Posted on: 28th Apr, 2010 07:58 am
after starting the 3 month trial payments in october, we finally were told that our loan modification with wells-fargo has been denied (april 2010). we received a letter saying that they could not find a program that we could afford under the "investor guidelines". they have offered us two options: short sale or deed in lieu of foreclosure if we are not able to sell. we have been in our home 9 years. also it is a multi-family in very good condition. i have heard of people who are denied, find a lawyer, and then get a loan modification. i assume we don't have time to lose. also, my mortgage payment is due, i'm planning on paying it, but i'm not sure if it is a lost cause.
maureen
maureen
Hi Maureen!
Welcome to forums!
It is always better to negotiate with your lender yourself in order to get a modification. You can pay your mortgage dues on time and contact a lawyer who can negotiate with your lender for a loan modification if you cannot negotiate with your lender. However, you should remember that many of the loan modification servicers turn out to be scams. You should check out the company's credentials first before your hire them. Also, you should remember that loan modification companies cannot charge upfront fees from you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is always better to negotiate with your lender yourself in order to get a modification. You can pay your mortgage dues on time and contact a lawyer who can negotiate with your lender for a loan modification if you cannot negotiate with your lender. However, you should remember that many of the loan modification servicers turn out to be scams. You should check out the company's credentials first before your hire them. Also, you should remember that loan modification companies cannot charge upfront fees from you.
Feel free to ask if you've further queries.
Sussane