Author Topic: Mortgage Modification  (Read 5328 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."

Offline bands

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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.

Offline ExGingi

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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?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: Mortgage Modification
« Reply #5 on: October 28, 2021, 01:12:45 AM »
Just spoke to a friend (who used to work for me during the MHA/HAMP days) who told me he got a modification approved just for asking, with no paperwork.

I on the other hand am being asked for various pieces of paperwork. The difference might be that my loan isn't a Freddie or Fannie loan, and/or servicer incompetence (Bank of America). Though during a conversation today with my assigned account manager she told me that (almost) all requests get a modification approved.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Euclid

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Re: Mortgage Modification
« Reply #6 on: October 28, 2021, 01:36:19 AM »
Just spoke to a friend (who used to work for me during the MHA/HAMP days) who told me he got a modification approved just for asking, with no paperwork.

I on the other hand am being asked for various pieces of paperwork. The difference might be that my loan isn't a Freddie or Fannie loan, and/or servicer incompetence (Bank of America). Though during a conversation today with my assigned account manager she told me that (almost) all requests get a modification approved.
Who do you ask? The lending bank? Did he need to give any excuse why he thinks he's eligible eg did he miss any payments?

Offline Euclid

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Mortgage Modification
« Reply #7 on: October 28, 2021, 11:24:50 AM »
Who do you ask? The lending bank? Did he need to give any excuse why he thinks he's eligible eg did he miss any payments?

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!
« Last Edit: October 28, 2021, 01:55:11 PM by Euclid »

Offline ushdadude

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Re: Mortgage Modification
« Reply #8 on: October 28, 2021, 12:26:44 PM »
I deferred payments on my mortgage during the height of corona. I ended up refi'ing and had to pay all that deferred interest up front. fun
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Offline ExGingi

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Re: Mortgage Modification
« Reply #9 on: October 28, 2021, 01:52:41 PM »
I deferred payments on my mortgage during the height of corona. I ended up refi'ing and had to pay all that deferred interest up front. fun

Had you spoken to someone who's been around the block long enough with past experience in mortgage modifications, you might have heard about various experiences and opinions that might have had a better outcome.

For most, maximizing the deferral and then getting modification like the ones that are offered now on Fannie and Freddie loans would have netted a current PMMS rate (3.0% or lower, depending on timing), possibly a partial deferral, and a new 30 or 40 year term.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Euclid

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Re: Mortgage Modification
« Reply #10 on: October 28, 2021, 01:56:23 PM »
Had you spoken to someone who's been around the block long enough with past experience in mortgage modifications
Like whom? A mortgage broker?

Offline tov hashem

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Re: Mortgage Modification
« Reply #11 on: October 28, 2021, 02:01:35 PM »
like @ExGingi I think he helped a lot of people in the Obama era am i correct?
your car warranty is about to expire!!

Offline ExGingi

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Re: Mortgage Modification
« Reply #12 on: October 28, 2021, 02:05:09 PM »
Like whom? A mortgage broker?

When one asks around, one might find someone. But when trying to figure out everything alone, one might end up making their own mistakes, that others have already made (or managed to avoid) and learned from.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ushdadude

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Re: Mortgage Modification
« Reply #13 on: October 28, 2021, 02:11:49 PM »
Had you spoken to someone who's been around the block long enough with past experience in mortgage modifications, you might have heard about various experiences and opinions that might have had a better outcome.

For most, maximizing the deferral and then getting modification like the ones that are offered now on Fannie and Freddie loans would have netted a current PMMS rate (3.0% or lower, depending on timing), possibly a partial deferral, and a new 30 or 40 year term.
i refi'ed about a year ago so no way to predict this. live and learn
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Offline ExGingi

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Re: Mortgage Modification
« Reply #14 on: October 28, 2021, 02:37:38 PM »
i refi'ed about a year ago so no way to predict this. live and learn

-10000000000000000000

History doesn't repeat itself, but it sure does rhyme. What was the rush? Could have kept on deferring. In the worst-case scenario, you would have been able to have the entire amount deferred tacked on to the end of your loan without any interest accruing.

For anyone with a Fannie or Freddie loan (and most loans are), it's a zero paperwork no-brainer!
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Lurker

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Re: Mortgage Modification
« Reply #15 on: October 28, 2021, 02:52:01 PM »
I just did a mod with Wells Fargo. Apparently, Fannie and Freddie are doing auto approvals with zero papaerwork. Got my rate knocked down to 2.875% from 4.75% and term extended to 40 years. Took 20 minutes on the phone. For WF, you need to speak to the Home Preservation department, and claim Covid hardship. Mine was approved on the back of the CARES payment suspension, so I don't know if this applies for people who were making payments until now or resumed making payments already post-deferment.

ETA: They took all the deferred payments, including principal, interest, and escrow, and capitalized the entire amount.
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Offline AsherO

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Re: Mortgage Modification
« Reply #16 on: October 28, 2021, 03:00:42 PM »
I just did a mod with Wells Fargo. Apparently, Fannie and Freddie are doing auto approvals with zero papaerwork. Got my rate knocked down to 2.875% from 4.75% and term extended to 40 years. Took 20 minutes on the phone. For WF, you need to speak to the Home Preservation department, and claim Covid hardship. Mine was approved on the back of the CARES payment suspension, so I don't know if this applies for people who were making payments until now or resumed making payments already post-deferment.

ETA: They took all the deferred payments, including principal, interest, and escrow, and capitalized the entire amount.

WDYM zero paperwork? Literally a phone call and nothing to sign? Or you mean you don't need to apply and provide documentation?

Offline Lurker

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Re: Mortgage Modification
« Reply #17 on: October 28, 2021, 03:05:11 PM »
WDYM zero paperwork? Literally a phone call and nothing to sign? Or you mean you don't need to apply and provide documentation?

I mean I haven't signed a single paper as of yet, and absolutely no documentation whatsoever was requested of me. I was told that all I need to do is make 3 on time payments during the trial period, starting in December, and then the mod would be considered just like any other regular mortgage. I'll update if anything changes.
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Offline Euclid

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Re: Mortgage Modification
« Reply #18 on: October 28, 2021, 03:10:12 PM »
-10000000000000000000

History doesn't repeat itself, but it sure does rhyme. What was the rush? Could have kept on deferring. In the worst-case scenario, you would have been able to have the entire amount deferred tacked on to the end of your loan without any interest accruing.

For anyone with a Fannie or Freddie loan (and most loans are), it's a zero paperwork no-brainer!
They asked me if I want to put my mortgage into forbearance, and I told them no. Should I have accepted forbearance, in order to get a more favorable mod? 

Offline ushdadude

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Re: Mortgage Modification
« Reply #19 on: October 28, 2021, 03:24:27 PM »
-10000000000000000000

History doesn't repeat itself, but it sure does rhyme. What was the rush? Could have kept on deferring. In the worst-case scenario, you would have been able to have the entire amount deferred tacked on to the end of your loan without any interest accruing.

For anyone with a Fannie or Freddie loan (and most loans are), it's a zero paperwork no-brainer!
deferment was 6 month max. if i would have stayed with BoA for entire mortgage it would have just been tacked on at the end. Because I refi'ed they collected it at closing.
Trolls will always post stupid replies