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I need to modify my mortgage the monthly payment is 2,615 at nine and a quarter it is interest only i taught i would of sold it before the interest went up but it didn’t so here is am i lost my job and got a cash one for 400 a week so i can not keep up with the payments they are saying i don’t make enough money to modify i would like to know if anyone one could give me advice on how much more i would need to get a modification. Please no rude people just need some advice. Thanks so much.

8 Thoughts on I have a question about getting a loan modification?
  1. Reply
    dvdclarke
    December 11, 2012 at 6:06 pm

    go to the bank and tell them to modify the loan

  2. Reply
    Joseph P
    December 11, 2012 at 6:34 pm

    In this bad economy, many are facing the same delemma. Your own banks has the answer. You need to do a remortgage. This can be done. The government has 2 or 3 new programs for people whose mortgage situation has become victims of the crunch. The bank has all the info on these programs and will share it with you. There is no reason why the shouldn’t. After all, if they forclose on you, they’ll own your property. They are not in the property business. They don’t want your property. They just want to to pay mortgage payments. Speak to them. Or speak to any bank. Good Luck.

  3. Reply
    realtor.sailor
    December 11, 2012 at 7:09 pm

    You can’t tell your mortgagee (lender) to do anything – only ask. If you don’t qualify for a loan modification, your choices are foreclosure, short sale or deed in lieu of foreclosure.

    realtor.sailor

  4. Reply
    Landlord
    December 11, 2012 at 8:01 pm

    You need to be able to pay for the house after they modify it, other wise you are just wasting time.

    You need to get a job immediately or just let them foreclose.

    They will not modify your loan if it is obvious they will still have to foreclose it, there is no point to that.

  5. Reply
    DebtRelief
    December 11, 2012 at 8:40 pm

    Your mortgage lender / bank may not give you the answers you need and will only look out for their own interest. After all your lender/bank is in for profit and minimize their losses. Foreclosure is most likely the most expensive option for the your bank. There may be several options that may be available to you of which loan modification is one them. I would recommend that you contact http://www.MortgageNegotiationCenter.com and tell them your situation and see if they can give you some guidance on what you should do and what options may be available to you.

  6. Reply
    RachelG99
    December 11, 2012 at 9:09 pm

    Hi June,

    With respect to some of the other answers here that are encouraging you to let your bank foreclose, I’d like to suggest that there is a better way. But of course you already know that because you’re asking about loan modification.

    If you’ve gone to your bank on your own, as it seems that you have, and they’ve turned you down you’re certainly not alone.

    A lot of banks, even though they are desperate to avoid foreclosures because the economy is so bad, still haven’t exactly seen the light yet. Meaning, they don’t just want to give you a loan modification without making you work for it.

    Now this may not be exactly what you want here, but if you have someone on your side who does this all the time, day in and day out, and knows how to make the banks pay some serious attention, you can really increase your chances of being successful.

    As with many things where you’re dealing with lenders or banks, they’re not going to take you seriously unless you have some legal expertise behind you.

    There are a couple of resources that I suggest you take a look at:

    http://ezinearticles.com/?Loan-Modification—The-Simple-Guide&id=1920758

    and

    http://www.squidoo.com/loanmodification101

    Both of these will show you a little bit about how a good lawyer can approach the bank and dramatically increase your chances of having success.

    Understand and that I am certainly not an attorney, and this is not legal advice, but I do know that it’s a heck of a lot easier to have someone like this in your corner than to trying go it alone.

    Especially when you’re talking about something as important as saving your home, this isn’t something that I would necessarily try a do-it-yourself quickfix on.

    Just my 2 cents, but I’d seriously consider it if I were you.

    Hope this helps.

  7. Reply
    James Hogg
    December 11, 2012 at 10:04 pm

    go to your mortgage lender or find some online mortgage lender and fill up for qualify for loan modification. I hope u get some result.

    I know below online lenders who provide loan modification i think you can try this :

    http://www.iloanshop.com/loan_modification_stop_foreclosure.php

    Good Luck…….!

  8. Reply
    brown w
    December 11, 2012 at 10:36 pm

    Good day,
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