Posted on: 05th Oct, 2010 12:05 pm
we have been going back and forth for two years with our lender and have done two loan modifications and they have not worked. we have only had the house for five years. i think the problem is that the signer for the mortgage (my husband) has a seasonal job and does not always make the same about of money. sometimes small checks, sometimes bigger and my check does not make up for all of our expenes. in 2010, he was on unemployment for 6 months and we have came to the conclusion (after looking at the money going out and the money coming in) that we have less money than needs to go out. since we have already done two loan modifications and we have not been able to do good on either of them, what are the chances that they will do a loan modification, as opposed to a deed in lieu? if it is proven that we cannot the mortgage, will the lender more than likely approve a deed in lieu?
hi jbdavis,
your financial situation will play an important role when you apply for a mortgage modification. if the lender feels that after a loan modification, you and your husband will not be able to pay the mortgage, then he won't consider your request. you will have to apply for a deed in lieu of foreclosure if you want to get rid of the property. if you're delinquent on your mortgage payments, then there are chances that the lender will accept your request for a deed in lieu of foreclosure.
take care.
your financial situation will play an important role when you apply for a mortgage modification. if the lender feels that after a loan modification, you and your husband will not be able to pay the mortgage, then he won't consider your request. you will have to apply for a deed in lieu of foreclosure if you want to get rid of the property. if you're delinquent on your mortgage payments, then there are chances that the lender will accept your request for a deed in lieu of foreclosure.
take care.