My bank has been dragging and denied loan mod twice. 9 mo. behind on payment but wants to keep the house.?I'm really in deep trouble now. My house is about 9 months behind but my income vs expense is still positive. Past 2 tries of loan modification has failed but it took way too much time for decision. What do I need to get the loan mod to be approved? First they told me that I'm pre-qualified (after giving... |
If you could not have come up with a couple of payments in 9 months, then I do not think you could handle a modification. A month 2 possibly 3 but 9 without a payment? SOrry at this point you deserve to lose your home but may I ask what did you do with 9 months worth of mortgage payments? A little support from the bank?
Persistence and perseverance.
Bank doesn't HAVE to do loan modification. YOU are breaching your mortgage terms, breaking your promises. They don't owe you anything, but you apparently owe them 9 months payments. They do have to tell you why they decline to do it. My guess is that you have dug yourself too deep a hole going 9 months without payments or that you AREN'T qualified for the loan, despite pre-quals. You have too much debt when they check it out or too little income or something.
Most loan modifications just lower the interest rate or change from ARM to fixed. You don't want something that permits negative amortization.
Ask what they are doing under Hope for Home owners program.
Contact your local Congressman and put pressure on him or her.
