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Hello, In early 2009 I was successfull in getting my loan mod completed and started paying on the new loan I think it was April. I was working as a consultant going from place to place trying to keep my salary up. Well now I am full time at a place making market value for my industry. The problem is I am now making about 40K less that I did 3 years ago. The Salary base in my area has gone way down. So although I tried for a long time to keep my income up I now have to face the facts that I cannot get what I was use to nowadays. So my load mod that was done helped move an 8.75% loan down to 5.75% and a very small principal reduction off the original loan. I lost the 20% equity I put in a down payment and accepted the loan mod but even at that time it was still a loan that was 110% of value. Well now that value has plumited. I am probably at 125% loan to value. My mortgage is half my monthly income, maybe even slightly higher. Through my struggles I owe the government about 25K and have been trying for 3 years to get out of the financial hardship my family has had ever since I lost my job in early 2007. Today I have a couple creditors that have judgments on me and am considering bk. I dont want to lose my house though the smart financial decision would be to give up and walk away. What do you think would be my chances of getting my lender to look at the loan again? I dont think I am going to be able to maintain this pace and fear a strategic push on the lender this time wont work. So currently I am current on the loan. What are your thoughts?


Well, you might have to apply to find out whether or not the lender would accept your loan modification request. Depending upon your financial situation the lender might agree to another loan modification.

Sub: #1 posted on Sun, 04/04/2010 - 21:46

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