mortgage loan modification

[Anonymous]

no i am not late everthing is current.....jan payment is due jan 1 2009 they told me not make it...than call them on th 2 of jan....guess a couple days won't matter. but i have reservations about letting it go 30 days.

[Anonymous]

That's what I though you were saying.  the other poster seemed to get that you had to wait until it was 30 days late.

Ther is even a grace period of probably 10-15 days on the loan as well, so you caould pay it up to 2 weeks late and proabably not even generate a late fee.

[Anonymous]

yeah, i will go up to that date but not beyond.......surely they have some sort of program that will help people with thier primary residence to avoid any adverse actions....(maybe not).....at aleast i am trying to get a handle on this......i have read that alot of people being helped have three or four houes used as rentals or vacation homes.....to me that should not quilify or at least be at the tail end of the help process......i have worked hard to get what i got and have not over extended or bought more than i can pay for. well maybe i have.... i just weren't prepared to loose my job. don't have enough savings to carry me 4 or 5 months and keep everything paid.  so what does one do.......become a ward of the state....i think not....i do take pride in what i have for now.........sorry had to vent.....

[Lel]

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@Anonymous wrote:

That's what I though you were saying.  the other poster seemed to get that you had to wait until it was 30 days late.

Ther is even a grace period of probably 10-15 days on the loan as well, so you caould pay it up to 2 weeks late and proabably not even generate a late fee.

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I did NOT say that at all.  My last post clearly states that the OP should pay his bill.

I was NOT late when I started my modification process.  I was NOT late when my modification was provisionally approved.

I only became "technically" late when my lender refunded my on-time November payment.  The reason this was done is because they wanted to freeze everything as is during the mod process.  No payments are to be made, no late charges will be applied.  There is a freeze on my credit and no lates are being reported to the CRAs.  The payments that were due in November and December are being rolled into my new loan balance.

My point is this: you do not need to be late to start the modification process.  But you will have to be persistent.  As the OP has already discovered, it's hard to get your case heard if you're not clearly in trouble.  I had the same problem, too, but I pressed ahead and finally got my lender to consider my modification request.

[Lel]

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@Anonymous wrote:
yeah, i will go up to that date but not beyond.......surely they have some sort of program that will help people with thier primary residence to avoid any adverse actions....(maybe not).....at aleast i am trying to get a handle on this......i have read that alot of people being helped have three or four houes used as rentals or vacation homes.....to me that should not quilify or at least be at the tail end of the help process......i have worked hard to get what i got and have not over extended or bought more than i can pay for. well maybe i have.... i just weren't prepared to loose my job. don't have enough savings to carry me 4 or 5 months and keep everything paid.  so what does one do.......become a ward of the state....i think not....i do take pride in what i have for now.........sorry had to vent.....

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The major obstacle in your getting approved for a loan modification is the fact that you do not have a job at present.  When most lenders consider a loan modification, they take into account the borrower's income and expenses.  They are looking to keep a person's mortgage payment below abou 35% of his or her gross income.

If someone does not have a job, then the lender be assured that the borrower will be able to repay the loan even after modification.  This is going to be a sticking point for you.