Your Questions About Mortgage Loan Modification

Mark asks…

I recently drafted a service agreement for a Mortgage Loan Specialist , how much do I charge for such document?

It is an agreement for use of software, related to loan modifications etc. How much may I charge for a document like that? I an a Licensed Attorney.

John answers:

I’m surprised an attorney doesn’t know what to charge. I would go with your hourly rate, unless that seems too much, then I would charge what is reasonable for your area.

Richard asks…

Is there a downside to the FHA home loan modification plan from 2009?

I paid $90000 for my home and was paying $750 monthly before the modification. After the Home Loan Modification was done, I owed $68000 and paid $516 every month. I hear rumors of people having bad modifications where their Modification was only temperary for 5yrs and the whole time were only payin interest and that their principal went up along with monthly payments going up higher than before they got the modification done. does anyone know if this happens to everyone or only to a few poor souls? Since the time I got my home loan Mod(2009) I am down to $496.56 a month and owe $60,579.

John answers:

Most of the Modification loans are just outright scams that in the end they tell you that you did not qulify for after stringing you along for six months and then they foreclose on your home. You are much better off finding some way to get a new loan. There are programs at some state Unemployment Agencies that will help you with problem mortgages. I do not know what state you are in. Answer to Med Tech question; Yes, you have to have a higher than average IQ to get through the Med Tech courses. It is very heavy in biology, and ALOT of information to learn in a year and a half course. I had a biology Professor taking the course with me, and he had also been through an Associates in Nursing, as well as having earned his Master in Biology. He said it was just as difficult as Nursing School academically. The math isn’t that difficult compared to College Algebra or Principle of Chemistry, both of which you will need to get through the Degree Program. It does not pay very much for all of the academic torture that you have to endure to get through the program. It can be a good stepping stone to get into Medicine, Pharmacology, etc.., though. I just finished my Associates in Clinical Laboratory Science which enables me to sit for ASCP certification as a Medical Laboratory Technician. I then have to go onto obtain my Bachelors in Medical Laboratory Science or Biology ( I am aiming for the MLT to MLS online bridge) and then have yet to decide what I want to do for grad school. I really want to get back up to six figures or more, so I don’t want to just stay in the lab around $60k a year. But it beats minimum wage and is not a horrible way to earn a living.

Lisa asks…

How to get help in dealing with a mortgage lender that isnt helping through our hardship?

Can anyone offer advice or information on how to deal with the fact that we were denied for a loan modification twice by our mortgage lender and through this time we have a hardship, given the runaround and nonsense and they messed up our credit, where do we get help from here to either get refinanced or someone to contact to get the payments deferred, which the bank claims they do not do?

John answers:

Take away the scolding portion from the previous post they do have a point about asking for a modification, I was posters would take away there personal opinions on this board. Its true tons of homeowners are coming out of this modification process.with tarnished credit.

The gold key of getting a modification is if you are underwater. Think of this in a banks eyes, if you owe 300k home worth 150-260k they bank could lose a kings ransom if you foreclose hence a better chance of a modification. Now if you owe 300k home worth you owe 300k and up you can kiss a modification good bye.

Press you hardship by asking for a modification and if underwater put you request for a modification as a business proposal.
Here is an excellent site where you can join and use the forum

Steven asks…

what will happen if I miss my mortgage payment for chase mortgage?

I am trying to come up with the money to pay my mortgage but its very difficult. I already have a loan modification that started in 2008 and was approved the same year.Now I am paying a fixed amount and since then I haven’t missed a single payment. But now it looks like this is going to be my first time, thanks to paypal’s new rules in withdrawing funds. But what will happen if I don’t make the payment this month? Will this also affect the loan modification with chase?

John answers:

It should not effect your modification. Call Chase and tell them what you are doing.

Nancy asks…

Pros and cons of claiming spouses income when trying to get a loan modification?s?

My third attempt to get a loan modification on a house that’s severely underwater. My wife’s name is not on the house loan or deed and they want to know if she contributes to the bills. What is the purpose of this and what are the pros and cons if I were to say that she does?

John answers:

In order to qualify for the modification, you need to prove that you can no longer afford the mortgage payment. The lender will want to know ALL household income. Also, being ‘underwater’ does not mean you entitled to or qualify for a modification.

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