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**horsepwr** · 09-20-2009, 07:57 AM

Re: mortgage motification

It's totally up to the financial institution, wheather or not to grant you a modification. Right now you shouldn't have to worry about anything if you want to keep your home.

There are a few types of mortgage mods also. You can defer the balance owed to the end of a re-written mortgage, while gettign a better interest rate, which is great because your payment actually goes down. You can do a payment arrangment where you pay (so much) extra per month to catch up any balance that's delinquint. Then you just go back to your regular payments once caught up.

If you're re-writing the loan, you might want to see if you qualify for a small home loan off the equity. "to fix some things, or update/upgrade things around the house"

**BABY1** · 09-20-2009, 07:58 AM

Re: mortgage motification

Google it! I also know someone who had an attorney take care of this process for her and she is the only one so far that I know who has been able to do this.

**trip** · 09-20-2009, 09:30 AM

Re: mortgage motification

the only thing i'm hearing is they refuse too talk to you until you miss a few payments, and then they will almost do anything too keep you in if the loan to value is reasonable

**daved150** · 09-20-2009, 02:14 PM

Re: mortgage motification

well...i found out if someone is on um0employment, they dont qualify at all. boo's on un-employment. i think i gotta go another way....calling my lawyer to look in to bankruptcy.

oh...this will serve as the only notice. if you are one of my creditors, your out!! lol.
(think i can get a line of credit from true protien first??)

**dixiechick** · 09-21-2009, 01:22 PM

Re: mortgage motification

I just looked into the loan modification too. There is a lot of miss information going on about it. You can find out if you qualify or not by going to Making Home Affordable

Naturally I didn't qualify. Maybe you'll have better luck than I did...

**daved150** · 09-21-2009, 03:39 PM

Re: mortgage modification

thanks kiddo...hopefully we can get our shyt straight. it's really nerve racking!!!

**Waterboy** · 09-21-2009, 09:00 PM

Re: mortgage modification

I have done several loan mods on our mortgage. I had to pay 1/2 of 1% of the outstanding balance to have the rate lowered.
I started with a 8.75% lpan and now I'm at 3.75%

**deepsouth** · 09-21-2009, 10:56 PM

Re: mortgage modification

funny you should mention that WB- Lenders make money on the front and back of the loan. The orgination fee is one, but what you never see is the actual rate sheet sent from the lender to your broker(I wish I still had some of mine to show you). The mortgage Co. actually will give the different rates you are approved for, but if your broker can make you happy at a higher rate thean the best you quallify for- he makes a percentage on the back of the loan as well. What you did WB is called a buy down and they actually gave you closer to them making par($0.00) on the back and you just paid cash up front. The sad thing is most don't know about this and to get your broker to show you the actual rate sheet is almost impossible.

**daved150** · 09-22-2009, 04:47 AM

Re: mortgage modification

Originally posted by deepsouth View Post

funny you should mention that WB- Lenders make money on the front and back of the loan. The orgination fee is one, but what you never see is the actual rate sheet sent from the lender to your broker(I wish I still had some of mine to show you). The mortgage Co. actually will give the different rates you are approved for, but if your broker can make you happy at a higher rate thean the best you quallify for- he makes a percentage on the back of the loan as well. What you did WB is called a buy down and they actually gave you closer to them making par($0.00) on the back and you just paid cash up front. The sad thing is most don't know about this and to get your broker to show you the actual rate sheet is almost impossible.

auto ;oans are the same way..."reserve"...if you can hold a point or 2 on a 40k truck, you can make some $...i can only imagine holding .05 of a point on 400k!!! lol.
i have a buddy thats a broker....he got us 5.35 back in 2003. no one could believe it back then. he didnt hold any points, that was the buy rate.

looks like i mat have to go another way....this "motification" aint working out and boo dosnt want to leave the house.

**dixiechick** · 09-22-2009, 01:33 PM

Re: mortgage modification

Originally posted by deepsouth View Post

funny you should mention that WB- Lenders make money on the front and back of the loan. The orgination fee is one, but what you never see is the actual rate sheet sent from the lender to your broker(I wish I still had some of mine to show you). The mortgage Co. actually will give the different rates you are approved for, but if your broker can make you happy at a higher rate thean the best you quallify for- he makes a percentage on the back of the loan as well. What you did WB is called a buy down and they actually gave you closer to them making par($0.00) on the back and you just paid cash up front. The sad thing is most don't know about this and to get your broker to show you the actual rate sheet is almost impossible.

That's why you can also negotiate interest rates on loans, but most people don't know that. When I was buying my house, I called 3 banks to find out what their interest rates we if I took out a loan. My bank had the highest rate, so when I talked to the loan manager I told her that I was going with another bank since they had a lower interest rate. She called me back within 15 minutes with lower rates. Of course she claimed the new rate charts had just came out. LOL

**horsepwr** · 09-22-2009, 06:46 PM

Re: mortgage modification

^ oh, lucky for you! just in the nick of time. "the new rate charts were just released".lol...hot off the press. she's a slick one, huh.lol...trying her hand at a little pitch.hehe.

A great sales-person doesn't have a pitch. or actually, the buyer should just never even notice one just came their way.

**deepsouth** · 09-22-2009, 10:35 PM

Re: mortgage modification

well it is true that I have seen the sheets updated 2-3 time in one day back when things were hopping, but they always try and make that hidden money in the back. On "A" paper peeps, I would always go par in the back and just make the origination fee in the front ($300-500) becuase when you have good credit- you can't stick it to them, but "B" and "C" paper folks- Oh Man- I'd hammer them

**CTRL** · 09-24-2009, 12:40 AM

Re: mortgage modification

dave,
i'm sorry to hear about your situation and i feel what you're going through. i got layed off 3 months ago and i still haven't approved for unemployment and i can't seem to find a job. i'm 3 months behind on the mortgage and it looks as if i'm going to lose my house. it's the first of alot of things i'm afraid. i'm looking for something that might help and i'll keep you in mind.

**TheChosen1** · 09-24-2009, 03:43 AM

Re: mortgage motification

Originally posted by daved150 View Post

well...i found out if someone is on um0employment, they dont qualify at all. boo's on un-employment. i think i gotta go another way....calling my lawyer to look in to bankruptcy.

oh...this will serve as the only notice. if you are one of my creditors, your out!! lol.
(think i can get a line of credit from true protien first??)

Be careful, bro.

My brother filed for bankruptcy and had to give up his house and a couple of his cars/trucks (actually, he had more cars than one man needs).

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