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limommer
LIF Adult
Member since 2/10 1073 total posts
Name:
Meredith
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Does anybody have any tips for getting approved for a loan mod through your bank?
I hear that it's so hard because they use software that calculates everything. Im wondering what the requirements are...Like what kind of debt to income ratio you need to have
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Posted 1/10/11 2:35 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
it's based soley on what you earn and what your mortgage payment is.
I tried for almost a year and couldn't get it.
I think it's a crock.
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| Posted 1/10/11 2:52 PM |
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limommer
LIF Adult
Member since 2/10 1073 total posts
Name:
Meredith
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
Posted by Blu-ize
it's based soley on what you earn and what your mortgage payment is.
I tried for almost a year and couldn't get it.
I think it's a crock.
Did you try the HAMP program through the gov or just through your bank? We are going through the same thing now through our bank. If you don't mind me asking where are you at now? I'm getting frustrated with this process and very nervous. I don't want to lose my home
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| Posted 1/10/11 3:20 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
We got it for our house. Cut our payments almost in half. It was a very long process and we needed a hardship reason which was my high risk pregnancy and they reduced the amount of OT at his job so that affected salary. They bought it down to 31% of his salary which meant a 2% rate.
Overall it was a long process but we would call and get people's names. Our lucky break was we got in contact with the underwriter assigned to our case and he would give us updates directly.
Although this program claims to help we are one of the few cases I heard have had success. My BFF his beginning the process to shortsale her home. She and her husband make what my DH does but the program couldnt help them. So it seems that all mortgage companies ahve thier own approval criteria.
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| Posted 1/10/11 4:52 PM |
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limommer
LIF Adult
Member since 2/10 1073 total posts
Name:
Meredith
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
It's such a fine line with these banks... I'm beginning to think it's a scam
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| Posted 1/10/11 9:26 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
I did it with boaunder the making home affordable program. I must have called 10 times before I found someone that could help me. It took about 6 weeks and didnt cost too much and I was able to go from a 30 to 20 year loan and lowered my rate about 1.50 points.
I didn't need to lower my payments, I was able to pay the monthly mortgage I just didn't want to have to pAy the high interest rate. I wasn't sure from your post if it was a hardship mod or not. I know that with hardship mods the interest rate only stays low for a period of time and then it goes back up.
Fm me if you would like my boa contact
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| Posted 1/10/11 11:18 PM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
My girlfriend was approved. She was on unpaid maternity leave and her DH was currently unemployed. Do not know too much detail.
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| Posted 1/10/11 11:21 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
Posted by csorisi
I did it with boaunder the making home affordable program. I must have called 10 times before I found someone that could help me. It took about 6 weeks and didnt cost too much and I was able to go from a 30 to 20 year loan and lowered my rate about 1.50 points.
I didn't need to lower my payments, I was able to pay the monthly mortgage I just didn't want to have to pAy the high interest rate. I wasn't sure from your post if it was a hardship mod or not. I know that with hardship mods the interest rate only stays low for a period of time and then it goes back up.
Fm me if you would like my boa contact
That is incorrect. The rate does not always go back up. Some are modified at a set rate for the life of the loan.
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| Posted 1/11/11 9:28 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Does anybody have any tips for getting approved for a loan mod through your bank?
you have to meet the criteria which is so narrow.
I went through the making home affordable program and then the bank programs..nada..then they offered to lower my payments and kill my credit. When I turned that down they still had it noted on my account that I am paying a reduced amount which was one step to foreclosure.
DH was out of work and I had two mortgages. One with Chase and the other with Wells Fargo and neither bank could help.
Wells offered short sale which is fine but we ended up not needing it. It took about 10 months for me to get nowhere.
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| Posted 1/11/11 10:05 AM |
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