Posted on: 27th Aug, 2009 07:46 pm
I live in California and my home is worth 425,000. I have a first that I owe 435,000 and a second that I owe 125,000. I've tried to modify both loans as my husband and I are state workers and received three unpaid days of furlough each month.
The first by ASC said that could modify our loan but our payments would go up from $150 to $275. It an interest only loan I'm trying to modify.
The second by GMAC told us to hit the road. They gave us several different answers why they wouldn't do it but when we got the disapproval letter, it stated we had sufficient income to make our payment.
We have more bills than money. We were current on both loans until this month. We are now one month behind on the second. The second is a P&I with a balloon payment due in about 13 years.
Do anyone think GMAC will budge? Also, my husband short selled his house about 10 years ago, it was a VA loan. Does anyone think the VA could help?
Thanks for the help.
The first by ASC said that could modify our loan but our payments would go up from $150 to $275. It an interest only loan I'm trying to modify.
The second by GMAC told us to hit the road. They gave us several different answers why they wouldn't do it but when we got the disapproval letter, it stated we had sufficient income to make our payment.
We have more bills than money. We were current on both loans until this month. We are now one month behind on the second. The second is a P&I with a balloon payment due in about 13 years.
Do anyone think GMAC will budge? Also, my husband short selled his house about 10 years ago, it was a VA loan. Does anyone think the VA could help?
Thanks for the help.
hi sunshynny!
welcome to forums!
you can try and negotiate with gmac once again in order to check out if they could consider your request for a loan modification. you may even take the help of an attorney or a loss mitigation expert to deal with your lender. however, it would be totally the discretion of the lender whether or not he would accept your request.
though your husband short sold the property which had a va loan on it 10 years ago, he can apply for another va loan again. i don't think he would face any problem if he has a good credit score and income.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can try and negotiate with gmac once again in order to check out if they could consider your request for a loan modification. you may even take the help of an attorney or a loss mitigation expert to deal with your lender. however, it would be totally the discretion of the lender whether or not he would accept your request.
though your husband short sold the property which had a va loan on it 10 years ago, he can apply for another va loan again. i don't think he would face any problem if he has a good credit score and income.
feel free to ask if you've further queries.
sussane
Hi,
For a loan modification the lender first checks the source of income. If you have a good source of income then I don't understand why the lender has rejected the modification? Though it is the discretion of the lender to accept the loan modification, you can still consult with a good attorney. Talk to your lender and try to convince your financial crisis to your lender so that you get an easy repayment plan to pay off your loan. And if your husband has a good credit score and income then he can apply for another VA loan.
For a loan modification the lender first checks the source of income. If you have a good source of income then I don't understand why the lender has rejected the modification? Though it is the discretion of the lender to accept the loan modification, you can still consult with a good attorney. Talk to your lender and try to convince your financial crisis to your lender so that you get an easy repayment plan to pay off your loan. And if your husband has a good credit score and income then he can apply for another VA loan.