and get an agreement from her to sign it over to me if i am able to get her off of the loan. since it is in default, i need to bring the loan current before refinancing or assuming the loan in my name. the modification seems to be my only option. i have been working on this since march. in june i was accepted into a trial plan only to be kicked out and readmitted for processing problems. they received some information originally however since it wasn't processed in a timely fashion, another department decided i didn't qualify. this has happened about 3 times so far. is this a hint that they don't want to play with me? i call them at least once a week and often get wide variance in responses. sometimes they say everything is current then i check my mail and find a single day to update financial information. am i the only one in this runaround loop? is there a better strategy to deal with it? one time they kicked me out because i didn't individually date every item i submitted. is this how the program is supposed to work?
marginally modified or just marginalized- johnny k
marginally modified or just marginalized- johnny k
Most guys (officials) do this just to make sure that they get the documents verified and thus they will not be in trouble in lateral stage. If it has happened with you for several times then surely there is a chance to smell a rat.
Are they looking for some 'extra' monetary benefits from you? This could be the reason why they keep hanging the matter.
Are they looking for some 'extra' monetary benefits from you? This could be the reason why they keep hanging the matter.
Loan modification depends on few factors
Most of the lenders are not doing any modification if you are current on your loan. Which in your case you are not.
Other factor which qulifies you would be if you have enoguh income to make payment after the loan modification. If the bank feels you may not be able to make payments then you may not qulify for that
At this point you need to keep trying until you decide its time to let it go.
I am assunign your credit is already spoiled since your ex did nto make payements for 6 months
Most of the lenders are not doing any modification if you are current on your loan. Which in your case you are not.
Other factor which qulifies you would be if you have enoguh income to make payment after the loan modification. If the bank feels you may not be able to make payments then you may not qulify for that
At this point you need to keep trying until you decide its time to let it go.
I am assunign your credit is already spoiled since your ex did nto make payements for 6 months
from loan modification you will get extra loan. but you should be in good finantial condition.
"from loan modification you will get extra loan" - What are you talking about Sara? Extra loan? Loan modification will help the borrower to save the property. The lender would give him/her a new payment plan to pay off the debts. No extra loan will be given.
what I understood from this conversation that saera want to say that person will get extra money means person will save the money with modification of loan.
Money saved is money earned,
Money saved is money earned,