Home Buying in Colton>Question Details

Esther Gonza…, Home Owner in Colton, CA

I was approved for non hamp loan modification, what is this mean? I s this a good offer? What will I do? I have not receive the terms and condition

Asked by Esther Gonzaga, Colton, CA Thu Oct 25, 2012

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Jory Blake’s answer
Esther, if you need someone to look it over for you, feel free to send it to me and I'll give you my feedback. You may also speak with an RE attorney or experienced lender.

Jory Blake
theJORYgroup@gmail.com
951.742.3751
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Fri Oct 26, 2012
I got a permanent loan modification under fannie may non HAM what if I want a loan modification to the second lien on the property?
0 votes Thank Flag Link Thu Apr 11, 2013
Esther, it means your bank is willing to work out a permanent loan modification ,but they will not follow the HAMP guidelines. Basically , its an in-house arrangement.
Please realize what you are agreeing too prior to signing any binding documents. Many times they stack high fees and balances on the back of the loan,etc.
Unless they are offering a genuine principal reduction , you may want to consider your options.

Jory Blake
951.742.3751
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Fri Oct 26, 2012
HAMP is just a government program, there are other loan modification programs available. When you receive the written offer, with terms and conditions, look it over carefully and be sure you are comfortable with those terms. Generally, any loan modification is a good deal. It means your payments will be lower and you will be able to stay in your home, but do read those terms carefully.
0 votes Thank Flag Link Fri Oct 26, 2012
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