Re-Fi vs. Loan Modification

UUGGHHH - i dont know what to do.....

Anyone done a loan modification recently????

Re: Re-Fi vs. Loan Modification

Doing it now. Waiting to hear back.

We had a hardship. DH lost his job.

Re: Re-Fi vs. Loan Modification

I am sorry to hear that....

Just curious if your doing the mod on your own or with a lawyer???

Re: Re-Fi vs. Loan Modification

We are doing our loan Mod on our own. We had a hardship from when I was pregnant and just got verbal confirmation from the attorney and underwriter that we were approved. DH's coworker just got her approval as well and her mortgage is going down by over 700.00 per month on her 1st mortgage. She did her's on her own.

I know others who have hired lawyers and were successful but few who were successful until recently. But the banks are hurting. The whole country is hurting.

Re: Re-Fi vs. Loan Modification

if your loan is through fannie mae or freddie mac, there is the making home affordable program that is going on for a little while longer - think to june?..it only costs the bank fee and it lowers your interest rate, you have to be in good standing with your mortgage and not have missed any payments..i am in the process of doing this now..just waiting to close..they lowered our interest rate from 6.25 to 5.3 with just a phone call..if i was in the house longer i could have bought a point to lower it more, but we have only been in the house a year...the only thing it costs was $400 bank fee