Posted on: 18th Oct, 2009 06:26 pm
my lender told us that we do not qualify for a modification or any kind of payment plan with them. My husband is out of work and we are about 200.00 behind every month we are currently two months behind because of life problems such as car repairs and washing machine broke. Does hud help with anything else? Granted we have always been on time and i did call them four months ago to see if we can do anything so we do not fall behind and they screwed me around for four months saying the paperwork is being processed and then they said we were denied after four months
Welcome sagerainbow,
Most of the lenders offer a loan modification in case if you've defaulted the loan. You are not getting a loan modification because of the fact that your husband is not employed now. Though the lender gives you a modified payment plan, you may not be able to pay off the dues as your husband is not employed now.
Your best option would be to sell off the property through a deed in lieu of foreclosure. For the time being you can stay in a rented property and build up your credit. Meanwhile, if your husband gets a job, then you can purchase another property.
Most of the lenders offer a loan modification in case if you've defaulted the loan. You are not getting a loan modification because of the fact that your husband is not employed now. Though the lender gives you a modified payment plan, you may not be able to pay off the dues as your husband is not employed now.
Your best option would be to sell off the property through a deed in lieu of foreclosure. For the time being you can stay in a rented property and build up your credit. Meanwhile, if your husband gets a job, then you can purchase another property.
hI ADONIS MY HUSBAND IS RECEIVING UNEMPLOYMENT AND I WORK ALSO ITS JUST THAT HE IS MAKING ALOT LESS THEN HE DID WHEN HE WOEKED AND WE ARE FALLING BEHIND. OUR MORTGAGE COMPANY KEEPS SENDING LETTERS AND ADS ON IF YOU ARE FACING A HARDSHIP MAYBE WE CAN MODIFY YOUR LOAN . So are you trying to say that you cant have a hardship in order to get a loan. I mean who does get these loan modifacations.
i think that loan mods are really not capable of dealing with funamental changes in situation such as the main income earner losing their job.
i know it seems strange, but you do have to remember that the bank still needs to be satisfied that you would be able to pay the modified repayment amount.
how much do you owe on your home? do you have much equity in the property? if you do it might be possible to refinance your loan?
i know it seems strange, but you do have to remember that the bank still needs to be satisfied that you would be able to pay the modified repayment amount.
how much do you owe on your home? do you have much equity in the property? if you do it might be possible to refinance your loan?
Hi TRACY!
Welcome to forums!
Most lenders will not give you a loan if you have any kind of hardship. Before giving you a loan, the lender would judge your financial situation and decide whether or not he would give you the loan.
People who already have a loan and are facing difficulty in paying off the dues because of financial hardship, can qualify for a loan modification.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Most lenders will not give you a loan if you have any kind of hardship. Before giving you a loan, the lender would judge your financial situation and decide whether or not he would give you the loan.
People who already have a loan and are facing difficulty in paying off the dues because of financial hardship, can qualify for a loan modification.
Feel free to ask if you've further queries.
Sussane
I am not looking for a loan I am loking for a loan modification. If a loan modifactaion is a loan then how come all the people who took the arm loans are getting them. The bank thinks they can pay it back?
Before agreeing to a loan modification, the lenders judge the financial situation of the borrowers depending upon the hardship letter they submit to the lender. Moreover, the banks would also check whether or not the borrower has a job. If the borrower is unemployed then the lender will not agree to a loan modification.