My nephew and his wife bought property iin Hayward just three years ago. Since then, the market values of property in their area dipped by 30%. They wanted to keep their house, but wanted to take advantage of a more manageable mortgage. So they applied for loan modification to convert their adjustable rate.
Although their credit took a dip (for applying for the loan modification) and their mortgage period was extended to 40 years (they don't plan on living there that long), they were able to get a below 5% fixed rate.
They had two loans from Wells Fargo: first loan and equity loan. They actually applied on their own. It took some time, but they got it done. By the time I got involved to help, they were granted the modification.
If you have more than one loan, and it's with two separate lenders, you're going to need some help to get this done. I know, I know, I know....a lot of people try to do this on their own, but it's not that easy, and it will take some time.
I teach foreclosure prevention workshops and many of our attendees attend my workshops for more information on loan modifications. You do not need a hardship in order to obtain a loan modification. You need a loan modification team who understands how to present your "case" to your lender in order to obtain good permanent financing on your property because eventually you want that property paid off. You can view my Free video or call my friends at http://www.savehomeusea.com and let them know that Hannah from San Francisco Referred you. mmYou can call them at 888-493-6634
If you would like to view my video please visit http://www.foreclosureoptionsnetwork.com
The Credit Restoration Expert
Thank you for this key question!
Of course, Iâ€™m not a lawyer, but based on what you have stated above, you would not meet the guideline of "hardship", detailed below; however, there may be other circumstances to consider that have not been shared. The following link details the guidelines for a loan modification under the "Home Affordable Loan Modification" program:
http://docs.Steven-Anthony.com/LoanModGuidelines.pdf See Page 5, â€œImminent Defaultâ€, which reads as follows:
"Every potentially eligible borrower who calls or writes in to their servicer in reference to a modification must be screened for hardship. This screen must ascertain whether the borrower has had a change in circumstances that causes financial hardship, or is facing a recent or imminent increase in the payment that is likely to create a financial hardship (payment shock). If the borrower reports a material change in circumstances, the servicer must ask about current income and assets, and current expenses as well as the specific circumstances relating to the claimed financial hardship. Each of these elements shall be verified through documentation. If the servicer determines that a non-defaulted borrower facing a financial hardship is in Imminent Default and will be unable to make his or her mortgage payment in the immediate future, the servicer must apply the NPV Test."
Best Regards, Steve
Maybe. I've attached two links that may give you an idea of what is involved. Let me know if you have any additional questions.