Posted on: 04th Mar, 2009 03:57 pm
I divorced about a year ago, and with back support money attached to the regular child support costs, I am seeking loan modification options with my lender to ease my financial situation. I have sent in letters of distress, make regular phone calls to my lender, and am now behind a few months on my mortgage. My frustration lies with the delay from the lender, unable to send the loan modification paperwork, and continue to work with me in a timely manner. If I don't get help in the coming months, foreclosure is in my future. I have good credit, and am concerened for my financial future. Can anyone give me further advice about other options to consider or what urgency I can give my lender to ensure mortgage stability.
Hi Guest,
It is totally the discretion of the lender whether to accept your request for loan modification or not. As they are taking time to complete the process, you can give them a call and request them to speed up the process. You can inform them that you are concerned about you credit and thus you want them to complete the process of loan modification quickly so that you can start paying the dues.
Thanks
It is totally the discretion of the lender whether to accept your request for loan modification or not. As they are taking time to complete the process, you can give them a call and request them to speed up the process. You can inform them that you are concerned about you credit and thus you want them to complete the process of loan modification quickly so that you can start paying the dues.
Thanks
Thank you for the input!
Jessica, I spoke with my bank & lender about 4-5 months ago, letting them know the situation, and need for assistance. They said they could do the loan modification program, but fail to send any further paperwork, or ask for any information from me. They cannot give a good reason as to the delay in the proceedings, and I call weekly to keep on top of the situation. Now, I am behind 3 months on the mortgage. I continue to call them, on a weekly basis. I have good income, but due to the child support costs, I will be unable to pay the full mortage at this residence, unless it is modified substantially lower rate.
I'll look into the refinance option, and I've been keeping up to date on the Bailout Plan as well. Unfortunately, because I'm already months into the situation, time is of the essence for me.
Do you have any knowledge as to the average percentage home owners receive from the loan modification? Is their mortgage substantially lowered, or is it only by a small percentage?
Thank you very much for your assistance!
Jessica, I spoke with my bank & lender about 4-5 months ago, letting them know the situation, and need for assistance. They said they could do the loan modification program, but fail to send any further paperwork, or ask for any information from me. They cannot give a good reason as to the delay in the proceedings, and I call weekly to keep on top of the situation. Now, I am behind 3 months on the mortgage. I continue to call them, on a weekly basis. I have good income, but due to the child support costs, I will be unable to pay the full mortage at this residence, unless it is modified substantially lower rate.
I'll look into the refinance option, and I've been keeping up to date on the Bailout Plan as well. Unfortunately, because I'm already months into the situation, time is of the essence for me.
Do you have any knowledge as to the average percentage home owners receive from the loan modification? Is their mortgage substantially lowered, or is it only by a small percentage?
Thank you very much for your assistance!
Hi,
I think the figures regarding principal/rate reduction vary with individual situation. It's good however, that you have kept yourself updated with the recent market developments.
I understand there is less time but you can still shop fast for a refinance as Jessica suggested. It won't take that long. But of course don't end up dealing with a lender who'd be ready to give you a loan in just a few days. The lending criteria now are quite tough and it'll take at least 45-60 days before you actually get a mortgage.
May god bless you
Samantha
I think the figures regarding principal/rate reduction vary with individual situation. It's good however, that you have kept yourself updated with the recent market developments.
I understand there is less time but you can still shop fast for a refinance as Jessica suggested. It won't take that long. But of course don't end up dealing with a lender who'd be ready to give you a loan in just a few days. The lending criteria now are quite tough and it'll take at least 45-60 days before you actually get a mortgage.
May god bless you
Samantha
