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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23467
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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My mortgaged will not modify my loan after I sent in to them

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My mortgaged will not modify my loan after I sent in to them all paper work on my husbands back surgery for a hardship letter we are both back at work!!!!!! My credit is terrible! I have been to every body and 99% of them are scams

Thank you
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good morning. I certainly understand the situation and your concern. Did your lender tell you why they would not modify your loan? They should have provided you a letter advising what the situation is?
Hi Marie, just wanted to see if you had a chance to respond to my information request above.
Customer: replied 3 years ago.

No they did not they told me about my credit being terrible!

Customer: replied 3 years ago.

They told me about my poor credit!!!

Marie, thank you for the additional information. It is important to remember that only the lender has the discretion to modify your loan. Any service out there can only assist in the loan modification process and can not guarantee that the lender will modify your loan. If you just submitted the application for the modification, the lender needs a chance to review it and determine what your debt to income ration is. The reason they look at this, is because they want to make sure that after all your basic expenses are paid, that your income would still allow you to make the modified monthly payment each month. When the lender modifies your loan, they take all the past due premiums, along with any other fees, interest and costs and roll that into the balance owed. They then typically extend the life of the loan and provide you with a fixed interest rate. When doing so, they want to see if the number is XXXXX then the current payment or that your income will allow you to make the payment each month. The goal of a loan modification is home retention. However, homeowners still are sometimes not able to make the payment. Your credit is certainly a factor for the lender to consider, since it is a reflection on your ability to repay. The lender should have provided you a reason for the modification being denied and in doing so, you would know what needs to change. You can always reapply for the modification, since your income and situation is constantly changing. If you are both back at work, you may want to resubmit the application when you can show verified income ( i.e pay stubs) to show the ability to pay, which could offset their concern with your credit.

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Customer: replied 3 years ago.

They have received pay stubs so they know I've done numerous modifications with them all denied what should I do now? With my credit being poor?



If they have singled out and identified the sole reason for the denial being the issue with your credit, then you need to work to repair it. The first thing you can do is pull a copy of it and dispute any negative marks on it, for debts which you are unsure about. The creditor would then have roughly 30 days to support and validate the debt or else it would have to be removed. Moreover, you can always try and have a rapid rescore on your credit, to increase the scores. There are credit repair agencies which you can also use and higher to boost your score, which would then allow you to reapply. You need to work on increasing your score, which will result in your lender reconsidering the modification, since there is evidence of your ability to repay.
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