Does it make sense to get a loan modification and your payment goes from only $1165 a month to 920 a month.?
This bank says it also will report you as being late on your mtge payment while you are making your $920/mo payment for their three month trial period. Then when you sign they will make your credit good again. Please not I have never been late or missed a payment but am applying because my income has become lesls and I want to be in a position to sell my home and starat anew before my credit gets bad. Do you think they are being fair?
This situation must be in acccordance with guideline with lenders so my
suggestion is that you should go with the recommendation of the lenders
or It is for the benefit of you to better sale this property and buy anather in
better location. Instead of modifation apply for a new loan it is better for you.
The different of $ 245. is not much different on you payment .
It is better for you to find anather home. Good Luck..
I am also looking into a loan modification for my personal home as well......I think it is well worth the effort in order to get a more favorable debt-to-income ratio. I believe they target somewhere between 31% and 37%, according to my lender. Not sure that it's fair for them to ding your credit during the trial period, but I do understand that your credit will be "repaired" upon acceptance of the loan modification. I also agree it will put you in a much better position financially to sell your home and pursue other real estate investments.
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