Does a bank have to agree to a mortgage loan modification or is it voluntary?
We have lost a third of our income and unable to make our next mortgage payment. I asked my loan officer about a modification and he acted like he had never heard of it. Now he is avoiding my calls.
As I understnd it, the bank does not have to agree to a loan modification, however In my opinion the people who work for the bank are foolish not to agree to a loan modification particularly where it is important to avoid a foreclosure.
Right now property prices are artificially depressed because of all of the foreclosed properties.
Any property taken back in foreclosure and sold on the open market results in a huge loss for the bank and devastaes the family that loses their home.
It makes more sense to modify the loan so that you can make the payments and keep you in your home.
When the economy improves, your income will improve, the market value of your property will go back up and you will be able to catch up on your mortgage payments and the bank will avoid the loss that they would otherwise suffer if they foreclose on your home.
What states have license requirements for mortgage brokers offering mortgage loan modification services?
I am trying to find out if real estate professionals offering to help homeowners with mortgage loan modifications have to be licensed or otherwise regulated by government requirements?
Do they really provide the same services provided for free from the government (saw this on tv news show tonight)?.
They are all scams anyway. Anyone telling you otherwise is trying to con you themselves.
You can do this yourself, just ask your bank for the modification package.
Has Anyone had success getting a mortgage loan modification?
I currently trying to get a loan modification through us bank i am formerly a downey saavings bank customer but when they went under my mortgage was taken over by us bank. Has anyone had success doing this and how long did it take. Thank You
Dear god man!
Did you seriously get this many responses to your question and NOT ONE of them helpful? Well I’ll help you
US bank is a larger lender and therefore are more open minded when it comes to loan modifications, so that takeover was probably a really good thing for your situation. I do loan modifications with an attorney’s office and we have a lot of success with US Bank. A loan modification on average takes approximately 60 days to complete. However, if you are doing it yourself it take up to 120 days. So don’t feel bad if it’s not moving along as quickly as you thought it would. It just takes time. If you would like more information about modifications feel free to get in contact with me, but I believe this answers your question
Can i write off my mortgage loan modification fees on my 2009 taxes?
In 2009 I sent $3,500 to a loan modification company that was suppose to get my home loan modified. Unfortunately for me the company stole my money, went out of business and I never got my home loan modified.
Can I write off the money used to modify my loan? If so, where would it fall under on my 1040?
Thank you for all your help.
Yes, you can. It falls under the Topic 504 – Home Mortgage Points. Here’s a link with more details on where it falls http://www.irs.gov/taxtopics/tc504.html
You should have saved your money and do the loan Modification yourself. It’s a simple process.
Will being on unemployment affect getting a mortgage loan modification?
Our house is going in to foreclosure and we are trying to get a loan modification. My husband found out he is likely to lose his job next month. Will this affect getting a loan modification?
It could but if you have prospects of future employment it may not affect you.
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