OT - applying for a mortgage loan modification...

on 5/19/09 6:27 am - Baltimore, MD

I am posting a lot today. Yikes!


So I submitted an application to my mortgage company for a loan modification. Long story short: 2 years ago I was in deep debt. I took out a home loan at a higher interest rate to cash out a good deal of my equity so I could pay it all down. Then the housing market went to hell and the little bit of equity I had left went up in smoke. Since I couldn’t get from underneath that particular loan I became even more heavily dependent on credit and so now I am probably about $15k more in debt than I was before I took this Godforsaken loan. It was supposed to be a six month deal and then I’d refi down but then when the market went crazy nobody would touch my loan. Still won’t now because of my whacked out income/debt ratio. So anyhoo…my mortgage company is not doing the Obama plan but they said I could apply for a hardship modification which is good for six months and is renewable. We shall see.


Swing chickens for me peeps!

RNY Gastric Bypass 1-8-08 350/327/200 (HW/SW/CW). I spend most of my time playing with my food over at Bariatric Foodie - check me out!

on 5/19/09 7:05 am - Bay Shore Of, NJ
Hopefully that will work out for you! Swinging poultry and whatever else will help.
HW 495/Consult 426/SW 363/Current 182
"If you want a guarantee, buy a toaster."-- Clint Eastwood

"Don't compromise yourself.  You are all you've got."-- Janis Joplin

We're upside down on our mortgage now, too. We bought at the absolute worst time (because DH had a new job in a new state), then the market tanked. So we owe more than it's worth. Our company gave me some song and dance about not being able to restructure our mortgage due to some MA state legislature, so we're trying to refinance. Should be interesting to see if we can do it.

Sending my prayers for you, and I'll swing some chickens, too.


Our Lady of the Holy Rollers

That's not a tiara. I just bedazzle my horns.

on 5/19/09 7:28 am
 I sure hope it works for you. I haven't heard anyone say they got help from Obama's plan. I wonder where all the money went. What are the banks doing?

on 5/19/09 7:55 am - IN
good luck...we applied for our modification 8 weeks ago and still are waiting...

I can do all things through Him who strengthens me. ~ Philippians 4:13

PuggyDawn S.
on 5/19/09 8:11 am - San Antonio, TX
I hope it works out for ya, Nik!!!

My sister hasn't paid her mortgage in over a year (her hubby walked out on her and she needed the double income)...she thought any day, she would arrive home from work with a foreclosure notice on her door.

Her bank just contacted her this month and is going to re-figure her loan and give her a lower rate which will be an affordable payment for one income!!

I hope you get things working for you too!1

pugbunny2-small.jpg picture by PuggyDawn Happy Easter ~"bawk bawk"
check out my weight loss video

Tortilla J.
on 5/19/09 10:46 am - Colorado Springs, CO
Me and the bat wings are swinging chickens for you!  When will you find out????
on 11/22/20 1:39 pm, edited 11/24/20 11:23 pm

It is great to learn from the experience of others. We took out a home loan about two years ago. We weren't financially wise and now I understand that we could look for a loan company with a lower interest rate. I wish I knew about a loan payment calculator and found out how much we would overpay. Now we're thinking about refinancing.

on 5/19/09 11:22 am - orlando, FL
 Good luck to you.  We sold out home in a short sale.  Yes it has affected our credit but not like a foreclosure would have.  We are now renting a nice little house and I am in no hurry to buy again anytime soon.  I am paying for rent about a third of what our mortgage payment was.  Granted the house is smaller and no pool but we live right across the street from the YMCA so it all worked out.
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