Your Questions About Home Loan Modification

Paul asks…

Is there new legislation relating to home modification starting in August?

I have heard that there is new legislation which which is due to take affect in August that will help people that are trying to get their banks to work with them on loan modifications. Does anyone have further info on that?

John answers:

No such thing.

Mandy asks…

I am trying to modify my mortgage, Is it possible to apply for a modification on my Home Equity line as well?

I have a bout 100,000K in home equity that I used and make payments monthly, I am trying to get a modification on my home Mortgage, so at the same time do home equity loans get modification as well, if I call the bank of America (my equity loan provider) can I ask for modification on the Equity Loan?

John answers:

You can… But why??

Equity lines have floating rates.. Not fixed…

William asks…

What respnsibilities do I have if i buy a trailer/mobile home for my mother?

Do I pay property taxes and how do I report it on my taxes if I live in my own home? How does this affect my HAMP approved loan modification? Any all advice or experiences shared is much appreciated.

John answers:

Who ever owns the property is required to pay the taxes.

Ken asks…

I had to modify my home loan, will that disqualify me from working for the FBI?

I had apply for a loan modification because I can no longer afford my mortgage payment. Other than that I had great credit. I know the FBI does an extensive background check, will that disqualify me?

John answers:

No as long as you can show the reason why as legitimate.

Carol asks…

Has anyone gotten a letter from AFT offering a principal reduction on your home loan?

I called them because I thought the letter was from my lender, Wells Fargo, but it was from this AFT company (Automated Financial Transactions) saying that they could work with Wells Fargo, I belive they said they buy or sell morgages, and can help us reduce our home loan principal amount considerably, just wanted to check them out and see if anyone has heard of them, or knows anything about this program. Thank you.

John answers:

SCAM alert –
This company is not out there to help you.
They will charge you about 2% of the price of your loan and promise to help you re-fi.
After they get your check – good LUCK getting them to help you.
Just wave bye- bye to your money.
Don’t be so easily fooled by mail you get – be more careful next time.

Contact Wells Fargo if you need a loan modification – if they can help you they are required to help you. If not contact Making Home Affordable website.
These people will call wells fargo and make sure they get your home refinanced if you qualify.
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