Posted on: 08th Jan, 2010 05:57 pm
If our loan is being carried by the former owner of the house, but is still going through a title company who would we need to talk to about a loan modification? we have gotten very far behind in our payments and are facing foreclosure, although the former owner has just mentioned a transfer of deed instead,which I have not heard of, so I need to research to see which is better for us.
Hi sweetdreamz,
You've mentioned that your loan is being carried by the former owner. I guess you make your payments to the former owner. In that case, if you want a loan modification, you'll have to contact the former owner of the property.
Thanks
You've mentioned that your loan is being carried by the former owner. I guess you make your payments to the former owner. In that case, if you want a loan modification, you'll have to contact the former owner of the property.
Thanks
We make the payments to the title company. When I asked him he said for me to find out if it would be through them or him. But having trouble finding out.
Mortgage rates are more than one-half percentage point lower than six months ago. In mid-June, the average 30-year fixed mortgage rate was 5.76 percent, meaning a $200,000 loan would have carried a monthly payment of $1,168.42. With the average rate now 5.13 percent, the monthly payment for the same size loan would be $1,089.59, a savings of $79 per month for a homeowner refinancing now.