Posted on: 24th Jul, 2009 07:44 am
i have a first arm at 8.34% due to adjust in october. my second is fixed at 13%. my home value is now less than what i paid for it. i have been applying for a loan modification since last year to be proactive. i slipped behind on two payments earlier this year but have since been current although it is a struggle. i have been in contact with my lender on a weekly basis since last october. it is absolutely frustating to get a different person each time who must read notes that may or may not have been posted from my last call. my lender needs to remove their ads that encourage customers to call and discuss the many options available.
i have worked with two organizations through hope that were absolutely no help whatsoever and that is all i will say.
i have been denied due to my being under the 31% ratio for the making home affordable plan and even for any traditional loan modification from my lender. i don't qualify for a home affordable refinance because my loan is not owned by fannie mae or freddie mac; and because i owe more than the value of the home now.
i would like to keep my house. i have a steady income, just dealing with some hardship now. i have tried to refinance with some local banks for a lower fixed rate. i thought if i was making payments on 8.34%, i would definitely be able to pay say 5.5% and the banks might give me a chance. i have an account with them and my pay is directly deposited there and i just paid off a car loan with them. i was rejected within 4 hours. i keep hearing and reading that the bank doesn't want my home but it sure doesn't seem that way. i am close to giving them the house and renting and saving my money. but i thought that if i own the home, i would continue to pay taxes, i would support the lawn person, the driveway person, etc.
any suggestions? any banks or mortgage companies out there that could help me in my situation?
i have worked with two organizations through hope that were absolutely no help whatsoever and that is all i will say.
i have been denied due to my being under the 31% ratio for the making home affordable plan and even for any traditional loan modification from my lender. i don't qualify for a home affordable refinance because my loan is not owned by fannie mae or freddie mac; and because i owe more than the value of the home now.
i would like to keep my house. i have a steady income, just dealing with some hardship now. i have tried to refinance with some local banks for a lower fixed rate. i thought if i was making payments on 8.34%, i would definitely be able to pay say 5.5% and the banks might give me a chance. i have an account with them and my pay is directly deposited there and i just paid off a car loan with them. i was rejected within 4 hours. i keep hearing and reading that the bank doesn't want my home but it sure doesn't seem that way. i am close to giving them the house and renting and saving my money. but i thought that if i own the home, i would continue to pay taxes, i would support the lawn person, the driveway person, etc.
any suggestions? any banks or mortgage companies out there that could help me in my situation?
Hi charkx,
The main issue in your case is that your mortgage is not owned by Fannie Mae or Freddie Mac. As a result of this, you cannot take the advantage of Home Affordable Loan Modification or Home Affordable Refinance program. I would suggest you to speak to the lender about a normal loan modification or a forbearance. In a forbearance, the lender will reduce or suspend your payments for the time being. Write a hardship letter to your lender and explain the causes of hardship. The lender will judge your situation and there is a chance that he may accept your request.
Thanks
The main issue in your case is that your mortgage is not owned by Fannie Mae or Freddie Mac. As a result of this, you cannot take the advantage of Home Affordable Loan Modification or Home Affordable Refinance program. I would suggest you to speak to the lender about a normal loan modification or a forbearance. In a forbearance, the lender will reduce or suspend your payments for the time being. Write a hardship letter to your lender and explain the causes of hardship. The lender will judge your situation and there is a chance that he may accept your request.
Thanks