Advice on my loan modification journey (San Jose: short sale, real estate, mortgage)

[worried guy 24]

Hello I am hoping for a loan modification before I go the short sale route. I'm about to miss my first mortgage payment this month, and very worried that it will affect my chances of a loan mod. my mortgage company is citimortgage, I've heard some companies are better than others. Has anybody out there tried a loan mod. with citimortgage? If yes what was the final outcome? Looking for any kind of advice here. Thanks everybody.

[sonarrat]

It's really the other way around, most banks won't even look at you askance unless you've already missed two payments. But don't rely on us, it's going to depend on whoever answers the phone.

[TimRedding44]

Originally Posted by worried guy 24

Hello I am hoping for a loan modification before I go the short sale route. I'm about to miss my first mortgage payment this month, and very worried that it will affect my chances of a loan mod. my mortgage company is citimortgage, I've heard some companies are better than others. Has anybody out there tried a loan mod. with citimortgage? If yes what was the final outcome? Looking for any kind of advice here. Thanks everybody.

I am in the same exact boat. I saw an advertisement for Loan Modification Kit for $79-Home Page but I have no clue as to if they are worth while or not. This is by far the most inexpensive service I have seen; which worries me a bit. Hope this helps us both

Tim

[AndrewSoss]

On Wed a big announcement comes out from Obama giving the fine details of the housing plan. $75b of the $350b of Bailout money is earmarked to incent lenders to modify loans.

Wait at least until Wednesday, then find out if you qualify or not.

Modifications are a difficult and time consuming process and a large majority of people don't qualify. I have a modification division of my real estate company and I only accept the cases of about 1 in 7 people who call me.

The devil is in the details on these modifications, and like Sonarrat said, it's going to depend heavily on who you are assigned to in the loss mitigation department.

[DMenscha]

You might try to post this on the mortgage forum here at city data

[Ludachris]

I actually have a relative in San Jose who does loan modifications. He tells me that it's pretty difficult, but that they've had pretty good success with the cases they've worked on. Most of the good companies will be able to let you know pretty quickly if they think they can help or not.

[AndrewSoss]

Originally Posted by Ludachris

I actually have a relative in San Jose who does loan modifications. He tells me that it's pretty difficult, but that they've had pretty good success with the cases they've worked on. Most of the good companies will be able to let you know pretty quickly if they think they can help or not.

^^all true.

[CoastalHomeSeekers]

Unfortunately, there are a lot of scammers out there taking advantage of distressed homeowners. You must protect yourself! Read this article for some good tips.


How to Protect Yourself Against Loan Modification Scams | eHow.com