Posted on: 10th Oct, 2008 08:50 pm
My home was purchased my me and my mom. The mortage was taken out in her name. My mom passed away one year ago I have been paying the mortgage. I cant really afford the high payment I want to know if I should fill out the loan modification packet from the bank or struggle to pay it. My credit is a 618 and I am self employed I really dont have income verification Im concerned that I might be turned down. Should I just leave things alone in this case?
Hi alexis!
Welcome to Forums!
You can go for a Loan modification but at times borrowers have to pay more. You can try refinancing the loan by which you can get a low interest rate however you will have to pay the closing costs. You can also try to secure stated income mortgage which is the best for self employed people.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
You can go for a Loan modification but at times borrowers have to pay more. You can try refinancing the loan by which you can get a low interest rate however you will have to pay the closing costs. You can also try to secure stated income mortgage which is the best for self employed people.
Feel free to ask if you have further queries.
Sussane
Hi Alexis!
If you leave things and do not pay the debts, your property will go into foreclosure. Try for a stated income mortgage. Speak to your lender about this and I think your issue will be resolved.
Thanks,
Jerry
If you leave things and do not pay the debts, your property will go into foreclosure. Try for a stated income mortgage. Speak to your lender about this and I think your issue will be resolved.
Thanks,
Jerry
Hi Alexis,
If you think that you can afford the loan modification package, then you may very well go for it. I would suggest that you let us know what's mentioned in the package. It will be helpful for us to tell you whether or not it is a suitable one.
"I really dont have income verification Im concerned that I might be turned down"
I don't think you'll be turned down for loan modification just because you can't verify the income. This is because the same lender has offered you the loan, isn't it? So I don't think there'll be any problem as such.
May god bless you.
Samantha
If you think that you can afford the loan modification package, then you may very well go for it. I would suggest that you let us know what's mentioned in the package. It will be helpful for us to tell you whether or not it is a suitable one.
"I really dont have income verification Im concerned that I might be turned down"
I don't think you'll be turned down for loan modification just because you can't verify the income. This is because the same lender has offered you the loan, isn't it? So I don't think there'll be any problem as such.
May god bless you.
Samantha
nobody seems to pay attention.
alexis, you won't qualify for any stated income products, because your credit score is well below the minimum requirement.
if you continue to make payments, you will undoubtedly be fine. as time goes on, make a concerted effort to be able to document your income sufficiently so that you will able to refinance. at this point, it appears your options are very limited.
modification could be a difficult thing inasmuch as you were not the original borrower, and the lender might give you a hard time about it. of course, they might not...so you can certainly take your chances with it.
if you really need the modification, have a conversation with the lender first to see if you'd be wasting your time in applying.
alexis, you won't qualify for any stated income products, because your credit score is well below the minimum requirement.
if you continue to make payments, you will undoubtedly be fine. as time goes on, make a concerted effort to be able to document your income sufficiently so that you will able to refinance. at this point, it appears your options are very limited.
modification could be a difficult thing inasmuch as you were not the original borrower, and the lender might give you a hard time about it. of course, they might not...so you can certainly take your chances with it.
if you really need the modification, have a conversation with the lender first to see if you'd be wasting your time in applying.
Haha George,
I agree. Not quite sure where they are reading.
Alexis, b/c you are self employed there are not any stated programs anymore. I do disagree with George though, your credit score is not way below the min. to do a refiance. But the only way you could is if your home had equity in it. You could then do an FHA loan.
If you have hardship (i.e about to lose your home) then most likely your lender will work with you. If you don't feel like you are getting anywhere with them there are loan modification companies that help with this service. They do charge an upfront fee though.
I agree. Not quite sure where they are reading.
Alexis, b/c you are self employed there are not any stated programs anymore. I do disagree with George though, your credit score is not way below the min. to do a refiance. But the only way you could is if your home had equity in it. You could then do an FHA loan.
If you have hardship (i.e about to lose your home) then most likely your lender will work with you. If you don't feel like you are getting anywhere with them there are loan modification companies that help with this service. They do charge an upfront fee though.
NO, NO, NO, NO...i can't say it enough. please do not (DO NOT) seek out a loan modification company. there are thousands of them out there that are nothing but scams and they will take your money, do nothing at all for you, and then you are stuck! go see a non-profit counseling agency - check the hud website for these; contact a lawyer (a real one); deal with a real lender (such as we are) who is willing to discuss your options with you, even if there isn't any money in the deal (goodwill pays off eventually, anyway).
i have railed against these outfits that take (steal) peoples' money and i will continue to do so.
as for the credit score - a minor issue - ashley, i was only noting it as way too low, based on the stated income scenario posed by the poster. yes, fha is a viable option, but only if the income can be documented.
i have railed against these outfits that take (steal) peoples' money and i will continue to do so.
as for the credit score - a minor issue - ashley, i was only noting it as way too low, based on the stated income scenario posed by the poster. yes, fha is a viable option, but only if the income can be documented.
