Posted on: 02nd Oct, 2009 04:21 pm
The example given with the calculator happen to be my exact numbers but when I contacted my mortgage company a couple of months ago, they told me I was not in the target range and offered a pre-sale or deed transfer. Any suggestions?
Also, I've heard from someone you should/need to miss a payment to qualify and heard from another not to miss a payment because it immediately affects your credit. True or false?
Also, I've heard from someone you should/need to miss a payment to qualify and heard from another not to miss a payment because it immediately affects your credit. True or false?
There is possibility that if you miss payment the lender may pay attention to your laon, but that does nto gurantee you that they will do the loan modification
But once you start missing your payment it will affect your credit report
But once you start missing your payment it will affect your credit report
Hi crazycat,
It depends on your particular situation and your lender whether you would be approved for a modification without having to miss any payment. Generally, lenders do not want to modify your loan unless you have missed payments. But getting behind on mortgage does not mean your request for modification will be approved.
To qualify for the Home Affordable Modification Program (HAMP), your loan has to be owned by either Fannie Mae or Freddie Mac. Have you checked if your loan is owned by them? In case it is, you can check out the following page to find out if you have any chance to qualify for the HAMP:
"http://makinghomeaffordable.gov/modification_eligibility.html"
It depends on your particular situation and your lender whether you would be approved for a modification without having to miss any payment. Generally, lenders do not want to modify your loan unless you have missed payments. But getting behind on mortgage does not mean your request for modification will be approved.
To qualify for the Home Affordable Modification Program (HAMP), your loan has to be owned by either Fannie Mae or Freddie Mac. Have you checked if your loan is owned by them? In case it is, you can check out the following page to find out if you have any chance to qualify for the HAMP:
"http://makinghomeaffordable.gov/modification_eligibility.html"
There is no rule like this. But since program objective is to make mortgage affordable for people, most of the time lenders give priority to those who are late in payments.