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Discussion in 'Random Ramblings' started by the Pollo Loco, Jan 25, 2010.
What are some things I need to know about getting a loan modification?
The process is a pain and it will likely take 3 times as long as they tell you it will. You talking about the HAMP mod. program?
Don't be afraid to call the company and harass them about it. We started going through the process in May. Last week we got our permanent mod with one of the mortgage companies. The second one... well somehow they never recieve our faxes and funny how they don't call and let us know. Sigh... It would be so much easier if my hours at work hadn't been cut in half in the three years that we've owned this house. Never mind the fact that my DH has been laid off since March.
I hope you don't have Wells Fargo! If so- sign and date every single page and fax all your information 20 times.
We attempted to modify twice- the first time they "offered" to raised our payment, and the second time they said we didn't make enough money to afford our house. With the exact same information!
Is this the same thing as a refinance? Being a realtor, I know Wells Fargo is terrible anymore. Call your lender and find out the steps. Get your income, taxes, job verification and your BVD size ready. You will need it and more!!!
It's different than a refinance. You aren't getting a new loan- like a refinance. You are really trying to get a lower interest rate that results in a lower payment. It's not so much about your credit- like a loan is- it's about making your home affordable. And like was stated before- keep calling them. Make sure you aren't missing anything they need to evaluate you. The first time we did it- it took almost 90 days. The second time- 4 months. Your bank might be different though.
Check out this site- http://www.hud.gov/hopeforhomeowners/
It seems like they are finally getting their stuff together. When we tried, they were not "up and running" yet