I’m on State Disability for the next two to three months & then I’ll be on Unemployment until I get a job, IF I get a job. Unemployment won’t pay a stitch of my mortgage. There are some temp jobs in my field, but I have had no luck in getting a permanent one because of my track record. If I don’t get a job right away, I’ll have to foreclose on my house. If I find a job, I won’t be able to afford my full mortgage, with how much debt I’ve gotten myself into. Given these variables, would you modify your loan, especially if you were probably going to lose your house? How much will my monthly payment go down, if you know? I know modifying your loan involves a lot of paperwork. If I get a job, I’ll make a lot of money in my field. Thx.
Would You Modify Your Loan If You Were Me And How Much Will They Typically Go Down?
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I doubt you will get one. You are behind, so you can’t qualify for most of the programs. Additionally the fact that are not working would indicate a modification would not help you, so they will just foreclose.
Typically they lower your interest rate to around 4%, so that is how much it would go down for you.
Maybe you haven’t been following the news for the last 5 years…but..people who qualify and want a mortgage modification cannot get their bank to even talk to them.
Many who did everything they were told to do still could not get the bank to even talk about it.
Even when there was a government program in place to provide additional assistance to those getting a mortgage modification could not get the bank to even return a call.
You may want a modification, and you even qualify..but…the bank won’t even talk to you.
The banks got a bail out, and we all got sold out
You are definately a candidate for modification. The bank will not make this easy, but talk to them about your situation.
Talk with your mortgage/loan company about your situation and see if there are any options. It never hurts to ask.