Loan modification

That sounds crazy to me. It seems like there would be someone out there that would be happy to help you! Good luck (We are all in the same boat)

How much do you owe? How much is the home worth? Are you on a fixed rate or is it an adjustable rate? You can PM me if you want.

As a former mortgage broker, he should be able to help you understand what your lender is telling you, Carol. And maybe have some insight as to what you can do.

I agree with jrgnsn, that sounds crazy. That doesn't make any sense to me. It seems like the more equity you have in your property the MORE willing a lender would be to work with you. Hmmm...

Wishing you well (and will be praying for your situation),

Rina

thats friggen' insane!, their nuts over there, you know what?, you need to look into that. f#@!# lenders, yeah that makes sense, lets just foreclose on the property and spend $30,000 rather than HELPING one of their customers out and working out a costless(basically) loan modification, let me know what happens.

My broker and I were on the phone with my lender for 21/2 hours on three way. We spoke to everyone up to the supervisor who said "We have to follow the lender's guidelines, sorry we have nothing to offer at this time".

I even explained that I have 7 children, 2 of which are disabled. They simply said "sorry". When my broker asked what it was that I was not meeting the guidelines for they said that I have to much equity. If the new programs that are designed to help struggling homeowners are not helping them than what's the point?

I owe $182,000.00 on my home with an 11% ARM that is rising to an outrageous rate. My home is appraised for $280,000.00. However with the comps in my area I will be lucky to get $ 240,000.00 for it.

I plan on fighting this. I feel that I am a victim of predatory lending along with discrimination because of my equity. I have already contacted FHA and an attorney. Doesn't help me much now considering I am 3 months behind.

IT"S ALL GOOD! I am gonna make enough money through Dean's program to save not only my own house but many more! I am on a mission! Read my journal and see what I did today.

If God be for me, who can be against me?

That's the spirit! God can move that mountain out of your way, just have faith!

that will get you through this horrific time of distress, you will succeed, just keep moving forward, and try to do a RE-ASSIGN maybe for some quick cash, just a thought, good luck.

Thanks Sully I am trying.

I have currently found 4 investment properties that are potential re-assign. I have already negotiated one with the seller.

I admire your spirit Carol. I am spinning my wheels a little on my first deal with a DG member, but compared to what you are facing, it is so little. I hope you win this battle and you get to tell the lender to "stuff it". All of us are here for a reason. Keeping my fingers crossed for you in upstate NY.....Jan

you just keep on "truckin" i'm with ya..

You've got step one down, now find your end buyer and you're in business! We're all hoping for things to work out in your favor... Good luck and God bless!!