Loan Modification Explosion is your one stop loan modification news blog.
What is a loan modification program?
Mortgage loan modification (home loan modification) is where the lender may lower your mortgage rate, or add any dues to the mortgage balance and extend your loan period. This is to ensure that your monthly payments are reduced.
There can also be a reduction in the principal balance you owe. The purpose is to make your payments affordable so that you can save your credit and keep your home.
When is loan modification suitable for you?
Loan modifications (mortgage modifications) are suitable for you when:
* You have experienced a long-term reduction in income.
* Your monthly expenses have increased.
* You don't have enough income to pay off mortgage dues.
Are you eligible for mortgage modifications?
You may be eligible if:
* The lender hasn't declared a foreclosure yet and even if he has done so, he should have removed the loan from the foreclosure status.
* You're delinquent on the loan for 3 months or more.
* The loan has been originated for more than 12 months.
* You have stable surplus income to help you pay at the modified rate/terms.
* The property is in good physical condition.
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#1 by Ahmad Amran on April 2, 2009 - 10:38 am
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My Baltimore home is about be forclosed by shady Saxgn Mortgage Svcs
#2 by david persechino on May 29, 2009 - 1:35 pm
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i need help please i paid my home off in 2004, since then i had a stroke
and i got behind on property taxes ,i have try to catch up,but now they say their going to take my home,i am disable my only income ssi please help me i dont have mortgage but i could use one ,please help me i am desperate
#3 by Rahul on August 2, 2009 - 12:24 pm
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Hi there I like your Work
#4 by Johnie & Sandra Edwards on August 12, 2009 - 12:39 pm
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Hi,
I thank you for your blog. My husband and I feel like we are being exploited. We have been with Chase Mortgage over three years. Our credit was A one when we got our loan. We got in credit card debt. We are senior citizens. We applied for a loan modification at Chase, and was denied because of housing ratio.At least that is what we were told. We never got a denial letter. We last spoke with them on August 11 to ask them to give us another option to lower our loan interest. We were told there was nothing they could do to modify it, but we could ask for a loan forebearance. We feel they are not in it to help anyone except themselves, what do we do?
#5 by Jaqueline%9Peter on August 16, 2009 - 10:16 am
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:O So mush Info :O
#6 by Lil on August 19, 2009 - 12:37 pm
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I need help modifying my existing mortgage. My husband has been laid off since 12/08 and the current mortgage company says I don’t qualify for a modification since they do not “count” unemployment benefits. Who do I call????
#7 by Hosting on August 29, 2009 - 4:07 pm
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thanks !! very helpful post!
#8 by Effossele on September 19, 2009 - 12:19 pm
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exciting write , must subscribe .
#9 by Terri on October 14, 2009 - 2:31 pm
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Hi I really need help. I hired a finance company to help get a loan modification. They told to NOT to make my payment so that way I was looking at a hardship but I was already a month behind as it was. So kno that I haven’t made my payment after 9 months an they were calling my morgtage company. Andmy compny kept telling them my loan is i n review and never got a answer my home is now going into forcloser. Is this right?
#10 by Terri on October 14, 2009 - 2:33 pm
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Hi I really need help. I hired a finance company to help get a loan modification. They told to NOT to make my payment so that way I was looking at a hardship but I was already a month behind as it was. So know that I haven’t made my payments after 9 months and they were calling my morgtage company. And my company kept telling them my loan is in review and never got a answer my home is now going into forcloser. Is this right?
#11 by Brenda on December 19, 2009 - 12:12 pm
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Chase Home Loans is the Grinch that stole Christmas.