Call your mortgage company and tell them you are having a hardship and want to know if a loan modification is possible. I did it with my HELOC and got the 3 parts of my HELOC reduced as follows for 1 year:7.29% down to 3% 8.29% down to 3% 3.4% down to 3%. In addition one of my loans is having payments postponed until the end of May 2009. I’ m waiting for my first mortgage company to process a similar request.
Thanks for the information about the loan modification. I did call my bank, and I am in the process of getting all my documents together to present to them. They have a committee that meets once a week (it is a small bank) to consider the loan modifications.
Well, if a client of ours is interested in a loan mod, I would recommend that they contact customer service (call the number on the mortgage statement) and let the rep know you need to speak with someone in Loss Mitigation, or that you are suffering a financial hardship and need help with the monthly payments. The CSR will be more than happy to transfer you to the right department. If you are currently deliquent the same conversation can be had with one of the mortgage collectors.
I do not think I should disclose which bank I work for, but it is one that received bailout money, and FYI, the FDIC is actually defining what and how loan mods are done.
Hope this helps.
Has anyone else noticed that it’s impossible to get new cards with a large enough limit to transfer balances?
We currently have a chase cards with 16.99 percent that I don’t think we’re making any progress on.
Does anyone have any advice for me?