Posted on: 15th Feb, 2010 12:11 pm
my lender allowed me to do a modification in 2008 when i lost my job. i stayed current with them by using my savings. i got employed again 8 months later, but making 10,000 less then i had an unforseen medical bills and now i have a lower credit score. my modification ended and i went back to my lender after the obama homes initiative became available and was told they don't participate in that program. i can't afford my loan. the rate is too high (over 10%) and the payment is almost $1200. i had the intention to stay current in the loan hoping to beable to refinance for a lower rate, but now what do i do since i have had all these difficulties. i am not current. i am one month behind with a credit score of 520. is there any help for me?
It doesn't look good to keep your home - how much equity do you have in it at present? If you can't keep up and the bank won't allow another loan mod, then you could look at selling the house prior to foreclosure and if you have some equity that may be a good idea.
Othersie a Deed in Lieu may be a good option for you.
Othersie a Deed in Lieu may be a good option for you.
Hi al,
You can apply for a normal modification with your lender if they do not participate in the Home Affordable Modification program. Depending upon your financial situation, the lender would let you know whether or not they would give you a loan modification.
You can apply for a normal modification with your lender if they do not participate in the Home Affordable Modification program. Depending upon your financial situation, the lender would let you know whether or not they would give you a loan modification.
Thanks for the advice to sell, but we have very little equity. Has anyone ever heard of or done business with MI Solutions, LLC?
I do not have a personal experience working with MI Solutions, LLC. However, I checked about them in the BBB and found that they are not a BBB accredited company. Take a look - "http://www.bbb.org/houston/business-reviews/real-estate-loan-modification/mi-solutions-l-l-c-in-houston-tx-90006263/"