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Anyone ever apply for a mortgage modification loan? sm

Posted: Jan 12, 2010

I'm thinking about applying for a modification loan to help get caught up on my mortgage. I'm only a month late but it's just hard to catch up. Just when I think I can, something always comes up.

Does anyone have any experience with this...good/bad? I'm really terrified about doing it....guess I don't trust these mortgage companies one bit.

;

modification loan - MOMMT

[ In Reply To ..]
We applied for one last fall and were approved but chickened out when they said we'd have to pay our homeowners insurance and property taxes on our own. Then we decided we really had to do it, and started the process all over again about two weeks ago. They immediately lowered our payment $500 a month and when all is said and done, we'll have a 3% interest rate for 5 years instead of the 6.25% we currently have. All you have to do is contact your mortgage holder - don't get scammed by the commercials out there saying they'll do it for you for a fee. It is a free service. As long as you meet their criteria, you'll be approved. Good luck!!!

What happens at the end of the 5 years? - curious now

[ In Reply To ..]
Is a balloon payment due? Will the interest rate go back to 6.25%? Or will you have to refinance entirely?

Yes, I applied for a modification loan - Sunshine State MT

[ In Reply To ..]
As like you latemt, I got behind on my mortgage, first time ever. We immediately applied for a loan modification.

There is a lot of paperwork involved with this, at least with my mortgage lender, WAMU/CHASE. They want tax returns, banking statements, copy of paystubs, etc.

It ended up being a lengthy process but by the grace of God they granted us our modification and we are out of foreclosure.

Basically, they put you on a 3-month trial period, the Obama Plan, where they tell you to pay x amount of dollars for three months without being late. After you prove you can make your mortgage payments they then modify you.

We went from 6 percent interest down to 2 percent interest for 5 years. After the five years, we are on a 3 percent interest for 10 years.

All in all, I am very pleased with it. It took us over a year to get this modification approved because WAMU was dragging their butts and then CHASE took over WAMU and after that it went more smoothly.

I am just happy to be out of foreclosure if you know what I mean.

Anyways, latemt, it wouldn't hurt to try!

Hope this helps and good luck to you!

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