Loan Modification: Are these programs actually working? Was anybody able to successfully renegotiate their mortgage payment and/or reduce loan amount? Everybody talks about loan modification, but are there any “success stories?”
Hi, sorry but I'm not in the mortgage business or industry. I'm an investment manager and educational workshop providor.
Yes I have helped several clients with their loans. Do you have a project or loan you need help with?
Sorry I am not mortgage broker. I am Realtor and I did hear from agent in my office that whole process gets complicated and expensive
Sorry I'm not sure I'm not in the mortgage industry. I'm a Bookkeeper and QuickBooks ProAdvisor.
I would consider contacting Todd at Value Mortgage, Inc. email@example.com. Thanks!
I'm not aware of any, but I'm not a loan or mortgage officer, so the value of my input may be quite limited.
Yes. But you may need to go delinquent on your mortgage before the bank will consider a modification. You will need to show a financial hardship and some ability to pay your revised mortgage payment. Be prepared for a long hassle. But the effort can help save your home and a lot of your money.
yes, my friend got his payment chopped in half!
i heard that you have to be behind on your payments by at least two month befor the lender will even begin to negotiate. it would be ashame if you have to sacrifice credit rating, but if there is a need then it's probably worth it.
Yes. My client save $800/mo by just calling his bank. He has good credit and good job. Tamara Vesna TV www.TVcondo.com
Yes...sometimes it does work...and we have done this successfully at no charge for homeowners. It does not work for people under or not gainfully employed but can work for many people.
The programs are working but very slowly. I know of a few people that have had their mortgages reduced to 2%
The process is long and tedious
Yes, this works, I am currently working with a company that does Loan Modifications.
Do you have any experience with NACA (Neighborhood Assistance Corporation of America) loan modification expos? I understand the first-time home buyer credit has been extended to April 2010. Does anyone know what kind of changes have been made in order for me to qualify? Loan Scenario- Loan State: CA Loan County: Kern Loan Type: Refinance R&T, Loan Amnt: $206,000, Property Value:$175,000, LTV:118%, FICO:795 ,DTI:43, Occupancy Type: Owner- Occupied, Property Type: Manufactures D/W- Help - Need a lender not a broker, that will finance a manufactured home under the Refi Plus Program? Loan Scenario-- Can Anyone Do This: Loan State: Virginia - Loan Type: Refinance Rate & Term - Loan Amount: $100,000 - Property Value: $180,000 - LTV: 56% - FICO: 716 - DTI: 26 - Occupancy Type: Non- Owner Occupied - Property Type: Single Family Residence - 4 Investment properties and primary residence- customer wants to R&T all. How does owner financing work when using a note? Does the seller sell the note to get money up front? Is there a negative for the buyer if the note is sold?