Oswin Grant asked:




You might have had an approved mortgage loan modification that does not seem to be low enough for you, or it might not be to your liking. You could be one of those homeowners that received a mortgage loan modification offer and fall into that category. Do not be so quick to turn down a mortgage modification offer before you have fully reviewed it. In some cases I advise my clients to seek a lower mortgage payment but it depends on the circumstances, each case can be different.

Lets face it, a mortgage company is not always looking to give you the lowest possible mortgage loan modification available. Sometimes they offer mortgage loan modification that do not appear to be a real good offer. For example, lets say you are 6 months past due on your mortgage payments and your monthly payments are $2000 a month, with a remaining 25 yrs on your mortgage, and your mortgage company offers you’re a loan modification for $1700 a month for another 30 yrs, but you turn them down.

In some cases it is not a bad idea to take them up on their offer because accepting their offer and complying with them you would have brought your mortgage current, and you now have a lower mortgage payment. Your payment might not have been lowered very much compared to what it was, but not having to deal with the outstanding $12,000 in missed payments and possibly other expenses you might have incurred might not be a bad offer for you; but there are other factors to take into consideration such as the new interest rate, whether it is fixed rate interest or not, and how long the new payments terms will be for. I advise homeowners of the offers that they should accept once we receive them, and the ones they should turn down once we get mortgage loan modification offers from lenders. I might be less likely to accept an offer if we take the example from above, but lets say the homeowner is 2 months past due instead of 6 months, and they were going to lower the mortgage payments for $2000 to only $1900 a month and my client would have to sign up on another 30 year mortgage loan with a low 5 yr fixed rate interest that will begin adjusting starting in the 6th year of the mortgage, and adjust twice a year for the remaining 25 yrs of the mortgage. Something like that I would advise against for any of my clients.

The reason why I would not go with the last offer is because there are too many variable in the new loan to accept, and the benefits are really not that attractive. The homeowner might benefit better by doing a repayment plan, short sale, or a deed-in-lieu of foreclosure in the long run than they would by accepting a loan modification with little benefits.

A borrower can challenge a loan modification offer and get a positive outcome, but that is not always to the case, it is a gamble once a lender has placed an offer on the table. First of all, if a borrower is going to challenge an offer made to them, it are going to have to turn down the original offer and hold out for something better. Holding out for something better does not always work out in a homeowners favor, and they could have turned down their offer, and not be offered anything else. Plus, they would lose the offer that was extended to them earlier. Just choose your battles wisely. We have an awesome mortgage loan modification program that is very effective and extremely inexpensive that gives any homeowner with no experience a start to finish approach with modifying their home. Or you may consult to professional for mortgage help, but seeking a professional’s time and efforts can be costly at times. If you get offers think and talk it over with others before making a decision you could ultimately regret.

Carmen

Jessica asked:


home? The 1st mortgage is current I owe them $250k. The property value is only $215k. The 2nd lienholder are “private investors”; and they have sent me a trustee sale notice which has no opening bid. I matched the recorders office instrument # and it belongs to another property which is not even my property! to me it seems like they are faking the notice of trustee sale becuase it is not recorded? I have been getting advice out there and Ive been told I can file a bankrupty ch13. What to do ? help? Can they foreclose even though my 1st mortgage is being payed current ? and plus there is no equity?

ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%.

also the property is in California, LA county

Marcia

jonathanj003 asked:


I am currently applying for a mortgage and qualify no problem by myself and on my credit for a good sized mortgage with my current financial status. However, I am starting school back this semester and am needing to take out a large student loan (~$15,000). How bad will this effect me getting my mortgage? Student loan payments will be deferred until graduation so there will be no monthly payments for a few years. If I have to do them both (and yes I need to) should I wait until the underwriters approve my mortgage and then continue with my student loan application? I may have to take out my student loan before the mortgage–how would this effect it?

Sorry for so many questions….just looking for some advice.

Elsie

Hutch777 asked:


My loan didn’t orginally include the property tax which was not disclosed to me. I was late on the property tax and my bank (IndyMac) now includes this into my mortgage which is now 3,300 from 2,400: which I can’t afford. Do I forclose? Not pay until evicted? Or keep trying to pay (I’m not late…yet) Indymac isn’t apart of the Making homes affordable program yet and who knows when. OR become deliquent then will qualify for a loan modification (must be 60days past due).
I live in California pay $5,000 in property tax. My monthly mortgage payment is $3,300 and I make a monthly income of $4,500 support three people and am a single mother.
I have been in contact with Indymac bank. I don’t have equity in the house, don’t qualify for a loan modification since I’m current on my payments and they have yet to participate in the ‘making homes affordable program”.

Norma