Posted on: 21st Jan, 2009 01:28 pm
I want to Know if its posible to make an agreement with the bank, because the y charge a yield sprea...hello, I want to get a morgage modification, and a company was looking in the morgage papers, and they say we can qualify to make like a sue, because the bank charge a yiel spread prem. and they didn't told us, I want to know if that is posible and in which circunstancies. They said we can get an agreement in aur favor. My email is "elizabethtorres2121@yahoo.com"
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Hi Elizabeth
The yield spread premium includes all the fees paid by the lender to the broker for providing customers who will pay high rates of interest. It is the bank who pays the mortgage broker that amount.
As far as loan modification is concerned, it depends on your lender whether he will accept your request or not. You will have to write a hardship letter to the lender and convince him about the hardships that you are facing. To know more about loan modification, check out the following link:
http://www.mortgagefit.com/know-how/loan-modification.html
Thanks
The yield spread premium includes all the fees paid by the lender to the broker for providing customers who will pay high rates of interest. It is the bank who pays the mortgage broker that amount.
As far as loan modification is concerned, it depends on your lender whether he will accept your request or not. You will have to write a hardship letter to the lender and convince him about the hardships that you are facing. To know more about loan modification, check out the following link:
http://www.mortgagefit.com/know-how/loan-modification.html
Thanks
A few things to keep in mind if you try to negotiate your own mortgage modification.
1. Get used to being put on hold for very extended periods of time.
2. Many lenders use the "intimidation factor" when negotiating with you.
3. Whose best interest do you think the lender has in mind when negotiating with you, you or themselves?
You really should consider hiring a reputable loan modification company that will negotiate on your behalf and with your best interest in mind. Someone that offers a guarantee. And someone whose fees are very reasonable and doesn't require all of the fee up front.
Thanks,
Rob
1. Get used to being put on hold for very extended periods of time.
2. Many lenders use the "intimidation factor" when negotiating with you.
3. Whose best interest do you think the lender has in mind when negotiating with you, you or themselves?
You really should consider hiring a reputable loan modification company that will negotiate on your behalf and with your best interest in mind. Someone that offers a guarantee. And someone whose fees are very reasonable and doesn't require all of the fee up front.
Thanks,
Rob
I filed chapter 13. My husbands company lacked work, and he was laid off. We were forced to file chapter 7. We included our home in the chapter 7. We then decided to try to keep our home through a loan reaffirmation agreement.The mortgage has driven us in circles, and then somone called me at work, and literally forced me into a forbearance agreement. I explained to him that the money just wasn't there, and that I did not want to make an agreement that I could not keep. He was VERY persistant, and said "Honey, you are living in the home for free, and we need to collect a payment. So, lets make a deal.. what can you pay, and when can you pay it..." He went on, and on until I said that I would try to get some money to the mortgage company. He gave me a price, and I said that I could not pay that. He kept lowering it, and then we stopped at a price. He then insisted that I set a date. We set a date. I very clearly expressed that I could not promise the money. This agreement was made before the loan reaffirmation papers were sent in, and even before the forbearance agreement papers were sent to me. Can I sue them for disgraceful intimidation or entrapment? Now the money is due in one week, and we will not have it. The agreement will default, and they will proceed with foreclosure. They knew that I could not pay this. We are in the beginning stages of the foreclosure, even before this conversation with the caller. I had time to redeem.