Your Questions About Home Loan Modification

Mark asks…

If your Home loan is in modification and you have substanial equity, will Countrywide do cash out?

John answers:

I would suggest contacting or call 877-865-7744 for any loan modification questions you may have. They are assisting homeowners who are facing potential foreclosure to modify their existing mortgage for lower payments, rates etc. They are associated with President Obama’s new Homeowner Affordability and Stability Plan for homeowners in crisis of losing their homes. Apparently, they are attorney-backed and provide a 100% money back guarantee if they do not provide solid results.

James asks…

My home is in foreclosure with Washington Mutual, denied a loan modification. Will someone help?

I recently divorced and have 2 children. We have lived in our home 8 years. I can afford the payment now and wish to stay in our home. My credit is ruined at this point. Are there investors out there that would refinance me?

John answers:

I posted my response to someone elses question somewhere else on here and thought i would offer the same post here i was very happy with my outcome:

well i can tell you that i tried going through my lender (countrywide now bofa) and they gave me a runaround for 7 months and then finally approved my loan modification.

Then…. They took another 2 months just to get the loan modification details to me and it was for 1year then back to what i was paying before but because they took so long and my payments were stacked up they put the arrears back on the loan so my “loan modification” actually went up!!!!
I ended up paying 58 dollars more per month after the modification. I was told that i wouldnt be able to modify it again for a year but i ended up going with an outstanding law firm that cut my payment in half and they were very kind and well worth every penny!! I spoke with bob and he didnt push at all and gave me all the license information to look up on the state bar website. Hope that helps! Best of luck to you. Oh the name of the firm is the al verdi law group in california

Donald asks…

Home Modification Loans?

Do I call WAMu who holds our loan and ask for the loan modification? I am afraid to call them because we are 2 mnths behind and I know that they are going to want a payment that I do not have until next week. What should I do?

John answers:

You can’t get a modification w/o calling. Call and ask for a modification package, they are not likely to harass you for payment.

Nancy asks…

loan modification??/?

in the process of doing loan mod they put us on a trial for three months we did that and sent in all documents now there telling me that it could be 60/90 more days for a decision? in the mean time they said keep making the payments i hope they dont take me for a ride so they only get a couple more payments? i want to get on with my life do we move or do we not the money im giving here could be used for themove if they say no. what to do?

John answers:

I hope you are doing a modification with your current mortgage holder.

If not, please google the name of the company you are dealing with
Follow the company name by the word(s):
complaint, scam , rip-off

There are some companies in the Nevada and California area that are flat out scamming customers.
Also check the website to make sure there are no complaints.
Reserach, research, research.

If you have questions contact set up by HUD to help homeowners stay in their home.

Lizzie asks…

What’s the difference between home loan remodification and loan refinance?

Aren’t they the same in lowering payments??

John answers:

Yes, but the different

Loan modification when the home owner can’t make the original term payment agreement due to lost of job or laid off and the government forced the lender to do it in turn the government paying the fees to the lender.

Loan refinance is the home owner lower the payment volunteerily through lower interested rate set by market condition and the home has equity in it. The owner has to pay their own fee and point to the bank.

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