Mortgage Modification

[AsherO]

Any possibility of them changing the rules down the line re credit reporting? Or its law.

Might there suddenly be a 5/24/C-19 regulation.

If the Dems (or is it some Dems?) have their way credit reporting will be reformed.

[zagguru]

Any possibility of them changing the rules down the line re credit reporting? Or its law.

Might there suddenly be a 5/24/C-19 regulation.

I believe its just for COVID

[ExGingi]

Hmmm. Sound like their estate department.

Just got an Escrow Analysis letter (no modification yet). Oh is this bank incompetent!

While it's nice to see my monthly payment significantly reduced, the fact that it's reduced by under charging for Escrow (using City Tax numbers that might have been true before Bloomberg started raising NYC real-estate taxes) doesn't make me feel great, as I know I will have to pay it back.

[yoely845]

I have a lot to talk re: modification first let me see if anyone has any info on the program below, it might be more beneficial.
https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund
https://hcr.ny.gov/homeowners

ExGingi in your times there wasn't such programs like now.

[Lurker]

I have a lot to talk re: modification first let me see if anyone has any info on the program below, it might be more beneficial.
https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund
https://hcr.ny.gov/homeowners

ExGingi in your times there wasn't such programs like now.

Don't know about NY, but in FL it's capped at 10k per, and they wanted a bunch of paperwork.

And these are still ExGingi's times, ba"h.

[Euclid]

Don't know about NY, but in FL it's capped at 10k per, and they wanted a bunch of paperwork.

And these are still ExGingi's times, ba"h.

*These* are ExGingi's times; *those* were Gingi's times.

[TBD]

I have a lot to talk re: modification first let me see if anyone has any info on the program below, it might be more beneficial.
https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund
https://hcr.ny.gov/homeowners

ExGingi in your times there wasn't such programs like now.

https://forums.dansdeals.com/index.php?topic=115132.msg2517851#msg2517851

[ExGingi]

*These* are ExGingi's times; *those* were Gingi's times.

ALOL. Nominated for best-of.

I will have to look at pictures from back then to see what color my beard was. I know that one of my younger kids once commented upon seeing a picture of me from my oldest son's bar-mitzvah: someone painted tatty's beard orange.

ETA: Here's something from my son's bar-mitzvah which might have been the beginning of the Making Home Affordable modification days.



I can't find a clear picture now, but by 2013 was definitely much more Ex than Gingi.

[ckmk47]

Such as low cost index funds

Some indexes can be traded as if they're stocks, so have no fees at all.
For example, SPY follows the Standard & Poors 500 index.

[tov hashem]

I have a lot to talk re: modification
ExGingi in your times there wasn't such programs like now.

what could you share about loan modification?

[ari3]

Is modification only for primary residence or for second home/investment property as well?

[Euclid]

So I called TD (my loan servicer) at 800-742-2651 x8987 and asked them about COVID-19 loan modification. They asked me if I was impacted and I told them that I was since my expenses have gone up due to the raise in costs etc. They're starting the paperless process to see what I'm eligible for; though I have the option to reject any modification they offer and apply with income documents ie "Borrower Request for Assistance" which seems to be a different process than the Covid-19 process.

Thanks @ExGingi for bringing this to my attention!

Got the docs in the mail; they're offering a 12 year extension on the loan, same rate of 3.125%. I'm currently at 28 years and they're offering to make it a 40 year loan.

TD is the owner of my mortgage, so it's their own program and doesn't have the same exact rules as the federal program. I'm torn if I should decline this, in hopes of getting a better offer.

[ExGingi]

Got the docs in the mail; they're offering a 12 year extension on the loan, same rate of 3.125%. I'm currently at 28 years and they're offering to make it a 40 year loan.

TD is the owner of my mortgage, so it's their own program and doesn't have the same exact rules as the federal program. I'm torn if I should decline this, in hopes of getting a better offer.

If I were you I would accept. They are lowering your payment by extending the term at what I would consider an attractive rate. You can probably take the monthly savings and do something with it that will allow you to pay off the balance in 28 years (or sooner) IF you decide that it makes sense at that time.

ETA: I just reread your original post. The question is whether you will be able to come back to this if they don't offer better. Whether you will get a better offer will depend on debt-to-income ratios etc. They also try to target a 25% reduction in P&I payment. The only additional step available in achieving that would be partial deferral. Depending on DTI ratios they might or might not offer.

[Euclid]

If I were you I would accept. They are lowering your payment by extending the term at what I would consider an attractive rate. You can probably take the monthly savings and do something with it that will allow you to pay off the balance in 28 years (or sooner) IF you decide that it makes sense at that time.

ETA: I just reread your original post. The question is whether you will be able to come back to this if they don't offer better. Whether you will get a better offer will depend on debt-to-income ratios etc. They also try to target a 25% reduction in P&I payment. The only additional step available in achieving that would be partial deferral. Depending on DTI ratios they might or might not offer.

Yeah, in a vacuum I'd definitely go for it; I just don't want to leave money on the table. I'll call them and see what they say. I'm also curious how long the federal program will be going for - maybe if I wait long enough my mortgage will be bought by Fannie/Freddie and interest rates will be below 3.125% then...

[ExGingi]

Yeah, in a vacuum I'd definitely go for it; I just don't want to leave money on the table. I'll call them and see what they say. I'm also curious how long the federal program will be going for - maybe if I wait long enough my mortgage will be bought by Fannie/Freddie and interest rates will be below 3.125% then...

What's that saying about a bird in hand?

[tov hashem]

Is modification only for primary residence or for second home/investment property as well?

freddies rule is that with out missing payments only for primary and with 60 days forbearance also for investment

[zagguru]

Got the docs in the mail; they're offering a 12 year extension on the loan, same rate of 3.125%. I'm currently at 28 years and they're offering to make it a 40 year loan.

TD is the owner of my mortgage, so it's their own program and doesn't have the same exact rules as the federal program. I'm torn if I should decline this, in hopes of getting a better offer.

Did you ask them about a rate reduction? What did they say?

[zagguru]

If I were you I would accept. They are lowering your payment by extending the term at what I would consider an attractive rate. You can probably take the monthly savings and do something with it that will allow you to pay off the balance in 28 years (or sooner) IF you decide that it makes sense at that time.

ETA: I just reread your original post. The question is whether you will be able to come back to this if they don't offer better. Whether you will get a better offer will depend on debt-to-income ratios etc. They also try to target a 25% reduction in P&I payment. The only additional step available in achieving that would be partial deferral. Depending on DTI ratios they might or might not offer.

I have a 2.5 rate with TD. 30 years. Would you recommend that I call and try to get to 40 years as well?

[ExGingi]

I have a 2.5 rate with TD. 30 years. Would you recommend that I call and try to get to 40 years as well?

I am not recommending anything. But IMHO 2.5% for 40 years is better than 2.5% for 30 years. You can probably quite easily and safely put away the difference and come out ahead.

[zagguru]

I am not recommending anything. But IMHO 2.5% for 40 years is better than 2.5% for 30 years. You can probably quite easily and safely put away the difference and come out ahead.

I recently took out the loan. Going to call TD and see if they offer anything