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Mortgage loan remodification...
Posted on 1/15/09 at 10:05 am
Posted on 1/15/09 at 10:05 am
Anyone heard of this?
You basically renegotiate your loan for your home with your mortgage company. They usually do it as opposed to having you stop making payments and they have to foreclose.
You basically renegotiate your loan for your home with your mortgage company. They usually do it as opposed to having you stop making payments and they have to foreclose.
3
Posted on 1/15/09 at 11:06 am to LSUPIMPRGB
how about this. find one company that will do this program..you will have better luck finding a four leaf clover
Posted on 1/15/09 at 11:34 am to LSUPIMPRGB
quote:
Anyone heard of this?
Have not only heard of it, but have been actively engaged in researching/investing in it for the past 12 months.
There is a poster on these boards (he can make himself known if he wants to) that was contacted out of the blue because his loans had been sold to a hedge fund in a pool of loan for probably 70 cents on the dollar or less. Anyway, he received a call out of the blue offering a refi (1% lower rate) + a 10% reduction of his principal balance. And this is for a PERFORMING loan that has never shown any signs of stress.
You do have to get lucky to be in one of these pools, but it's definitely worth finding out who actually holds your loan and then seeking a mod.
I can potentially help you depending on the fact pattern.
This post was edited on 1/15/09 at 11:35 am
Posted on 1/15/09 at 11:36 am to LSUPIMPRGB
be careful though. Sometimes that renegotiation results in the loan going from non-recourse to them being able to frick up your life if you default.
Posted on 1/15/09 at 11:38 am to Tiger JJ
let me know if you see my loan. I'd be happy to engage in such a rework. 
Posted on 1/15/09 at 11:55 am to Tiger JJ
quote:
I can potentially help you depending on the fact pattern.
I'm all for a 10% reduction and 1% off--how do I sign up
. Perhaps I should just stress my mortgage to get US Bank re-negotiating with me. After all, they are the fourth bank to own my mortgage in the past two years.Posted on 1/15/09 at 12:00 pm to CollegeFBRules
Find out the name of your loan servicer. That will be the easiest way to determine if a hedge fund has it at a lower price.
Posted on 1/15/09 at 12:02 pm to Tiger JJ
I send payments in to Washington Mutual.
Posted on 1/15/09 at 12:09 pm to Colonel Hapablap
Unlikely that the loan was transfered, then.
Posted on 1/15/09 at 12:10 pm to Tiger JJ
ETA: the mortgage company is truly so fricked up I am re-financing or contacting an attorney.
This post was edited on 1/15/09 at 12:47 pm
Posted on 1/15/09 at 1:24 pm to poboydressedplease
well heres the info.
www.ratemodca.com my brother did this and got his loan reduced from 3700 to 2000/month. its a short term fix, like 3-5 years. im not saying its good or that it will work, but just see the banter is good info.
www.ratemodca.com my brother did this and got his loan reduced from 3700 to 2000/month. its a short term fix, like 3-5 years. im not saying its good or that it will work, but just see the banter is good info.
Posted on 1/15/09 at 1:39 pm to LSUPIMPRGB
thanks but no one will help me like this unless I am in or near foreclosure. They are truly a-hole monkeys that do not know what the frick they are doing.
This post was edited on 1/15/09 at 5:12 pm
Posted on 1/15/09 at 2:11 pm to poboydressedplease
the loan did have to be in place for at least 12 months. He just had to show that he was about to have trouble paying and rather than put him in foreclosure, they lowered his rate. Ive seen the paperwork. Has a guaranteed refundable cost if it doesnt work. Might be worth a shot.
Posted on 1/15/09 at 2:13 pm to LSUPIMPRGB
citi mortgage services suck.. thats the bottom line
Posted on 1/15/09 at 2:39 pm to LSUPIMPRGB
citimortgage sux
This post was edited on 1/15/09 at 5:11 pm
Posted on 1/15/09 at 2:43 pm to bignate76
quote:
citi mortgage services suck.. thats the bottom line
you can say that again.
Posted on 1/15/09 at 2:44 pm to LSUPIMPRGB
The only response from citimortgage my SIL got was a ad for her to sign up to biweekly pay for a fee of $375. They are fricking crooks.
Posted on 1/15/09 at 2:48 pm to LSUPIMPRGB
their latest press release. LINK
Posted on 1/15/09 at 3:01 pm to poboydressedplease
He applied...info and hardship letter, etc. The company went to his mortgage people and renegotiated his loan. 3 weeks later he received a notice saying his loan was in forebearnace and to not make payments until it was complete. The forebearnace part means they are restructuring his loan, and when they are donwe with that, he begins to pay his reduced mortgage. No payments while in forebearance.
Remember there is a fee to have this done. Like 2000-3000. May be worth it to some.
Remember there is a fee to have this done. Like 2000-3000. May be worth it to some.
This post was edited on 1/15/09 at 3:17 pm
Posted on 1/15/09 at 3:08 pm to LSUPIMPRGB
did he apply directly to citi or where you linked to?
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