What are the things that might put you off, a loan modification to keep it?

Deal Score0

I heard many things about the loan modification and not get clear answers to my question. I currently have a tax lien on my house, two months behind in my mortgage, make the same salary as when I bought the house 2 years ago. Am I eligible?
I have about $ 12.500 in taxes and the IRS is looking forward to the full payment. So much so that I have received notice of pending lien on our house and taxes on our accounts. You may be ready to make an arrangement (large) monthly payment, but said their interest rate is much more rigid than would be a debt consolidation lender interest rates. Even my old student loans back to the worst possible time to come ($ 6,500) and they want to pursue full payment immediately. I have other personal debts that I included in the monthly payment I want in the consolidation. I’m so desperate to save my house and all other debts satisfied. And I’m in a hurry. I’m in the process of loan modification with my lender in order to keep our dredging at home with my thumb … But the rest of this is seemingly impossible to resolve. Please can someone give me hope, tell me there is a lender that helps … Thank you.

11 Comments
  1. Reply
    Sweet Pea
    January 24, 2011 at 10:47 pm

    credit score….

  2. Reply
    TheMom
    January 24, 2011 at 11:41 pm

    Mostly people prevent themselves. If the modification will not prevent foreclosure it is not happening.

    There is the other problem of your income not changing, you obviously planned to default, otherwise you need to provide documentation on why you defaulted, massive medical bills are a common reason.

  3. Reply
    Leo F
    January 25, 2011 at 12:17 am

    Credit score, late payments and behind on payments

  4. Reply
    mad
    January 25, 2011 at 12:41 am

    if the loan co is going to lose money if they foreclose and you can make the payments they should offer you a modification. they already know your credit is most likely bad. call them dont let it get to far behind they most likely dont want another house they cant sell suck it up and call i know you dont want to it is hard but if u dont try you will lose your home.

  5. Reply
    Net Advisor™
    January 25, 2011 at 1:15 am

    You need an attorney to help you with this.

    No one is going to lend you any money right now, because the odds are you are going into default.

    Don’t try and handle legal issues on your own if you don’t know what you are doing. You need someone who knows how to mange this mess for you.

    I would talk to several bankruptcy attorneys, and tax attorneys who have experience in IRS settlements. Many attorneys will give a free initial consultation. Just ask. I would find ones that have no less than 10 years experience in the specific areas of law you are seeking.

    Previous related question:
    “Bankruptcy or not? I’m caught between a rock & a hard place..?”
    http://answers.yahoo.com/question/index;_ylt=AlYKedquaR6sA9RXCI0cpy3sy6IX;_ylv=3?qid=20100826123539AAXnoD7&show=7#profile-info-AA11539964

  6. Reply
    Duke
    January 25, 2011 at 1:35 am

    I’m sure Guido knows someone who can help, but you might not like the terms of the loan.

    Failing that, ask an attorney. Something can probably be worked out.

  7. Reply
    Wayne Z
    January 25, 2011 at 2:07 am

    Sometimes…..there are just no options.

    Don’t take this the wrong way but no one in their right mind is going to borrow you $ 30k right now as the chances of default/bankruptcy are about 100%.

  8. Reply
    BIll Q
    January 25, 2011 at 2:09 am

    I’m sorry but no one gives out 30,000 dollar loans to people with bad credit and no collateral. Don’t waste time looking for one. First you are going to have to negotiate with your mortgage lender. Then you are going to have to negotiate with your student loan creditors. They always demand immediate payment at first, buy they can’t get it, so they will have to settle for a payment scheme. You will also have to make monthly payment arrangements with the IRS.

  9. Reply
    David M
    January 25, 2011 at 3:09 am

    How did you get into this mess? Accumulating this debt didn’t happen all of the sudden unless you were hit with a huge uncovered medical bill. You need to determine the cause of this mess and fix that rather than the symptoms. My guess is absent a huge medical bill you’ve been living beyond your means and those chickens are coming home to roost. If that’s the case you may need to give up your home in order to help cut your expenses. Nobody is going to take somebody else’s problem of you not paying your debt off their hands except at substantial cost and your presenting a viable plan to pay it back. Good luck.

  10. Reply
    Alpha O
    January 25, 2011 at 3:44 am

    There have been some great answers to your posted question. As a mortgage lender for the past 16 years dealing with every conceivable situation, I will confirm that no one is making any loan to you in your current state.
    I would recommend you stop using bank accounts and opt for cash instead for accumulating savings because a levy against a bank account will simply add to your problems. Get on a budget and use a shoebox with a series of envelopes if you need to in order to get a firm grip on income & expenses. In short, like one person indicated, get at the root of the problem….which is as important or more important than the stated problem.

  11. Reply
    Readyscout
    January 25, 2011 at 4:07 am

    Kellie, you are doing the right by realizing, and working towards to resolving, your problem. Hang in there. Knowledge is power. Here’s an informative article on tips to avoid mortgage defaults, and one of them includes what you are doing–realizing and not ignoring that you have a financial crunch, which you seek the fix:

    http://yourhandymanzone.com/Your_Handyman_Zone_How_To_Pages_Real_Estate_Zone_Buying_Your_House_Mortgage_Default_Avoid_Foreclosure.htm

    Hope you find this helpful, particularly on how to utilize resources available to get your mortgage modified or at least fixed to avoid any potential foreclosure, and that you get through your financial troubles.

    Good luck!

    .
    Source(s):
    The Internet. Just whatever is available online and what I have on my mind, including the inclusion of relevant sites, like the one cited that came into existence from my efforts, which is intended to be useful. Helping people get the relevant info they want is great

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