Loan modification has anyone had any luck?
Hi,
I can barely pay my mortgage i actually have been taking cash advance from credit cards to pay for this. I have been getting recorded calls from my bank about loan modifications i called them back told them my situation. Refinance is not an options as i am upside down 10k and have a prepayment penalty that is lifted in April. I currently have a 9.5% apr with countrywide. Any good info would be great.
Loan Modification vs Refinancing
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No luck here. Given that you are struggling, you may wish to contact the government agency that is specifically handling this at 800-HOPE-NOW.
You won’t be able to refinance unless the government steps in and helps you. Trying to convince your bank that you need the terms of your loan modified is hard to do. You have to give them a hardship letter explaining why need you some relief with your payments, a list of monthly expenses, and 1 month of paystubs.
A lot of people are in your situation. Be persistent. Good luck.