Posted on: 27th Jul, 2009 01:36 pm
I had a loan modification done with Bank of America for my home already and I am trying to get one for my Condo with Litton Loan and they gave me a pre-loan modification and they had told me to pay $743 for June, July & August but not I just found out they declined my modification and I never got a letter stating why, I just happened to call for something that I got in tjhe mail regarding help for people in the army etc. and they told me that I am behing on my mortgage because I did not qualify for the home modification. I reaply again because I can't afford to pay three mortgages and I am currently waiting for an answer. What do you recommend me to do? what options do I have, has anyone been in the same situation I am in, please advise?
Hi Oirizarry!
Welcome to forums!
As you did not made the payments according to the pre-loan modification plan that you received, your lender declined your loan modification request. The lender must have though that you will not be able to pay the mortgage dues even after modification.
As you've reapplied for a loan modification, you'll have to wait and see if they approve it for you. If not, then you should apply for a deed in lieu to sell off the property. Though your credit rating will go down by 250 points, you'll not be liable for the deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you did not made the payments according to the pre-loan modification plan that you received, your lender declined your loan modification request. The lender must have though that you will not be able to pay the mortgage dues even after modification.
As you've reapplied for a loan modification, you'll have to wait and see if they approve it for you. If not, then you should apply for a deed in lieu to sell off the property. Though your credit rating will go down by 250 points, you'll not be liable for the deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
No you misunderstood, I was making my payments accordinly per the trial they gave me of $743 not $1,529 that was the actual payment. They set me up for a trial modification and after the trial mod. they were going to send me the real modification hopefully with the same amount as the trial payment. to date I don't know why they declined mu modification, I am waiting for a letter in the letter. The first letter they send me I never received it, I believe they did not put the unit#415 on the letter and it got returned back to the them. A letter of the nature they should send it CERTIFIED like they are sending me now since I am behind making my payments.
You need to contact your lender and check out what went wrong with your loan modification. As your loan modification has been canceled, there's a chance that your lender can foreclose the property if you cannot make the payments. In my opinion, it would be better if you could negotiate with your lender again for a mortgage modification.