im not on my husbands mortgage but i had called the mortgage company to see what our options were to save our

Asked by Kimberly, Ypsilanti, MI Thu Jan 22, 2009

home. They were trying to see if they could modify our payment and needed my social security number to verify i wasnt lying about my debts. Can they use this against me

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Fri Jan 23, 2009
No it cannot be used against you. In assessing your options, lenders look for demonstrated hardship before they will consider a modification. What they are trying to do is look at the financial picture of the entire household regardless of who is on the mortgage. If a bank is going to take money out of their pockets they want to make sure you're not pulling a fast one on them. For example, if between the two of you there is enough income to support all your debts including the mortgage then good luck getting them to reduce anything. Also, if you've got $50k in a retirement account they might want you to share some of the burden. At the end of the day the banks goal is always to make money and they are focusing on helping the worst hardship cases first because they lose a lot more money if the home gets foreclosed on. Bottom line, if you want to save your home then cooperate with the lender. If you don't want to cooperate then let it go and start looking for a new place.
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Robin Kay Co…, Agent, Plymouth, MI
Thu Jan 22, 2009
Kmberly, Renee's suggestion sounds like a very good one. Go and see what they have to say. I would be very cautious about giving your social security number. If you are not on the mortgage, I don't see any reason they would need it. But maybe I'm missing something. Let's see what the others have to say.
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Renee Badall, Agent, Ann Arbor, MI
Thu Jan 22, 2009
Dear Kimberly,

There is a lot of confusing information out there. Loan modification is an excellent option and many lenders will work with you to keep you in your home. These are unprecedented economic times and many of us are finding ourselves in situations that can best be described as "something that happens to the guy down the street."

A group of compassionate and educated professionals at Prudential Snyder & Company Realtors have put together a community outreach task force to bring homeowners the knowledge and power to take control of your individual situation. The decisions are not always easy, but once you make one, you take charge and feel in control. Please feel free to join us on February 12th from 6:30 to 8:30 PM at St. Francis of Assisi Catholic Church located at 2250 E. Stadium Blvd. in Ann Arbor. Attorneys will be present to answer questions. We also have a resource line 734-660-0105.
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