Loan modifications? For those who have done this or try to guide, to get one?

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So, doing my papers from a mod ready for the second time … For the first time two years ago, and they said I had too much debt. Since I asked the bankruptcy and losing my job. So my husband came back everything we have, my unemployment benefits are exhausted. I’m back to 0 this point. So of course, with this huge lack of income by doing everything I can to reduce expenses. And I have so many things I can at this point so now we have to try a mod loan, and no we will not be home shortly. My main concern is what I can do the paperwork to help us most and approved. In addition to all costs and mortgage payments, you should be negative, positive or even, and how much? Also, I know, my house is worth much, we paid 240k for 2007 and not a house in my neighborhood for about 186k ​​in the last year or two sold. Any help would be greatly appreciated .. These are my numbers so far .. Monthly income (before taxes) $ 2,960 (after taxes) to pay $ 2400Mortgage (time) $ 1,530 (end) 1587.50 ** We are two months behind on 15 November lower monthly food cost $ 930 (these are electricity, water, telephone, insurance, credit cards and three small) My food costs at least $ 200 per month, plus most of the time I have to do as much as I can keep them but I find difficult to under $ 400 for the basic tools for bleiben.Mein loan was a 5 years only 5.75% for 30 years. We do not intend to stay for more than ten years, as we have already exceeded this house. But we need to buy to stay here. So basically I’m looking for information on how to remove all the numbers should long-term chance for approval. For more details, but must or can I apply for a loan mod with my affordable mortgage company and the production of home-based program?

  1. Reply
    April 29, 2011 at 10:59 pm

    Please ignore the idiot spamer above.
    The goal of a modification including HAMP is to get your payment down to 31% of your gross income.
    So 2400 x .31% your total house payment including taxes, interest, principle and insurance or association dues therefore your new payment should be $ 917.60. If approved you would be looking at 2% for year 1-4 then to step to 4-5% after year 7. Most likely they will take a chunk of your principle and forebare it. meaning ballooning it at the end of the loan to get your to that goal payment of $ 917.60.
    Now that part is done.

    I am seeing you are about 100k-60k in negative equity, this is a huge factor. The bank could loose that much if your foreclose. Lets say if you have equity you will never get a modification

    You want to get your expenses close to 0 or -200 to plus 50. what I have been learning is this expenses has little factor in modifications

    You need to press the hardship of your loss of income.

    Finally please stay away from these 3rd party outfits as most are scams, you have a better chance doing this on your own. There is a non profit site called, this has a wonderfull forum where there are thousands of homeowners going thought this process. There is a weath of information on this site to anywhere on how to write a hardship letter to getting contact # to executives of the mortgage companies. its free to join!

  2. Reply
    Donna Mallit
    April 29, 2011 at 11:40 pm

    the best way to do the loan modification process is to do it on your own. that way you save on attorneys fees. call up your lender and discuss your plans or requests. they will be giving you the requirements. the details you gave above (and more) should be included in your hardship letter.

    for a sample hardship letter you can go to

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