How do I qualify for a loan modification?
Does anyone knew how could I qualify for a loan modification and what are the requirements needed?
The loan modification is only for mortgage loans, not student loans (just wanted to clarify since you’re asking in the financial aid section). A loan modification is completely up to your lender – they are not required to give you one. If you’re facing foreclosure, you’ll have a better chance of receiving one because no lender is going to modify your loan if you’re paying (they’ll be losing money!). However, once you’re facing foreclosure, the damage to your credit is already done and with no guarantee that your loan will be modified, you may lose your home… so, obviously, this should only be done if you absolutely have to and if you’ll lose your home anyways. Good luck to you.
The HARP and HAMP programs; anyone have luck?
I’m currently working with our lender to do a HARP and I just wanted to know if anyone else out there as been successful with either a HAMP or HARP and if you did qualify for a HARP, what kind rate did you get? I’m only curious and would like to hear your opinion on these programs and or situation. Thanks! and no lame answers please. I’m looking for HOME OWNERS in the same boat, if you don’t own a home, no need to reply to me!
HARP is a successful program and easy to qualify for if your home is owned by Fannie Mae or Freddie Mac. As long as your mortgage origination date falls in line with requirements it’s an easy streamlined process. HARP 2 will allow unlimited LTV which means it doesn’t matter how far upside down you are.
HAMP on the other hand is a loan modification program and you have to show a hardship to get this and doing a HAMP mod carries some baggage, such as affecting your credit score negatively and restricting future sales and/or refinances for a period of time. HAMP is a long process and requires patience on your part and the cooperation of your current lender. HARP loans can be done by any lender for you. HAMP must be done with your current lender.
If you qualify for HARP, you will get market rates and in some instances, rates less than a standard refinance because the pricing adjustments for credit score have been capped in HARP.
For more detailed info on the HARP program, check this link : http://HARPSupport.Org
Is anybody familiar with loan modifications?
We were contacted by a company that said that they could help us to keep our home instead of letting it go to foreclosure. We have to pay them after they’ve helped us $1400. What do you think about this? Is this a scam or legit?
Why throw good money after bad money???
Past due is past due.
Most lenders would probably work w/ you to restructure your mortgage as quickly as they would with an outside company.
Call your creditor & talk. Communication is key to solid fiscal responsibility.
YOU are the one holding the keys to resolve issues. Be honest, be upfront and be realistic.
If you cannot afford it, you cannot afford it. If you can, but you simply need time – talk.
Good luck.
AFSOA – Prime Legal Plans -2
Most people think that they are “All Set” when the bank is finally working with them for a loan mod. Truth be told: The bank is setting homeowners up for foreclosure. They use all the information you supply them to give their attorneys showing you are having a problem with your mortgage so they CAN foreclose on you. There are options for you. Call AFSOA 866-208-0278 EXTENSIONS 8005 or 8014 to get the real help that is needed to save your home. We are a proud provider of Prime Legal Plans. Check out Prime Legal Plans: http://www.ripoffreport.com/loan-modification/prime-legal-plans-re/prime-legal-plans-review-prim-18eff.htm
they are a reputable company helping thousands of homeowners around the country to FINALLY fix their mortgage so they can keep their homes! AFSOA has combined with Prime Legal Plans to help homeowner fix their mortgage! Look for us on AFSOA.COM.
Duration : 0:10:1
Recent Comments