loan modification, income change?
I have a mortgage through Taylor Bean Whittaker. I’m current and have never had a late pay on this loan. I’ve had the loan for about 2 years. I am self employed and with the current economy, my business has taken a big hit forcing me to reduce my salary by quite a bit. Is this a situation for a loan modification to get my payments lower and more manageable every month?
Loan Modification Help
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You should talk to your creditor They may be willing to work with you as they do not want to foreclose or see you default on your loan never waite to long act before you really have a problem meeting the mortgage
Call Taylor Bean and ask them before you call a 3rd party. Most lenders are taking applications for loan modifications, it will probably take about 2 months. I am a Mortgage Banker and have to refer of my clients to their bank as they are in this type of situation. BTW, if you currently have an FHA mortgage should be able to streamline that to a lower rate with out income documentation and an appraisal. Being self employed you may want to look at refinancing to a lower rate as well, the Underwriter will evaluate your 07 and 06 taxes for income purposes.
Possibly, but probably NOT.
You are legally bound to pay them what you owe them, on the schedule drawn up. Check out the bailout proposals for home owner relief as they get published.
Contact your lender and talk to them to see if they have any options for you. Usually they have a short-term program where you can pay interest only, but this is for just a couple of months, and isn’t a good idea, because you aren’t paying any principal. Besides if you just go the loan 2 years ago, you’re only paying interest, just a small portion on principal, building equity very slowing in first 5 years.
No and why should it be?
It is grounds however, to look for a new line of work, try to grow the business or get a 2nd job.
Yes; You should check out a loan modification company. Some things are better left to the professionals. They can get the interest rate reduced without doing a refi and possibly lower the principle balance also. My father in law did this by filling out a free evaluation form at A rep contacted him within 24 hours. Good luck.
no it isn’t as being self employed allows you the right to get more business or a second job