Posted on: 30th Jul, 2009 02:00 pm
Does your firm have the ability to provide a loan modification on both lender owned or gov't. owned loans? How many payments missed qualify for a modification. Since our home has lost about a 1/3 of its value, can we get the new loan on a reduced value?
Hi dilewin!
Welcome to forums!
You can get loan modification depending upon your situation. You are not always required to miss your payments in order to apply for loan modification. However, there are some lenders who won't consider your request if you haven't missed payments. You can apply for a loan modification with your lender and check out if he considers your offer. As far as this website is concerned, you can fill out the no obligation free counseling form for loan modification. This may help you in getting an opinion from the experts here.
I don't think you can refinance the loan to get a new one at a reduced rate as you do not have equity in the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can get loan modification depending upon your situation. You are not always required to miss your payments in order to apply for loan modification. However, there are some lenders who won't consider your request if you haven't missed payments. You can apply for a loan modification with your lender and check out if he considers your offer. As far as this website is concerned, you can fill out the no obligation free counseling form for loan modification. This may help you in getting an opinion from the experts here.
I don't think you can refinance the loan to get a new one at a reduced rate as you do not have equity in the property.
Feel free to ask if you've further queries.
Sussane