Can I have a loan adjustment with that order please?
September 23, 2010 12:34 PM Subscribe
How can I find out if I can qualify for a home mortgage adjustment?
My house has lost about 100.000 in value since I bought it.
I have gone through a divorce and some other crisis which
leaves me in a thought spot to pay the mortgage.
If I sell the house now I will still owe the bank at least 60K,
probably a bit more. I am in a fixed rate mortgage for 20 years.
I have not yet missed a payment.
I have heard from various sources and looked around a bit on the net to find information about adjustments that are possible for some on homes, but I have a hard time finding what the requirements to qualify might be, or how to start the process.
I find conflicting information regarding if you should be, or not be in foreclosure.
Has anyone gone through it? Any advice? Any definitive links to information?
My house has lost about 100.000 in value since I bought it.
I have gone through a divorce and some other crisis which
leaves me in a thought spot to pay the mortgage.
If I sell the house now I will still owe the bank at least 60K,
probably a bit more. I am in a fixed rate mortgage for 20 years.
I have not yet missed a payment.
I have heard from various sources and looked around a bit on the net to find information about adjustments that are possible for some on homes, but I have a hard time finding what the requirements to qualify might be, or how to start the process.
I find conflicting information regarding if you should be, or not be in foreclosure.
Has anyone gone through it? Any advice? Any definitive links to information?
I'm doing it now. I started out just like you: finding conflicting and confusing information online. Finally, I emailed my bank's mortgage officer and asked specifically which programs I might be eligible for, and what I need to do to apply. He sent me the (multi-part, multi-page) forms that day.
So talk to your lender. No one else can help until you do that.
(If they tell you no programs apply to you, then it's time to look further -- chances are, at least one does.)
posted by coolguymichael at 12:42 PM on September 23, 2010
So talk to your lender. No one else can help until you do that.
(If they tell you no programs apply to you, then it's time to look further -- chances are, at least one does.)
posted by coolguymichael at 12:42 PM on September 23, 2010
talk to your lender. they are the only ones who can answer with specifics.
many banks have been unwilling to discuss mods unless you are actually experiencing difficulty paying the mortgage (ie, not paying it). you may have more options once you stop paying.
if your mortgage was securitized and is held by an investor, then your bank is actually only the servicer and cannot make concessions outside of a rigid set of options defined by the investor. in my case, it meant that the bank chose to foreclose and lose $100k+ rather than modify my mortgage and lose $50k. banks and their investors are stupid that way.
good luck!
posted by Chris4d at 3:52 PM on September 23, 2010
many banks have been unwilling to discuss mods unless you are actually experiencing difficulty paying the mortgage (ie, not paying it). you may have more options once you stop paying.
if your mortgage was securitized and is held by an investor, then your bank is actually only the servicer and cannot make concessions outside of a rigid set of options defined by the investor. in my case, it meant that the bank chose to foreclose and lose $100k+ rather than modify my mortgage and lose $50k. banks and their investors are stupid that way.
good luck!
posted by Chris4d at 3:52 PM on September 23, 2010
oh and you don't actually need to be in foreclosure to get a mod; foreclosure is the last step in a lengthy process that starts when you stop making payments. as I said above, it may help you to stop making payments.
posted by Chris4d at 3:54 PM on September 23, 2010
posted by Chris4d at 3:54 PM on September 23, 2010
This thread is closed to new comments.
posted by COD at 12:37 PM on September 23, 2010