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dtabar
1149 Posts |
 Posted - 11/04/2009 : 6:43:36 PM
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I'm a loan officer and I'm really thinking about modifying my mortgage. I am not late and I can afford the payments, however it's not at my comfort level. I can't refinance because I have a 1st and a 2nd and my property is underwater. I also choose not to short sale or foreclose my property.
I understand that if I want to modify, I'll probably have to be late on my mortgage and go through the process.
Are there legit modification companies out there that do the job ethically or am I better of dealing with the lender myself?
Do any of you have experience with this? If so, please share. I don't want to risk hurting my credit all for noting.
*UPDATE*
I just called my lender and modified my mortgage in 30 minutes. I think since it was a Fannie Mae loan, they were really eager to help me. |
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1stintegritymort
1791 Posts |
Posted - 11/04/2009 : 7:32:14 PM
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Don't bother with a loan mod company if you can do it yourself. First, check on fanniemae.com and freddiemac.com to see if either own your mortgage. If so, you are pretty much guaranteed to qualify for a loan mod. If not, then you are outta luck and won't be able to get one unless you are in the foreclosure process. If you are able to pay it now, I would continue paying since being in foreclosure is no guarantee that you will get a loan mod.
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GetLoans4me
2701 Posts |
Posted - 11/05/2009 : 08:32:30 AM
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| call your bank and see if it is fannie mae program. If it is, then ask to see if they are willing to rent out the home for one year and month to month after that. |
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NobleHouse
439 Posts |
Posted - 11/05/2009 : 10:30:03 AM
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| It may be hard to find an attorney to do it for you now since they can't accept advanced fees in CA. Our attorney does them but he's super selective and he reminds the clients that if you don't pay me after I get it done, I have all your info please don't make me have to sue you and get a judgment(very politely). |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 10:32:21 AM
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quote:
Originally posted by 1stintegritymortgage
Don't bother with a loan mod company if you can do it yourself. First, check on fanniemae.com and freddiemac.com to see if either own your mortgage. If so, you are pretty much guaranteed to qualify for a loan mod. If not, then you are outta luck and won't be able to get one unless you are in the foreclosure process. If you are able to pay it now, I would continue paying since being in foreclosure is no guarantee that you will get a loan mod.
Thanks. I was researching this last night. Luckily my 1st is owned by Fannie. But it looks like they don't count the 2nd in the front end DTI. If that's the case then there's not much to bring down to a 31% front end. I'm going to contact my lender today and see what my options are. Foreclosure is something I'm going to pass on. |
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sduran165
668 Posts |
Posted - 11/05/2009 : 10:39:48 AM
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quote:
Originally posted by dtabar
quote:
Originally posted by 1stintegritymortgage
Don't bother with a loan mod company if you can do it yourself. First, check on fanniemae.com and freddiemac.com to see if either own your mortgage. If so, you are pretty much guaranteed to qualify for a loan mod. If not, then you are outta luck and won't be able to get one unless you are in the foreclosure process. If you are able to pay it now, I would continue paying since being in foreclosure is no guarantee that you will get a loan mod.
Thanks. I was researching this last night. Luckily my 1st is owned by Fannie. But it looks like they don't count the 2nd in the front end DTI. If that's the case then there's not much to bring down to a 31% front end. I'm going to contact my lender today and see what my options are. Foreclosure is something I'm going to pass on.
If you owe more on your 1st TD than your appraised value, then the 2nd lien is no longer secured. In a CH. 13 BK in CA, you can strip away the 2nd mortgage. The 2nd lien holder knows this and will work with you on the 2nd. |
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success07
688 Posts |
Posted - 11/05/2009 : 10:42:50 AM
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I would rather settle a 2nd then file a BK wouldn't you?
quote:
Originally posted by sduran165
quote:
Originally posted by dtabar
quote:
Originally posted by 1stintegritymortgage
Don't bother with a loan mod company if you can do it yourself. First, check on fanniemae.com and freddiemac.com to see if either own your mortgage. If so, you are pretty much guaranteed to qualify for a loan mod. If not, then you are outta luck and won't be able to get one unless you are in the foreclosure process. If you are able to pay it now, I would continue paying since being in foreclosure is no guarantee that you will get a loan mod.
Thanks. I was researching this last night. Luckily my 1st is owned by Fannie. But it looks like they don't count the 2nd in the front end DTI. If that's the case then there's not much to bring down to a 31% front end. I'm going to contact my lender today and see what my options are. Foreclosure is something I'm going to pass on.
