chances of getting a loan modification of turned down first time

Hi raingirl,

It is lender's discretion whether he would offer you a loan modification or not. You will have to write a hardship letter stating the hardship that you are facing while paying off the mortgage dues. The lender will check your financial situation and decide whether he would accept your request or not. As you have mentioned that you have all the required paperwork and financial statements, I think you have a fair chance of modifying the loan.

Thanks

We can help! Many homes will not qualify for the Obama Plan. This is a cookie cutter approach and similar to the now defunct "Hope For HomeOwners" who helped all of one person! People are being offered higher payments or no solution at all to their mortgage problem by their lenders. Most loans in trouble ARE NOT Fannie / Freddie loans, the purpose of the Obama Plan and must be prepared for Fannie / Freddie before a modification can take place. Call me and I will explain. Dont give up. We may be able to help. 888-728-3020 xt 4 Tiffany

Also, Visit MainStreetResolutions.com

Hey, there are some more things you should know. The guidelines say that lender has to look at all options before foreclosure, and this is what get modification through. Also, the modification is much cheaper (for lender) than foreclosure. They don't have enough staff to go through all modification proposals and by denying you they buy some more time... My friend had a similar situation and after second denial they got him a modification... You can also check out all of this on "www.usmortmod.com". That's the company he used.


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I went thru a home mod with country wide last year as far as we knew it went thru and we made our payments as per mod. which was to include prop taxes and insurance when bank of america bought out country wide they accepted our payment saying that they didnt have access to country mod files yet but to keep making the payment which was on mod I even gave them the letter with my check 6 months later at the end nov I get a call from bank of america saying that the mod was void and we were 30 thousand behind and now were in foreclosure should i try to mod again

I have helped friends and family get some mods done with countrywide. It can be a pain but they will eventually get to you. You have to stay on top of them and follow up every other day!

I started this loan Modification 4/2009 Received a call from my negotiator B of A 11/2009 saying I was approved for 5Yrs at 2% interest to start paying the new amount & that was with escrow/impound account on time. I have done so. No paper work came so I called & called sent Fax's & letters. In 4/2010 I got paper work saying a new trial period had started to pay the same amount. Now in 10/2010 they sent me a letter that I was declined. Excessive Forbearance It would take the lender to long to get the money. This was based on a payment MUCH lower then the one I have been making on time for 11Mo's now. They say they are taking a 2nd. look at it they will let me know but if not in will go into foreclosure in November. I don't know what to do. Now because of this my credit has gone from the 800's to 400's

See below

Hi Guest,

Your lender has said that they are taking a second look at your loan modification. In my opinion, you should wait for sometime and check out if the lender gives you a loan modification after reviewing your case for the second time. You should remain in constant touch with your lender in this regard.

Thanks