Who is doing the Mortgage Modifications for...?

Question

The average guy that is just barely making the monthly payment and wants to go from a interest only to a fixed rate, 30yr loan, with these low interest rates?  Lawyers are coming out of the woodwork, as usual, and trying to capitalize on the public down fall.  Many individuals are getting no answer from their loan agencies, or the loan companies are blowing off the home owner and telling them that there is nothing that can be done to help them.  I thought that the government was helping out everyone that was having difficulties?  Nevertheless, I will stop my complaining and hope to get a helpful answer.  Note that when your mortgage payment is over half of your income " after cut backs" it is difficult.

Tommy W · Accepted Answer

Go to your lender because there are 20,000 people a day asking the same questions.
In the end, they will lower you .50 a point.
Use a proffesional. Call my firm we do free consultations and only take cases we can modify. I love how everyone who is now upside down in equity wants to blame someone. This is America, nothing is free, you must take action if you want to save yourself. Banks are not in the business of helping you lower your rate.
310 430 3941
Tommy

chatsplas · Answer

Go directly to your lender and be persistent and polite.  Talk to different people there.  You don't need an intermediary.  Check out Obama's affordability programs.  
And remember you got yourself into this fix by getting an interest-only loan--a very bad idea--rather than saving up and making a down payment..  You can always make extra payments of principal and reduce the interest you pay over the life of the loan.  Getting yourself out of it is an excellent idea.  However if half your income is needed to pay for housing, that's not a good ratio for getting a refi, unless you qualify for one of the government programs.
It's NOT the government's responsibility to help everyone who is having difficulties, when they didn't get you into them.  And there are millions of unemployed out there (who suffered through 10-20% paycuts first, then lay-off)  in worse difficulties, through no fault of their own.

? · Answer

of path it is going to. You do comprehend that maximum banks won't even look into your document or evaluate a modification till you're like 3 mos at the back of!? LOL have you ever talked to the banks loss mitigation branch? Watch.. they're going to say you will desire to *instruct a complication*...which skill, you will desire to omit money, which hurts your credit! as long as you're making your money on time, they think of you're no longer having themes.. LOL extraordinarily nutty huh!

Anonymous · Answer

short answer is .............."NO ONE"

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Who is doing the Mortgage Modifications for...?

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