mod

Submitted by Anonymous (not verified) on Wed, 02/03/2010 - 04:43
Forums
Credit repair

i have tryed to modify my loan but my morgage comepany will not let me modify because they said if they lower my interest to 0 % that i am in debt still what can i do? having a very hard time. i was pre qulifyed for the hamp and i did my 3 payment and they said that i made to little that i cant modify i am in the hole allmost 4thousand

Justin

Hi Home owner,

If the mortgage company is not letting you modify your loan, you can contact them and explain your hardships. That you would like to pay but it is not possible for you to pay high amounts. Before you contact the company, make a copy of your income and expenditures. The company may ask to provide them with a copy of your income and expenditures. If your expenditure is greater than your income they may consider modifying your loan.

Wed, 02/03/2010 - 07:53 Permalink
Anonymous (not verified)

Hi homeowner,

If your request is ultimately turned down you can sell your house. If the price of your home is more than what you owe as debt, selling the house is a feasible option. However if the market price of the house is less than what you owe, you can request the lender to accept less than what you owe after you negotiate a short sale. Else you can allow the foreclosure of your house. However this is the last and worst option.

Wed, 02/03/2010 - 12:02 Permalink
home owner (not verified)

the name of the morgage is wellsfargo i alredy send my papers and they said they where going to help me but they said no after the 3 month trile. they set a 3 month trile and i payed the problem is my house has an insurens and if i stope paying they pay the rest off and take my house away and the bank sell it again so they are making more money than modifiing my house for me Help please

Wed, 02/03/2010 - 20:59 Permalink
home owner (not verified)

the name of the morgage is wellsfargo i alredy send my papers and they said they where going to help me but they said no after the 3 month trile. they set a 3 month trile and i payed the problem is my house has an insurens and if i stope paying they pay the rest off and take my house away and the bank sell it again so they are making more money than modifiing my house for me Help please

Wed, 02/03/2010 - 21:02 Permalink
Justin

Hi home owner,

cinnamngrl is right in advising you to complain to the office of thrift supervision. Write a letter containing the details of the loan- the date, the loan number, your address and send it to the OTS. Their address:
John E. Bowman, Acting Director
Anita C. Tyndall, Acting Ombudsman
1700 G Street, NW
Washington, DC 20552
Phone (202) 906-6000

Thu, 02/04/2010 - 06:30 Permalink
home owner (not verified)

how is that "thrift supervision "

Mon, 02/08/2010 - 00:57 Permalink