Posted on: 13th Nov, 2012 07:00 pm
Do we qualify? What might be a likely outcome? Loan Balance Now= 212,301. Past Due if any= 0. The loan is actually owned by my father but my sister and I have been paying his mortgage for the past many years. Now we are no longer able to do so. When I spoke with someone at BoA they said that this qualifies as 'income reduction' as long as we can prove that we were paying the mortgage for him. My dad has ~50k in stocks – his only savings. Is that going to have a negative impact on getting a loan mod?
Hi Guest,
The 50k in stocks may have a negative impact on the loan modification. It will be better if you can let the lender know about this beforehand and take his opinion regarding loan modification.
The 50k in stocks may have a negative impact on the loan modification. It will be better if you can let the lender know about this beforehand and take his opinion regarding loan modification.
Hi Guest!
Welcome to forums!
If the loan is not in your name, then you won't be able to get a loan modification. The lender will consider a loan modification only when the borrower of the loan forwards such a request.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the loan is not in your name, then you won't be able to get a loan modification. The lender will consider a loan modification only when the borrower of the loan forwards such a request.
Feel free to ask if you've further queries.
Sussane