Anyone do a home loan modification?

[BlackKnight]

Just got a letter in the mail from Mesa Law Group out of Costa Mesa, CA about how they can help those severly underwater on their home loan. Has anyone heard or use them?
But my bigger question is has anyone gone through the home loan modification and how did it turn out for you? Any tips you could send too would be great as I need to do this and take advantage of the lower rates.
Pros and cons to the process would also be helpful too. Thanks in advance.

Victor

 

[JRSVIPR]

Just got a letter in the mail from Mesa Law Group out of Costa Mesa, CA about how they can help those severly underwater on their home loan. Has anyone heard or use them?
But my bigger question is has anyone gone through the home loan modification and how did it turn out for you? Any tips you could send too would be great as I need to do this and take advantage of the lower rates.
Pros and cons to the process would also be helpful too. Thanks in advance.

Victor

BEWARE.

 

[FATJACK]

I need to do this too. Let us know what you find out.

 

[TNVIPER]

You need to do research..I have been reading a lot of negative news...link to one...

http://loanworkout.org/





..

 

[BlackKnight]

Thanks for the link TNVIPER, I'll check it out.
Yes I've been doing research as well as talking to plenty of refinance companies; just don't know which ones are legit and if what they're selling is legal.
I know if a company asks for money up-front..RUN!!

 

[JRSVIPR]

Thanks for the link TNVIPER, I'll check it out.
Yes I've been doing research as well as talking to plenty of refinance companies; just don't know which ones are legit and if what they're selling is legal.
I know if a company asks for money up-front..RUN!!

Victor, Call this guy and see what he has to say. I have been using him for quite some time, Tell him i referred you.( John Reynolds )


Senior Loan Officer
Ralph Otto
619-232-6886

 

[ChrisAZ]

I just recently completed a Short Sale of my home. Everyone I know that tried a loan mod was unsuccessful so I have not heard anything good. My home sold for less than half what I originally paid!

 

[Django]

Many people go into a loan mod process thinking that their house/property will be reappraised at the current market value. And that the bank should to write a new loan based on the lower value.

Forget it..... It's your loss, not their's.

The best that most can expect under the most optimum conditions is that the mortgage holder will add some years to the terms of your current note so that the property can become more affordable.

It's difficult..... But it's worthwhile if you can qualify.

Bring some great credit to the table.... it couldn't hoyt.

D

 

[BlackKnight]

Victor, Call this guy and see what he has to say. I have been using him for quite some time, Tell him i referred you.( John Reynolds )


Senior Loan Officer
Ralph Otto
619-232-6886

Thanks John, I'll give him a call this week when I get a chance.

A little more info about my situation: The appraised value of my home has dropped more than 50% when I bought it and compared to the loan amount, the value is 55% of that so I'm roughly 45% upside down on this damn thing. I've never missed or been late on one payment and when I can, I pay more than the monthly payment so I get rid of a little bit of principle. I simply want to refinance to take advantage of the current low rates. I definitely know better than to expect the bank to write a new loan for the lower appraisal value HA.

 

[scoobert]

Just got a letter in the mail from Mesa Law Group out of Costa Mesa, CA about how they can help those severly underwater on their home loan. Has anyone heard or use them?
But my bigger question is has anyone gone through the home loan modification and how did it turn out for you? Any tips you could send too would be great as I need to do this and take advantage of the lower rates.
Pros and cons to the process would also be helpful too. Thanks in advance.

Victor

if it does not end in .gov be careful.
http://makinghomeaffordable.gov/
dig around there. they have a form on there or some such thing. sorry, no first hand experience.

 

[eddie102870]

i re financed mine a few weeks ago. dropped the rate from 5.25 to 3.75 fixed rate.

 

[joemags54]

i re financed mine a few weeks ago. dropped the rate from 5.25 to 3.75 fixed rate.

How many years Eddie?

 

[eddie102870]

How many years Eddie?

from 30 to 15

 

[TNVIPER]

Note that a "loan modification" under the stimlus act is different from a "refinance".

The modification changes the current loan by reducing the amount owed and/or reducing the rate. People that do this generally have experienced lower income and/or loss of equity and other hardships..

A refinance is a new loan usually done (as in Eddie's case) to take advantage of a better rate. People that do this generally have excellent credit and are not having any financial difficulties or loss of equity.

 

[eddie102870]

Note that a "loan modification" under the stimlus act is different from a "refinance".

The modification changes the current loan by reducing the amount owed and/or reducing the rate. People that do this generally have experienced lower income and/or loss of equity and other hardships..

A refinance is a new loan usually done (as in Eddie's case) to take advantage of a better rate. People that do this generally have excellent credit and are not having any financial difficulties or loss of equity.

my appraisal was down quite a bit from the last one, luckily we know the loan officer real well...lol

 

[Wifey]

Short sales are a quick way to get a 1099 so you pay the tax ( as income) on the difference between the Owed amount and the sales price

House loan $300,000....short sale price $150,000 leaving you with a $150,000
taxable income ( 1099 from lender) to add to your tax return. ( unless something has changed)

Loan mods... what a joke almost No One has been successful at that.
The bankers already got paid so they could care less.
Good Luck

 

[joemags54]

from 30 to 15

That's a good deal Eddie. I'm at a 4.62 for 15. Loan is 6 yrs old.

 

[eddie102870]

That's a good deal Eddie. I'm at a 4.62 for 15. Loan is 6 yrs old.

ive had the bank ladfy watching for me i told her to call me when it dropped below 4 percent

 

[joemags54]

ive had the bank ladfy watching for me i told her to call me when it dropped below 4 percent

I'm going to the Fouts Bank of Illinois for my next re-fi.! Rates are good. Cigars are even better. ( although, there have been some unusual collateral requests)

 

[Riff62]

I looked into it...I was referred to a state program that denied me, so basically the house is going into foreclosure...The bank wont let me sell it and wouldnt modify my loan.., so they can have the freakin thing..just a place to keep your crap anyway..American dream is dead if you ask me..