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    Loan Modification

    If one tried to get a loan modification with their mortgage holder, what documentation will they need?

    #2
    Usually you can call your lender and ask for the loss mitigation dept; then ask them for financial workout documents. They will either email them to you or fax. You fill them out and send them back, then call to follow up every week until you hear what they can do for you. They basically want to see your monthly expenses and your income along with paystubs and bank statements. Do you have a 1st and a 2nd?
    "I'm old enough to know better, but too young to care"
    Filed Chapter 7 January 25th 2010
    341 Hearing March 4th 2010
    Discharged May 10th 2010

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      #3
      Yes I have a first and second (80/10) with the same bank

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        #4
        Note - you have to be behind on your payments by at least 3 or more months before they will even work with you and you have to prove you will be able to pay any modification that they may work out for you. As you can imagine, it is not going well for many people due to all the job losses.
        _________________________________________
        Filed 5 Year Chapter 13: April 2002
        Early Buy-Out: April 2006
        Discharge: August 2006

        "A credit card is a snake in your pocket"

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          #5
          I usually agree with Flamingo 100% however I am in the middle of 2 modifications right now with GMAC and SLS both were started when I was 2 days late on my 2nd payment due. Now as to whether they will only modify once your loan goes 3 months out that remains to be seen. but I am hovering at two and they said they would have an answer within a few days.
          "I'm old enough to know better, but too young to care"
          Filed Chapter 7 January 25th 2010
          341 Hearing March 4th 2010
          Discharged May 10th 2010

          Comment


            #6
            Originally posted by Flamingo View Post
            Note - you have to be behind on your payments by at least 3 or more months before they will even work with you...
            Correction: Fannie Mae just instructed servicers that they can modify loans that are current. I don't know what Freddie Mac's position is, but they generally follow suit. That covers a healthy number of the mortgages out there.

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              #7
              What are folks typically asking for in a loan mod?
              Lower Interest? Reduction of principle balance?

              Starting from scratch with being several motnhs behind?

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