Loan modification

Yes, you can qualify for a loan modification program only if your lender agrees to it. Advertising removed.

Hi SC....I'm sorry but advertising is not allowed on this site.

Here is the thing when it comes to loan mods. Are you facing a hardship? What is it that you are trying to do? Just because your loan is upside down in equity doesn't mean you qualify for a loan mod. There are many different things that go into it.

I purchases my home in May 2005. Six months later I became disabled. I went through period of no income prior to receiving disability. Now my income is greatly reduced. I would like to see if I could get a redcution in interest rate (currently at 6.875%). or be able to negotiate a reduction in principal (home value has decreased by 30% or even more now) even if it is three-five thousand dollars. I'm current on my payments (although I had been behind). A modest reduction income would help me with beign able to properly maintain my home.

I meant to say a modest reduction in principal/interest would provide me with some cash flow to properly maintain my home. Right now, finances are pretty tight. A modest decrease in payments (even $30-$40) would make it more likely that I would not default. A foreclosure wouldn't benefit me nor the lender.

Hi modjohn.....Do you have an FHA loan? Have you been late in the past 12 months?

FHA gives you an option of doing a streamline. You do not need an appraisal nor do they verify income. This could be an option for you. Your credit score is not pulled. FHA only needs to verify that you have not been late in the past 12 months.

are u expieriensing hardship???
there are lists of hardships that are qualified. . google it

I HAVE NEVER BEEN LATE WITH MY MORTGAGE PAYMENT. IT IS EXTREMELY TIGHT FINANCIALLY EVERY MONTH. I JUST RECEIVED A DENIAL YESTERDAY FOR A MODIFICATION AT FIRST THEY SAID I WAS TOO MUCH IN A DEFICIT AND THEN WHEN WE WENT OVER THINGS BECAUSE THEY WERE INCLUDING MY BANKRUPTCY DEBT THAT HAD BEEN DISCHARGED LAST MAY THEY THEN SAID I MADE TOO MUCH MONEY.

What type of loan do you have? Is is an FHA loan?

In order to get a FHA loan. I have a multi-family house where i live but i was just laid off, i 've never been late with my mortgage, but it's getting tight, what income would be acceptable

If you have an FHA loan, FHA will reduce the interest as long as you haven't been late in the past 12 months. It's called a streamline.

You can feel free to post more or pm me if you like.

Right now there are several programs out there. As long you have a hardship and a struggling home owner you qualify for a mod.
Yes you also qualify for a principal reduction if yo owe more than what it is worth.

Make sure you understand the process of loan modification before you contact your lender for help.
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