Author Topic: Mortgage Modification  (Read 1041 times)

Offline bands

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Mortgage Modification
« on: September 14, 2010, 01:42:59 PM »
Does anyone have any experiences (positive or negative) with attempting to modify your mortgage?

Offline azhoopsfan

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Re: Mortgage Modification
« Reply #1 on: September 14, 2010, 02:11:18 PM »
Does anyone have any experiences (positive or negative) with attempting to modify your mortgage?

Pretty sure they won't talk to you unless you have a "hardship."

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Re: Mortgage Modification
« Reply #2 on: September 14, 2010, 03:24:20 PM »
It seems like you can be up to date on payments and still qualify if your home is "underwater" with the Making Home Affordable Plan... just wondering if anyone has had success with this.  Any tips would be useful!

Offline random1954

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Re: Mortgage Modification
« Reply #3 on: September 16, 2010, 12:12:37 AM »
call 732-730-7200 ez debt, they should be a be to help you. they did a great job with my mortgage and debt in general.

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Re: Mortgage Modification
« Reply #4 on: October 25, 2021, 12:43:56 PM »
Reviving an old thread that predates me. (Though back in the days of MHA/HAMP I was pretty knowledgable and helped quite a few people get excellent modifications).

It seems like now HUD is giving guidance on a Covid-19 Recovery Modification that uses a simpler formula than Obama's era Making Home Affordable modifications. There seems to be virtually no calculations needed on the borrower side to make things work and get a modification approved, it's all on the lender's side.

And while the guidance for the best modification would be 25% deferral, change rate to current PMMS (rounded to the closest .125%), and 360 months, vs. 30% deferral (with potential forgiveness), 480 month extension and step rates starting at 2% for 5 years and going up to PMMS that is current at time of modification, these are potentially excellent modifications (especially in a few scenarios of people I know who got modifications in the MHA days - One who got his deferral forgiven, could get a new deferral, bringing his payment as well as interest expense down; another got his rate stepped up to a rather high PMMS rates, wouldn't see much of a reduction in payment, but would get loan extended and lower the interest cost; and a third who previously got a modification without a deferral, might now get a deferral and an interest rate that is less than half his current interest rate).

Has anyone received a COVID-19 recovery modification or any other modification recently? Any experiences and tips?
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