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Depending on how permanent your last loan modification is. If you got a very low rate that is fixed for 30 years, more than likely you will not be able to get another modification approved. However, if after your loan modification was done and you have suffered another hardship and the resolution that you have received before was only temporary (ex. 2 Yr ARM, 5 YR ARM), then try again. If another loan modification is really necessary, you can re-apply again after 10-12 months. Having said that, if you had negotiated your loan directly with your lender and that is all that you got, it is best that you hire an attorney-assisted loan modification company that will negotiate with the lender to get the maximum benefit that you can get, otherwise, there would be no reason why you should apply at all, since you know that you will end up in the same situation again. There are loan modification companies that only have processors to negotiate with the lenders...more often than not, their power to negotiate is not as strong as that of the lawyer-assisted companies. They cannot charge upfron fees and your fees are tacked at the end of the loan, but you might be gambling the final resolution as a result. Good loan modification companies will work towards getting you a more permanent situation - ex: low interest based on current rate, 30 yr Fixed rate; or work out a Stair step program with your lender where your interest starts as low as 3% (fixed) for 5 years, then goes up to maybe 6% (more or less) fixed until maturity. The final result is still based on individual case and your own lender. Loan modification companies would not know the outcome until after it is negotiated. I have called a loan modification company pretending that I am a client and the person on the other end tells me that I am qualified and without me asking, told me that I can stop paying my mortgage now. BE VERY CAREFUL! Companies like that are stepping the bounds of the law. I am a loan modification consultant, but I would NEVER tell you to stop paying your mortgage. IT IS WRONG, IT IS UNETHICAL and if is it not already, IT SHOULD BE ILLEGAL! The decision should be left for you to decide. If you can continue to make the payment, by all means do so! YOU DO NOT NEED TO BE LATE FOR YOU TO GET YOUR LOANS MODIFIED! At least for now. If it becomes a lender requirement - it seems to be gettign there, the decision should still be left up to you.
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Which companies offer mortgage loan modification?
"Every mortgage lender or mortgage servicer offers mortgage loan modification. There are also many third party companies that offer mortgage loan modification, but work with them at your own risk."
Is it hard to get a loan modification with bad credit?
It is the most difficult to get a loan modification with bad credit. Though not impossible, since many lending groups would rather loan to someone with bad credit because the interest that person will have to pay the loan company is going to be very high. Asking for a loan modification in the first place is a sign to creditors that they have bad credit and are trying to fix it.
Consumer Alert - Advance Fees and Loan Modification Services If you are behind in your mortgage payments you may be contacted by individuals or companies that will offer to help you work out a loan?
Loan modification companies who ask for upfront fees or charge may be questionable. Best practice is to make an agreement of a service charge once the loan mod application is approved by creditor. There are many payment schemes for this but do not go for advance payments.######Another viewpoint by Gail Simmons:A little known fact is that banks and loan servicers hate working with loan modification companies and attorneys. You, as the homeowner, are your best advocate. You will fight the hardest to keep your home using a loan modification. You just need the right tools and strategies to overcome the stall tactics loan servicers like to use.You can check out the resources available at http://LoanModificationHomeownerResources.Org
My house payments are too high, is a loan modification an option to lower the payments?
Loan modification is a possibility for you. It will depend on many factors, including your payment history, credit rating, and assets. HUD has an excellent site to do some planning on before talking to your bank or lender. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/faqlm
Can a lender sell your loan to another company?
Yes. How many times can the loan be sold to other companys in a year
Which companies offer mortgage loan modification?
"Every mortgage lender or mortgage servicer offers mortgage loan modification. There are also many third party companies that offer mortgage loan modification, but work with them at your own risk."
Who should you call to negotiate on loan modification?
You can contact the loss mitigation department of the lender your loan is being serviced through or you can search for a HUD approved non-profit counseling agency. Beware of the many loan modification scams that are out there.
Is it hard to get a loan modification with bad credit?
It is the most difficult to get a loan modification with bad credit. Though not impossible, since many lending groups would rather loan to someone with bad credit because the interest that person will have to pay the loan company is going to be very high. Asking for a loan modification in the first place is a sign to creditors that they have bad credit and are trying to fix it.
How safe is your mortgage when you enter into a loan modification?
Many homeowners believe that, if they can just get a loan modification and lower their monthly bills, they will be out of foreclosure. With the lenders' ability to make temporary loan modifications, though, this is turning out not to be the case in many situations. For instance, banks may approve a temporary modification of the terms of a loan and require homeowners to make a series of payments on this plan. Even if the payments are made on time and as agreed, the bank can terminate the modification agreement. Mortgage companies are under few obligations to turn a temporary modification into a permanent modification, despite whether or not the borrowers have successfully completed the plan or not. Banks can collect lower payments from homeowners for months, and then put the home back into foreclosure. Thus, a loan modification may not be a safe way to stop foreclosure for the long term. Obviously, making on-time payments on a temporary loan modification may help, but the lenders have made it so that these plans can act as nothing more than a further collection effort before a property is finally foreclosed on.
Consumer Alert - Advance Fees and Loan Modification Services If you are behind in your mortgage payments you may be contacted by individuals or companies that will offer to help you work out a loan?
Loan modification companies who ask for upfront fees or charge may be questionable. Best practice is to make an agreement of a service charge once the loan mod application is approved by creditor. There are many payment schemes for this but do not go for advance payments.######Another viewpoint by Gail Simmons:A little known fact is that banks and loan servicers hate working with loan modification companies and attorneys. You, as the homeowner, are your best advocate. You will fight the hardest to keep your home using a loan modification. You just need the right tools and strategies to overcome the stall tactics loan servicers like to use.You can check out the resources available at http://LoanModificationHomeownerResources.Org
My house payments are too high, is a loan modification an option to lower the payments?
Loan modification is a possibility for you. It will depend on many factors, including your payment history, credit rating, and assets. HUD has an excellent site to do some planning on before talking to your bank or lender. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/faqlm
Can a lender sell your loan to another company?
Yes. How many times can the loan be sold to other companys in a year
How many times can one divorce be modified?
There is no limit. However, only certain parts of the divorce are subject to modification.
How many times per year can I take out a stafford loan?
three
If you have made a verbal amendment to contract does that over ride the original agreement?
In most cases, verbal does NOT override a written contract. However, if this modification has been done several times, a person might argue performance....or, this modification has been performed on many different occasions previously, and the judge might consider this modification to be real. Otherwise, no, a written agreement has to be modified in written form. Best to just get these mods in writing and avoid all the problems in the future.
How does one refinance a home loan?
Refinancing a mortgage can sometimes save money in the long run. Many times the original lender can modify the loan. Other times borrowers can find a new lender to purchase the loan from the original lender.
Do you have to go to court for a foreclosure summons if you have a modification loan?
It depends on the terms of your modification loan and the specific requirements of the foreclosure process in your area. You may still need to attend court proceedings related to the foreclosure summons if the terms of your modification loan do not fully resolve the situation or if there are legal issues to address in court. It is advisable to consult with a legal professional for guidance specific to your circumstances.
