Trying to get a loan modification, but this sucks! Do I have any choice?

[Myhearts]

Hey all, Hearts here,

My DH and I are trying to get a loan modification and the lender is not open to any options other than partial claim which is the same payment that we were struggling to pay before plus an increase in escrow, arrears on back end of loan, no interest rate reduction or extension of loan terms.  I am afraid that if we accept this option, we are going to be right back at foreclosure's door in a few months.

Is it the lender's priviledge to not offer anything more than that?  I thought with FHA you have to offer loan modifications?  Someone school me please.

She is getting irritated with me and I can tell she is ready to take back that offer.

Hearts

[ShanetheMortgageMan]

No lender is ever required to offer loan modifications.  It's up their investor if they are willing to do it or not.  That is why two different people with a Wells Fargo loan, or whoever, with the same exact loan program and situation... one could get approved whereas the other would not, all because they had a different investor.  Did you talk to the pro's over at LoanSafe.org about this?  If so what did they say?

[Myhearts]

Thanks for responding Shane.

No, I did not run it by them.  I will do it now.

Hearts