Loan modification has nothing to do with the value of your home.
Lenders only do loan modification when you are unable to make your mortgage payment. Usually you see this when someone purchased the home on an ARM and now the interest rate has re-set and jumped through the roof. The lenders that do this – figure it’s better to work with you than to get yet another house in foreclosure.
You don’t get loan modification just because your home dropped in value.
When you purchased the home – you picked out the home – you negotiated the purchase price and you asked for a loan of $X.xx and agreed to pay it back. You took the risk that the property would go up in value — not the bank. When the gamble does not pay off – you are the one that takes the loss – not the bank.
may you should refinance the loan and you can get money back to help pay all other bills this is a great website http://www.mylendingoptions.com they have all kinds of things many times they will help you in 72 hours no fee this is free
Loan modifications are not usually granted because the value of the home has gone down. Loan modifications are for people who are having difficulty paying their mortgages due to some type of hardship, ARM adjusting higher, job loss etc.
contacting your lender. Determine how much income you’re bringing in each month, how much you’re paying in bills and where you can cut costs. Ask a nonprofit counseling service to help you put together this financial analysis for free.
after above contact your lender and have an idea what you need. Tell them what your situation is and what you can offer to help your situation.
you third step is Come up with some kind of an answer to the lender’s question of how you propose to pay off the loan eventually. You’re better off submitting an initial proposal.
and last If you have an adjustable rate mortgage that reset and you cannot meet the higher monthly payments, request a loan modification from the lender.
4 Responses to How can I negotiate a mortgage loan modification with my leader?
MSAD
April 27th, 2010 at 1:57 pm
Loan modification has nothing to do with the value of your home.
Lenders only do loan modification when you are unable to make your mortgage payment. Usually you see this when someone purchased the home on an ARM and now the interest rate has re-set and jumped through the roof. The lenders that do this – figure it’s better to work with you than to get yet another house in foreclosure.
You don’t get loan modification just because your home dropped in value.
When you purchased the home – you picked out the home – you negotiated the purchase price and you asked for a loan of $X.xx and agreed to pay it back. You took the risk that the property would go up in value — not the bank. When the gamble does not pay off – you are the one that takes the loss – not the bank.
bevansalice
April 27th, 2010 at 2:54 pm
may you should refinance the loan and you can get money back to help pay all other bills this is a great website http://www.mylendingoptions.com they have all kinds of things many times they will help you in 72 hours no fee this is free
Ed P
April 27th, 2010 at 3:28 pm
Loan modifications are not usually granted because the value of the home has gone down. Loan modifications are for people who are having difficulty paying their mortgages due to some type of hardship, ARM adjusting higher, job loss etc.
I found a great free report on loan modification at
http://www.FreeLoanModificationReport.com
It provides all of the info you need to understand if you could qualify for a loan modification.
James Hogg
April 27th, 2010 at 3:50 pm
contacting your lender. Determine how much income you’re bringing in each month, how much you’re paying in bills and where you can cut costs. Ask a nonprofit counseling service to help you put together this financial analysis for free.
after above contact your lender and have an idea what you need. Tell them what your situation is and what you can offer to help your situation.
you third step is Come up with some kind of an answer to the lender’s question of how you propose to pay off the loan eventually. You’re better off submitting an initial proposal.
and last If you have an adjustable rate mortgage that reset and you cannot meet the higher monthly payments, request a loan modification from the lender.
The website below may provide some insight for you.
http://www.refinancing101.net/loan-modification.html
Good Luck………!