Financing in Santa Clarita>Question Details

Luie, Other/Just Looking in Los Angeles, CA

In aug. 2009,we refinananced our loan. Now were anticipating falling behind again due to my wife being laid off. can the bank re-negotiate again?

Asked by Luie, Los Angeles, CA Wed Feb 2, 2011

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You may talk to your lender and see if you qualify for a loan modification. However, you will need to have sufficient income to qualify most of the time. Feel free to visit or for FREE information. Feel free to contact me any time. Good luck.

Sara Mehrpouyan CDPE
Rodeo Realty
Direct: 818-903-2040
Dre Lic #01712757
1 vote Thank Flag Link Wed Feb 2, 2011
Hi Luie, the only accurate answer you will get is from your lender. Please call and discuss with them.

If you need any assistance from me, them please do not hesitate to contact me.

Thanks and good luck.
David Akram
Realtor, DRE# 01891274
Century 21 All Moves
Web Reference:
1 vote Thank Flag Link Wed Feb 2, 2011
The only real answer to this question will come from your lender - Please contact them immediately.

Also feel free to call me if you have any specific questions (310) 383-4212. We help homeonwners who are in need of home retention or short sale consulting.
1 vote Thank Flag Link Wed Feb 2, 2011
Dear Luie,

This is a time for you to make decisive moves. Many people have been in your position and have ended up ruining threir financial future for many years to come. It is essential that you get your house in order. You need to be in a position to get the professional support needed to protect your family. My suggestion is for you to have a Realtor, CPA and Attorney chosen to prepare yourself for the worst case scenario. Banks and Lenders have the ability to do anything they choose. There is a good chance that they will not assist you again. Be proactive and learn what it will take to promote the best interest of your family!

Call or write with any questions,

Tony Lewis
RE/MAX of Valencia, Ca.
Web Reference:
1 vote Thank Flag Link Wed Feb 2, 2011
As professionals we can't speak on behalf of any other person. Contact the lender direct

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1 vote Thank Flag Link Wed Feb 2, 2011
Yes. You refinanced the loan in 2009 is what you are saying. You did not negotiate a loan modification. That means you have not asked them to modify your loan. Right now a lot of people are in your shoes. You are not alone. Call your bank and explain that your wife has been laid off and that you need to request a modification. They will tell you what they need to see and will explain how their process works. Some banks are easier than others but most banks have come around to helping their customers.

Please, Please, Please, do NOT pay anyone to do this for you. There are too many people who will change you lots of money you don't have and sometimes never get it done. It will take a little bit of your time but you can do this yourself. The bank will do all of the work you just need to provide them with the information they want.

If you have ANY questions, please feel free to call me and I will answer any questions or guide you for FREE.
1 vote Thank Flag Link Wed Feb 2, 2011
Ask the bank! Be careful as to what they promise you, if anything.
1 vote Thank Flag Link Wed Feb 2, 2011
Yes, they can renegotiate the loan again. The most important thing is that you contact them ASAP and let them know the status. It is better for them to have someone in the home paying a mortgage than letting the home go into foreclosure.

The other thought would be selling and finding something more comfortable payment wise....but that if something you and your wife can discuss after you hear back from your bank.

Best of luck...keep at it and don' get discouraged with the process.

Laura Ashley
1 vote Thank Flag Link Wed Feb 2, 2011
Lenders can help or not help anyone they choose. The last thing they want to do at this time is foreclose. It is best to try again and paint the best picture possible

Tony Lewis
RE/MAX of Valencia
0 votes Thank Flag Link Sun Apr 29, 2012
Really sorry to hear about your bad fortune. It is sometimes possible to modify again. Historically, however, banks are hesitant to negotiate a second time, particularly if they know it will be even more challenging for you to pay on the second modification (in light of your wife's recent layoff). A second modification would depend on a number of factors: the bank that you're dealing with, your current income/expense situation, the likelihood of your wife becoming employed again and (this is key) if you remained current on your payments during your first modification.

Please call me anytime at 661-810-8259. I may be able to provide info to help you stay in your home. This is such a tough time for all of us. Wishing the very best of luck to you and your family.

Crystal Sheppard
Sheppard Properties
0 votes Thank Flag Link Wed Feb 2, 2011
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