I need a loan modification on a 30yr fixed?
I am two months behind on a my mortgage and i have loan mod companys calling wanting to charge me $3000 and promising drastic drop in my interest rate without refinancing. I dont have the money to pay them. please advise
Loan Modification
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Comments
NOPE, ignore them.
TALK to your lender.
IF you have decent credit, a good payment history up until now, and a reason you stopped paying, they mad be willing to do a loan modification. TALK to more than one person at lender, to supervisors, to find all you can about this option.
You should not go to 3 months behind on your mortgage. Another option is loan forbearance where you pay only interest, no principal, for short period of time. ONly works if you have some equity in home, otherwise your payments are all interest anyway.
Sometimes it helps if you go to attorney or nonprofit credit counseling company (HUD approved) to negotiate with lender. Loan modification means changing the interest rate and thus lowering your payments. There is talk of new low fixed rate mortgages being available for refis and new purchases, but credit requirements and equity will be required.
Get an old nasty lawyer you can trust. Loan companies want money and people giving it to them. so learn to only give as little as you can