Posted by Yowheelz on 12/10/09 10:32am
Msg #313830

anyone else notice an increase in loan mods?

Not fraudlent apps, legitimate loan mods. I have gotten more calls for loan mods in the last two weeks than I have had in 6 months. I like these, usually 10 pages, 1 or 2 notaries, in and out the door quickly. Maybe some of the pressure on lenders to work with borrowers in distress has finally paid off.

Reply by Alz on 12/10/09 10:47am
Msg #313833

I do not mind doing these type of loan mods, especially between other projects.

Reply by cntrlcalntry on 12/10/09 10:47am
Msg #313834

Yep n/m

Reply by Coordinated Real Estate Services on 12/10/09 1:14pm
Msg #313869

I haven't seen any loan mods

Reply by Shoshana/AZ on 12/10/09 10:50am
Msg #313835

That's probably because the Feds read the riot act to the Big 3 - BOA, Wells and Citibank. Wells opened up a special office in my area just todo all these loan mods. I suspect that many of them were originally World Savings option arms.
The rep in my area told me that Wells has done more loan mods in the last month than they had done in the previous 10 months.

Reply by MSFlorida on 12/10/09 11:18am
Msg #313839

Well I wished they would've read the riot act to Chase. They are terrible to try and work with to get my modification done. All I wanted to do was to lower my Interest rate. When I did the questionaire they had online I qualified for it but its been 8 months now and they keep giving me the run around one minute its with the underwriter then the next time I call (because they never call me) they state well we need this and we need that and then we will send to underwriter. The last time I called (1month later) they stated the file was stale and I had to send in all new paperwork. Mind you I have never been late on my payments and I have a 800 credit score but my loan is more then what the house is worth. My home appraised for 270,000 when I got the loan 5 years ago now its worth 125,000. I just Thank god I didn't borrow up to 270,000 or I really would be in a whirl wind of trouble.

Reply by Shoshana/AZ on 12/10/09 4:45pm
Msg #313897

You'll have the best chance if you have a toxic loan such as a 5 year interest only arm or an option arm and/or can show hardship. You can also check to see if your loan is a fannie or a freddie. That will help.
Looks like you have an excellent credit score. Unfortunately, that could work against you.

Reply by Cari on 12/10/09 12:11pm
Msg #313852

Yes, a huge increase lately.... n/m

Reply by CopperheadVA on 12/10/09 7:49pm
Msg #313917

Nope! No loan mods here! n/m