Performance Boats Forum banner

Mortgage Modification Question

6K views 113 replies 23 participants last post by  Topless 
#1 ·
The existing loans on my two homes is not that high. Todays rates would be a little less..maybe 1/2 point. The loans I have are with Countrywide and Citi Mortage. The question is can you do a "loan modification" to reduce that rate without doing a total refi to lower your rate. Do not need to take any additonal cash out from a refi. It would be nice to not pay for new title insurance, loan fees and all the rest. Just simply reduce the rate to todays rate. Loans have always been paid on time with excellent credit rating. Who would you talk to, I assume not just the clown who answers the 800 number or is it even possible to do without a new loan...
 
#3 ·
I don't have any financial problems, just would like to lower my rate and not pay a bunch of fees and don't I know if they would even consider that..
 
#6 ·
Countrywide is running a special deal right now with a 3 day escrow:
Not available through their offices, you can enquire online or call them:

A Special Online Discount. Minimal paperwork.
And a lower rate and payment.

We're offering a Special Online Discount1 to Countrywide customers.

We've reviewed your account. Because you have kept your account current, made consistent payments during the past year, maintained a good loan-to-value ratio, and because your loan and property type meet our lending profile, we invite you to call to see if you qualify to refinance and:
Receive a Special Online Discount.

Get a new loan that may lower your rate and reduce your payment.
Close your loan in weeks with our innovative Fastrack Loan Program.
Call 1-800-779-7956

Plus, we're giving qualified customers an additional incentive. Receive your closing documents in as little as 3 days with our Fastrack Loan Program.3 Call 1-800-779-7956 or click here to apply online.

If reducing your monthly mortgage payment sounds like a good idea, take a few minutes to learn your options. Call 1-800-779-7956 or

To ensure you continue to receive important customer correspondence from Countrywide, please add countrywidehomeloans@email.countrywide.com to your address book. For instructions on how to add us to your address book, click here.

1. Offer not available in Countrywide office locations. The Special Online Discount is valid for a minimum of 1/8 of a discount point that may be used at the customer's discretion to either reduce the available mortgage interest rate or reduce the closing costs. The discount amount varies by location, product and other factors, call for details. This offer is only open to borrowers who (1) are a Countrywide customer as of today's date; (2) start the loan process by calling the dedicated number above or by visiting us online as specified above; (3) submit a completed loan application on or before 10/30/2008 and close a new fixed-rate or Adjustable-Rate Mortgage (ARM) loan that funds through Countrywide Home Loans, Inc. or Countrywide Bank, FSB. Not available with any other promotional offer. Additional restrictions may apply. Offer not available on a Home Equity Line of Credit or 2nd lien loan. Rates, terms and programs are subject to change.

2. Refinancing may increase the total number of monthly payments and the total amount paid when compared to your current situation. If your current loan is a 10, 15, 20 or 25-year term, although your refinanced monthly payment may be lower, you should carefully consider the potential increase in interest charges you will pay and the additional years needed to pay off your loan by refinancing into a 30-year term.

3. Most Fastrack loans receive Fast CLOSE processing, an expedited closing process for refinances available to qualified Countrywide customers. For Fastrack loans, no new appraisal required if original value is supported by a Countrywide automated property valuation (APV) update. Properties eligible for APV updates must fall within minimum and maximum values. Guidelines subject to change without notice. $350 will be added to the Lender Fee for all Fast & Easy loans and Fastrack refinance loans that receive Fast CLOSE processing not requiring a new appraisal. Fastrack maximum loan amount is $417,000.
 
#8 ·
Me and our office have been doing Loan Modifications for about two years now, Since we saw the value's sliding and many homeowner hurt. UNLESS you are past due and seconds from forecloser....GOOD LUCK! Most of these lenders are so busy with customers that are hanging on by their finger tips...that they will not help the homeowner that is looking for a rate deduction.

AND to make matters worse.... alot of these lenders you speak with are just servicing the loan for a outide investor. If this is the case, they have no authority to do anything with someone elses note. The whole thing just sux...seems nobody can help the honest working guy anymore!
 
#9 ·
That's the problem, we are not past due, never been late on any mortage payments, have very, very high credit scores (both me and my wife) and would just like to take advantage of a lower interest rate without paying the typical 1/2 to 1 point loan fee, new title insurance and all the other fees involved. I just want to take advantage of the new lower rates and they all want to play games, both Countrywide and Citi Mortage which has our other home..I just want a "loan modification" for a lower rate, not a new loan..would like to do this fast track with little paperwork. Just give me a lower rate, charge me a small fee, sign one or two documents and nothing else changes..one other thing to consider, both of our homes exceed the magic number of $417,000. I don't know if that makes a big difference.
 