George,
I disagree with you that all loan mod companies are crooks. We actually work with a group of lawyers and have produced AMAZING results that the borrower is happy with. And we offer 100% money back guarantee if something isn't completed. So don't scare people from them, you just have to pick and choose whom is reputable and who isn't.
I disagree with you that all loan mod companies are crooks. We actually work with a group of lawyers and have produced AMAZING results that the borrower is happy with. And we offer 100% money back guarantee if something isn't completed. So don't scare people from them, you just have to pick and choose whom is reputable and who isn't.
well, im glad you have success ashley, but how is the great unwashed going to be able to determine who is legitimate and who isn't? does your "group of lawyers" insist on an upfront payment?
remember...i suggested contacting a lawyer in my post, too.
remember...i suggested contacting a lawyer in my post, too.
well, im glad you have success ashley, but how is the great unwashed going to be able to determine who is legitimate and who isn't? does your "group of lawyers" insist on an upfront payment?
remember...i suggested contacting a lawyer in my post, too.
yeah, that was me!
remember...i suggested contacting a lawyer in my post, too.
yeah, that was me!
My advice is to do like you would with any other company, shop around. Do your homework.
Yes, they do require a fee. Who works for free? If they didn't charge a fee then they would do all of this work and provide the details to the customer and if the customer says no at that point, how are they suppose to get paid?
Its very hard to find loan mod companies that offer 100% money back, so thats the biggest part of saving your tush.
Yes, they do require a fee. Who works for free? If they didn't charge a fee then they would do all of this work and provide the details to the customer and if the customer says no at that point, how are they suppose to get paid?
Its very hard to find loan mod companies that offer 100% money back, so thats the biggest part of saving your tush.
a mortgagee ought to be in direct contact with a lender. paying a third party $2000 to $3000 or more under the pretense that they will be contacting the lender on the customer's behalf is foolish, to say the least.
yes, it makes sense that people don't work for free...but guess what! the urban league, and the other non-profit agencies go to bat for people every day of the year and they don't ask for monetary compensation.
why must we line the pockets of the greedy who then turn around and fail to deliver on their promises? the news is full of these scams...how can we be so blind as to not see this?
i am amazed at what goes on in this country...i guess it really is the home of the free, since people have the freedom to do the wrong thing despite all warning signs to the contrary. oh well....this lonely voice in the wilderness isn't about to stop shouting.
yes, it makes sense that people don't work for free...but guess what! the urban league, and the other non-profit agencies go to bat for people every day of the year and they don't ask for monetary compensation.
why must we line the pockets of the greedy who then turn around and fail to deliver on their promises? the news is full of these scams...how can we be so blind as to not see this?
i am amazed at what goes on in this country...i guess it really is the home of the free, since people have the freedom to do the wrong thing despite all warning signs to the contrary. oh well....this lonely voice in the wilderness isn't about to stop shouting.
Hi Alexis,
I agree with Ashley that there are legitimate loan modification companies out there, but unfortunately most of them are a scam. I work for a loan modification company called Option Next, Inc. and most of our business comes from relationships with mortgage brokers and Realtors. Yes, we charge a fee but it is not exorbitant and if you are asked to pay $3000 or more it is more than likely a scam. Modifying a loan can be a complicated process for a homeowner to take on themselves especially if you don't know your options. A lot of our affiliates value our expertise, especially our instant pre-qualifying tool (Murray Score) and online tracking of the negotiation with total transparency. I would be more than happy to talk to you and answer any of your questions or I can put you in touch with our CEO, Alexander Paykin, J.D.
Best Regards,
Stephanie Rosenberg
Account Manager
Option Next, Inc.
(888)-311-NEXT x. 860
(888)-311-NEXT - Fax and General Number
I agree with Ashley that there are legitimate loan modification companies out there, but unfortunately most of them are a scam. I work for a loan modification company called Option Next, Inc. and most of our business comes from relationships with mortgage brokers and Realtors. Yes, we charge a fee but it is not exorbitant and if you are asked to pay $3000 or more it is more than likely a scam. Modifying a loan can be a complicated process for a homeowner to take on themselves especially if you don't know your options. A lot of our affiliates value our expertise, especially our instant pre-qualifying tool (Murray Score) and online tracking of the negotiation with total transparency. I would be more than happy to talk to you and answer any of your questions or I can put you in touch with our CEO, Alexander Paykin, J.D.
Best Regards,
Stephanie Rosenberg
Account Manager
Option Next, Inc.