If you owe more on your 1st TD than your appraised value, then the 2nd lien is no longer secured. In a CH. 13 BK in CA, you can strip away the 2nd mortgage. The 2nd lien holder knows this and will work with you on the 2nd.
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success07
688 Posts |
Posted - 11/05/2009 : 10:43:59 AM
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Sent you an email let me know if you have any questions ill be more then happy to help..
quote:
Originally posted by dtabar
I'm a loan officer and I'm really thinking about modifying my mortgage. I am not late and I can afford the payments, however it's not at my comfort level. I can't refinance because I have a 1st and a 2nd and my property is underwater. I also choose not to short sale or foreclose my property.
I understand that if I want to modify, I'll probably have to be late on my mortgage and go through the process.
Are there legit modification companies out there that do the job ethically or am I better of dealing with the lender myself?
Do any of you have experience with this? If so, please share. I don't want to risk hurting my credit all for noting.
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sduran165
668 Posts |
Posted - 11/05/2009 : 2:52:53 PM
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quote:
Originally posted by dtabar
I'm a loan officer and I'm really thinking about modifying my mortgage. I am not late and I can afford the payments, however it's not at my comfort level. I can't refinance because I have a 1st and a 2nd and my property is underwater. I also choose not to short sale or foreclose my property.
I understand that if I want to modify, I'll probably have to be late on my mortgage and go through the process.
Are there legit modification companies out there that do the job ethically or am I better of dealing with the lender myself?
Do any of you have experience with this? If so, please share. I don't want to risk hurting my credit all for noting.
*UPDATE*
I just called my lender and modified my mortgage in 30 minutes. I think since it was a Fannie Mae loan, they were really eager to help me.
Did they modify the 1st or 2nd TD? What are the new terms? |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 2:57:14 PM
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Just the first.
Original PI: $1717
New PITI: $1504
I didn't have taxes included in my payment. They're going to include it now. My taxes are $344 a month. So I'm saving $577 a month. I can't complain, every bit helps in this climate and I'm really thankful.
They did not modify my 2nd. I have to wait until my 1st is modified.
By the way they were REALLY HELPFUL! |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 2:58:09 PM
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| Thanks for the offer Joseph. |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 3:02:56 PM
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I'm presuming that includes my HOA (Insurance) so I'm actually saving more than that.
When I get the paperwork I'll know more. |
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sduran165
668 Posts |
Posted - 11/05/2009 : 3:07:27 PM
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quote:
Originally posted by dtabar
Just the first.
Original PI: $1717
New PITI: $1504
I didn't have taxes included in my payment. They're going to include it now. My taxes are $344 a month. So I'm saving $577 a month. I can't complain, every bit helps in this climate and I'm really thankful.
They did not modify my 2nd. I have to wait until my 1st is modified.
By the way they were REALLY HELPFUL!
For being a loan officer, you sure do leave out lots of detail! Who is the bank? What is the balance on the 1st mortgage? How did they calculate your income? YTD, last two months, ect... |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 3:14:53 PM
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LOL. I don't want my business thrown out there like that.
Here's how it went:
Dropped rate to 3%
Calculated income on my averaged gross
Asked for all of my expense. I'm talking about everything. Auto insurance, utilities, gas, entertainment, CC bills, autos, cable, internet, EVERYTHING!
My balance on my 1st is $286,000
My current lender is citibank
I did a lot of research before pulling the trigger and I found a lot of people think Citi is really great to work with. I can attest to that. |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 3:16:03 PM
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quote:
Originally posted by dtabar
LOL. I don't want my business thrown out there like that.
Here's how it went:
Dropped rate to 3%
Calculated income on my averaged gross
Asked for all of my expense. I'm talking about everything. Auto insurance, utilities, gas, entertainment, CC bills, autos, cable, internet, EVERYTHING!
My balance on my 1st is $286,000
My current lender is citibank
I did a lot of research before pulling the trigger and I found a lot of people think Citi is really great to work with. I can attest to that.
year to date average gross BTW. Now they're going to send me a package so I can verify all of the stuff I told them. As long as I wasn't lying, I'm good.
Oh yeah they also asked for money in savings account. NOT RETIREMENT ACCOUNTS. |
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dtabar
1149 Posts |
Posted - 11/05/2009 : 3:17:23 PM
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| Year after year my rate can go up. With a cap at 5%. I'm currently at a 6%. |
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success07
688 Posts |
Posted - 11/05/2009 : 3:54:49 PM
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No problem thats good news to hear!!!
quote:
Originally posted by dtabar
Thanks for the offer Joseph.
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