#14 ·
Unfortunately I asked Lee at schiada to give me back 35K for the 22 schiada I bought since the market declined. He said no. Crap oh well I tried!

Just kiddin man. Loan Modifications and short sales are for people who are experiencing a hardship. It is difficult to get someone to beleive your in a hardship when all your bills are paid. Especially if you are paying for gas in your boat! Lord knows I feel like a sinner every time I fill that sucker up! So in all people are destroying their credit to get a loan mod "Esentially creating a hardship" I see this backfire alot since there really is no hardship. Again LOAN MODIFICATIONS ARE FOR PEOPLE IN HARSHIP
 
#16 · (Edited)
I'm not going down the road of late payments to appear as though a hardship exists and reduce my credit score....just give me a lower rate without a new loan..just now CNBC (the financial show) just announced that the fed is considering lowering everyones interest rate to a fixed 5 1/4 for 30 years..just one thing they are talking about due to todays free fall...I just want my piece of cheese and am willing to pay a fair price for it..not some new loan bullshit..by the way if your boat hasn't started production and materials for the project have not been ordered, I think you should be allowed to get your deposit back..no harm no foul..
 
#15 ·
A ding or even a repo or foreclosure on your credit history won't mean a whole lot here real soon. At least it won't be as devestating like in the past. There will be so many that lending companys will overlook them because it will be so common. Past history will carry more weight than recent history.
 
#42 ·
A ding or even a repo or foreclosure on your credit history won't mean a whole lot here real soon. At least it won't be as devestating like in the past. There will be so many that lending companys will overlook them because it will be so common. Past history will carry more weight than recent history.
Keep thinking that. Sub prime got us into a lot of this mess and because letting a FC borrower within 3 years or lower ficos buy a home. Banks aren't going to look at a foreclosurer any lighter than they did in the past.
 
#19 ·
Well when your payment will go from 3k to 6k with a rate adjustment what was not a hardship usually turns into a hardship.:)

I think lots of hardship is coming to Murrieta.

I wish I had access to the number of Alt-A loans and 3 yr Arms from late 05 that are about to RE-adjust.


Everything I have read in the past 3 years so far has been true..If the above hypothetical statement is true...then I say lots of people are screwed.:)



 
#20 ·
Well when your payment will go from 3k to 6k with a rate adjustment what was not a hardship usually turns into a hardship.:)

I think lots of hardship is coming to Murrieta.

I wish I had access to the number of Alt-A loans and 3 yr Arms from late 05 that are about to RE-adjust.


Everything I have read in the past 3 years so far has been true..If the above hypothetical statement is true...then I say lots of people are screwed.:)
It will stay bad for a while!
 
#55 ·
How many people out there right now and in the comming year or so are going to have a BK or FC on their history? ALOT! Now if these same people have always had past bad credit (before this latest mess) then yes they are going to have a very hard time getting funded for anything. If someone has had great credit for many years prior to this mess and truly had a misrepresented loan given to them, then I believe that their case will be looked at much differently.
 
#78 ·
FHA loans .... It is not usually FICO score driven but currently requiring 575 or higher with whats happened. 3% from the borrower for down payment and 3-6 months reserves. BK is ok as long as it has been discharged for two years and borrower has not gone late since. Debt to income ratios will not be flexible... People will still be able to purchase homes just what they can actually afford.
 
#105 · (Edited)
TOBTEK and PB123 do you have any investor loans other than private money that will allow 13+ properties financed? I know Fannie max is 4-5 now if it is an investment property.

I am not in Real Estate...I bought in the height of 05 and by Jan 06 reality set in that I was screwed if I didn't research my options. I negotitated an extension on the 2 yr back in 07..not set to re adjust till 09 and down 50% here in Murrieta .

Just like to stay on top of the game... I do know a few people that could use help so pm me your info if you want.

My loan was a trust loan so it was a cup is half full for me and the Servicer agreement. I have not received any notice that it has changed hands...Merril Lynch owns the paper. I am thinking BofA only bought the bad stuff so far? I do not have any 30 days on the 1st or 2nd. If it is impossible to keep then I want to get the tax advantage like the next guy. That expires in 09 correct.

When I did the extension I still made my payments...they put them into a suspense account until the new escrow papers were signed is how it worked.



 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top