loan mod for underwater mortgage

Loan mod's are only offered by your existing lender and they are not required to allow for loan modifications.. Typically, you need to prove hardship and reduced income to qualify.. there is a mathematical formula that lenders use to determine whether or not you would qualify for a loan mod.. Typically used is 31% of your HOUSEHOLD income for your housing payment.. Example: you make $2000 per month, and your wife makes $1000 per month for a total of $3000 per month.. $3000 x 31%= $930. If your payment is lower than $930, you would not be eligible for a loan mod.. if your payment is higher than that, then it would be reduced to that amount by first extending out your term, then lowering your interest rate either for a a few years or for the remaining life of the loan.. the last thing would be principal reduction.. because most lenders require you to be delinquent on your loan before they will even talk to you about a loan mod, I've see a lot of folks destroy their credit only to be let down once they see the modified terms of their loan which is months later after it's too late.. in fact less than 5% of borrowers with modified loans are satisfied with their results.. keep this into consideration when attempting to do a loan mod. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

your only option is to approach your current servicer, where you currently make your payment and prove you can't afford the payment. Good luck!

First , check with your lender to see if they offer loan mods.. I can refer you to someone that does very good loan mods. also, it depends on your credit which is best for you .. yourloanpartnerforlife@live.com linda

Check with your current lender to see if they can offer you a loan modification.

Loan Modification is your only option, providing your current Lender offers it.