(888)-311-NEXT x. 860
(888)-311-NEXT - Fax and General Number
stephanie, you haven't convinced me that going to a company such as yours is the way to go (see my comments about urban league, etc.), but i appreciate your candor in your post.
some of those who dabble in your business would go on a tantrum based on what i've said, here and elsewhere.
i'm still going to suggest to the public that they avoid paying for what they can do on their own or with the help of a non-profit that doesn't look for compensation, but i appreciate your commentary.
some of those who dabble in your business would go on a tantrum based on what i've said, here and elsewhere.
i'm still going to suggest to the public that they avoid paying for what they can do on their own or with the help of a non-profit that doesn't look for compensation, but i appreciate your commentary.
I googled loan modification scams to see if anything came up and I ended up here. I have been approached by such a company and I am inclined to hear them out because I did apply for a loan remodification on my own and the lender 1). Remodified the loan raising the interest rate by 2% points due to mixing up my first and 2nd mortgage. 2). Forced me to reapply but, when I re-applied due to their error, the second remod was for the incorrect loan (the 2nd mortgage) and the interest rate was changed and overall, my monthly payments went up not down. WIth their remod proposal, my payment has gone from $4000 to $6500...All due to the lender's error (I have all the docs to prove it). In fact very rarely am I speakign to an American when I call them. It is so frustratign because no one seems to have a clue...In October, my wife's and mine credit scores were in the mid 7's (wife) and high 6's (mine) and now they are low 6's high 5's due to Countrywide's errors. I am so heated!
Please bear in mind that my wife and I are gainfully employed with 6-figure plus salaries, have not missed a single payment and have fixed rate mortgages (6.75% on the first and 8.7% on the 2nd) yet we are facing foreclosure because of Countrywide's error. They have assured me they will correct the same but it is now March and I am no closer to a lower payment than I was in October...
So, right about now, a loan modification company who says they can get my payment lowered 20-40% and get our credit straightened out sounds really good about now. $2400 is a lot of money but, I am getting nowhere by myself and I cannot get the financial planner or lawyer to return my calls...
George I am really interested in hearing your take on this...There is much more to tell but I kept is as short as possible.
- Walt
Please bear in mind that my wife and I are gainfully employed with 6-figure plus salaries, have not missed a single payment and have fixed rate mortgages (6.75% on the first and 8.7% on the 2nd) yet we are facing foreclosure because of Countrywide's error. They have assured me they will correct the same but it is now March and I am no closer to a lower payment than I was in October...
So, right about now, a loan modification company who says they can get my payment lowered 20-40% and get our credit straightened out sounds really good about now. $2400 is a lot of money but, I am getting nowhere by myself and I cannot get the financial planner or lawyer to return my calls...
George I am really interested in hearing your take on this...There is much more to tell but I kept is as short as possible.
- Walt
well, walt, i have to say it's shameful that countrywide would treat you the way they've done. i suppose that from what i've heard in the not-too-distant past, that's not the most surprising thing in the world. surprising would be madoff giving back money or bush being contrite.
i digress...
i absolutely agree with you that $2400 is a lot of money to give to strangers who promise to do something that you ought to have been able to do on your own. my take - i would not do it. in my opinion, there are far too many firms out there who are willing to help without stripping you of your cash.
at the same time, i look at your overall income, and recognize that $2400 may be a risk you're willing to take, inasmuch as it represents such a small percentage of your income. i recall my own loss of about $1300 or so on an overseas trip that someone reneged on (and she's in jail now). i decided at that time that i couldn't cry over the loss, since i couldn't do anything about it anyway.
i said that to come back to this: your spending $2400 - a very personal choice, of course - is just that...a personal choice. if you feel it's worth the risk that you may be throwing away that money with no results but that it may indeed reap a benefit, then you may want to make that choice.
if i found myself in the same circumstances, i promise you i wouldn't do it.
i digress...
i absolutely agree with you that $2400 is a lot of money to give to strangers who promise to do something that you ought to have been able to do on your own. my take - i would not do it. in my opinion, there are far too many firms out there who are willing to help without stripping you of your cash.
at the same time, i look at your overall income, and recognize that $2400 may be a risk you're willing to take, inasmuch as it represents such a small percentage of your income. i recall my own loss of about $1300 or so on an overseas trip that someone reneged on (and she's in jail now). i decided at that time that i couldn't cry over the loss, since i couldn't do anything about it anyway.
i said that to come back to this: your spending $2400 - a very personal choice, of course - is just that...a personal choice. if you feel it's worth the risk that you may be throwing away that money with no results but that it may indeed reap a benefit, then you may want to make that choice.
if i found myself in the same circumstances, i promise you i wouldn't do it.