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I owned 8 houses, one is my homehowner, the others investments properties which i rent.
All properties have a little of equity and i have never been late in my payments.
Can i be approved for a modification in these properties?
Please respond honestly,
Thank you,
We were approved for a rate Modification on 3/15/10. It wasn’t a trial period, it was a signed contract stating we had been apporved at 4%. They maintanced the loan to reflect the new terms and rate and we have made three payments on time in the past three months. Now, all of the sudden our lender tells us we were not approved and that it was just a recommendation and it has to be re-submitted and we may not get the same rate as before. Can they do this legally? I have a signed contract and we were not in a trial period. I actually contacted Fannie Mae because my lender was saying that Fannie Mae changed their guidlines and that was why they were re-submitting it. But when I spoke with Fannie Mae they said the only way it would have changed is if we were in a trial period. I don’t know who to contact or what to do. My lawyer said with the paperwork we have it would stand up in court, but I really don’t want to have to take it that far if we don’t have to. I have also read some really bad things about our lender ( we were bought by them back in November) Can you help me?? Some advice?
I was approved back in January for a trial period of three months for a lower payment, when that trial period was over they revised the papers again and said the APR was lower but the payments were higher. I dont understand how the bank can lower your APR and still higher the payment. I thought if we re-submitted the papers with the bank they would recheck and probably lower the payment also, i have submitted the papers twice since and have been denied twice because i dont qualify for a loan modification. They are taking into account that i declined to accept their offer and now im being penalized because i feel like the balance shouldnt go up but down. The banks are not looking to help at all, i know they are in the business to make money, look around there isnt enough folks with jobs at the moment to get loans, so the ones who have loans with them they should help first. My questions is what is it the banks are looking for when they request these papers? I want to give them what they need and thats it nothing more. Thanks
I owned 8 houses, one is my homehowner, the others investments properties which i rent.
All properties have a little of equity and i have never been late in my payments.
Can i be approved for a modification in these properties?
Please respond honestly,
Thank you,
Hello Rene, I have reposted your inquiry over to the “Post Your Scenario” page. Please go over to that page for a response.
Thank you!
Can you provide more information on this? take care
We were approved for a rate Modification on 3/15/10. It wasn’t a trial period, it was a signed contract stating we had been apporved at 4%. They maintanced the loan to reflect the new terms and rate and we have made three payments on time in the past three months. Now, all of the sudden our lender tells us we were not approved and that it was just a recommendation and it has to be re-submitted and we may not get the same rate as before. Can they do this legally? I have a signed contract and we were not in a trial period. I actually contacted Fannie Mae because my lender was saying that Fannie Mae changed their guidlines and that was why they were re-submitting it. But when I spoke with Fannie Mae they said the only way it would have changed is if we were in a trial period. I don’t know who to contact or what to do. My lawyer said with the paperwork we have it would stand up in court, but I really don’t want to have to take it that far if we don’t have to. I have also read some really bad things about our lender ( we were bought by them back in November) Can you help me?? Some advice?
I was approved back in January for a trial period of three months for a lower payment, when that trial period was over they revised the papers again and said the APR was lower but the payments were higher. I dont understand how the bank can lower your APR and still higher the payment. I thought if we re-submitted the papers with the bank they would recheck and probably lower the payment also, i have submitted the papers twice since and have been denied twice because i dont qualify for a loan modification. They are taking into account that i declined to accept their offer and now im being penalized because i feel like the balance shouldnt go up but down. The banks are not looking to help at all, i know they are in the business to make money, look around there isnt enough folks with jobs at the moment to get loans, so the ones who have loans with them they should help first. My questions is what is it the banks are looking for when they request these papers? I want to give them what they need and thats it nothing more. Thanks