Comments on: Frustrated with Your Lender? So Are Some Judges http://www.mortgagecreditproblems.com/blog/frustrated-with-your-lender-so-are-some-judges/ Expert Advice & News on Bad Credit Mortgage, Mortgage Refinancing & Home Loans Fri, 12 Mar 2010 17:28:16 +0000 http://wordpress.org/?v=2.3.2 By: Gina Pogol http://www.mortgagecreditproblems.com/blog/frustrated-with-your-lender-so-are-some-judges/#comment-6390 Gina Pogol Tue, 22 Sep 2009 19:26:21 +0000 http://www.mortgagecreditproblems.com/blog/frustrated-with-your-lender-so-are-some-judges/#comment-6390 Hi Melissa, You are right; it's too bad that so many lenders have apparently so little incentive to do the right thing. Some receivers of bailout funds have yet to modify a single loan! You can help by making sure that you have filled out the paperwork completely and correctly, provided ALL requested documentation, and that your income and expenses are not too wacky. Run your income and expenses through a mortgage affordability calculator and see if by getting a 2% rate and extending the term to 40 years you can get the mortgage payment down to 31% of your gross income or lower. And make sure that your non-housing monthly expenses are not too high either, or you may be denied a modification or required to get credit counseling first. If it appears that even a modified payment would be untenable you could be denied a modification. If you are still having no luck, a housing counselor (HUD has a list here http://portal.hud.gov/portal/page/portal/HUD/i_want_to/talk_to_a_housing_counselor) or even a bankruptcy or real estate attorney may be able to get your application pushed forward. Hi Melissa,

You are right; it’s too bad that so many lenders have apparently so little incentive to do the right thing. Some receivers of bailout funds have yet to modify a single loan!

You can help by making sure that you have filled out the paperwork completely and correctly, provided ALL requested documentation, and that your income and expenses are not too wacky. Run your income and expenses through a mortgage affordability calculator and see if by getting a 2% rate and extending the term to 40 years you can get the mortgage payment down to 31% of your gross income or lower. And make sure that your non-housing monthly expenses are not too high either, or you may be denied a modification or required to get credit counseling first.

If it appears that even a modified payment would be untenable you could be denied a modification. If you are still having no luck, a housing counselor (HUD has a list here http://portal.hud.gov/portal/page/portal/HUD/i_want_to/talk_to_a_housing_counselor) or even a bankruptcy or real estate attorney may be able to get your application pushed forward.

]]> By: melissa http://www.mortgagecreditproblems.com/blog/frustrated-with-your-lender-so-are-some-judges/#comment-6389 melissa Tue, 22 Sep 2009 19:19:37 +0000 http://www.mortgagecreditproblems.com/blog/frustrated-with-your-lender-so-are-some-judges/#comment-6389 i am aggrevated because i have called in and completed the online interview 3 tiimes with my lender (coldwell banker) and every time after the 7-10 days they say nothing is in there system i think an outside agency needs to be processing the paperwork to ensure that its getting done..no wonder less than 20% are being modified. i think they are not turning the paperwork in! i am aggrevated because i have called in and completed the online interview 3 tiimes with my lender (coldwell banker) and every time after the 7-10 days they say nothing is in there system
i think an outside agency needs to be processing the paperwork to ensure that its getting done..no wonder less than 20% are being modified. i think they are not turning the paperwork in!

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