loan modifications

[34rat]

Has anyone gone thru one? I have been for six long months now I think they are really screwing me.

 

[the reverend muddy grimes]

No, and thats exactly why we havent. everyone we talk to who has had a horrible experience.

 

[Tripper]

I'm in the real estate business & it's not easy these days + they have new rules starting Jan 1.

BoB

 

[shotupdave]

I know a few people thayt have tried to go thru loan mods. None of the major banks modified thier loans. The regional banks seem to more willing to modify thier loans. I picked up a house on a short sale that the bank only lost 50K on. It was the second that took it the shorts

 

[CR55]

I am also in the Realestate business and have personally gone through 2 loan modifications. One for my home and the other for 2 commercial properties I own. Granted it takes a while, but hang in there. My loans went from a commercial high of 9% down to 4.5% My home loan went to 4.5% also. The payments on both loans went at least in half and more so on the commercial loan. 6 thousand a month down to 2 thousand per month!The banks and mortgage companies don't want your property, they want your payment. My wife owns a Realestate business and a Mortgage company, she said for you to be persistent in your calls to the loan holder and don't take no for an answer. Remember the squeaky wheel gets the oil! Don't let some of the others tell you it won't work, because it does!......CR

 

[34rat]

Well I recieved a call today and they told me at the end of the day it will go to the underwriter and then to the closer and I should have an answer in 10 days or less. We will see.

 

[wayway63]

gmac mortage

i've got a second mortage from gmac that has been killing me for the past five years.

when my wife went to nursing school, i called them and asked them to help me out in any way possible. i knew i could not keep all my payments up.

they finally adjusted my interest rate last month.

would say too little to late but any drop in interest is fine with me.

went from 14.9% to 5%

yes my credit sucks

 

[CR55]

Good for you Wayway! Contrary to popular belief, they don't want your home, they want the money![cl.Tripper was right about the new rules, it does make it harder, but in the end I think most Loan companies will work with you....CR