Loan modification
By dorannmwin
@dorannmwin (36392)
United States
August 22, 2012 10:49pm CST
My husband and I have been victims of the terrible economy and in addition to that, we've also had a lot of added expenses as well because of the medical issues that he has been having.
So, we have gotten behind on our mortgage. We were trying to do everything that we can to get our mortgage back up to date. We have sold a vehicle and we were also going to put the money that we got to fix my car after the accident toward the house payment as well.
But, we did call the mortgage company on Monday and upon the interview with them, they said that we qualify for a traditional loan modification. The way that the explained this to us, it is going to reset the term of the loan, but it will also bring down our interest rate and make our monthly payment lower. Even better than all of that, the payments that we have been late in paying are actually going to be tacked onto the end of the loan.
Is there anyone else that has been a victim of the terrible economy as far as their home ownership has gone? Were you able to keep your house or did you lose your home? I was so scared that we were going to lose our home, but luckily, that is not going to be the case for us.
2 people like this
5 responses
@marguicha (230334)
• Chile
23 Aug 12
My older daughter did something like that in our country. She has been having some money problems and it helped her a lot to have the monthly payment power. Of course she had the mortgage extended as years go, but then, a few more years the boys will be on their own and she will have less things to pay.
@dorannmwin (36392)
• United States
24 Aug 12
I have to admit that I'm actually willing to reset our loan to a full thirty years again. It would be something that would help us out tremendously in the short run and then we will also be able to attack it when some of our other debts are paid off. Once things really turn around for us, our goal is to actually work on getting our mortgage paid off early.
@jazel_juan (15745)
• Philippines
23 Aug 12
I believe most of us went through rough years.. and we also had loans and money problems. I made some loan modifications with our loan too and it was able to lower the amortization but increased the term. I also wish i get to finish the loan asap.
2 people like this
@dorannmwin (36392)
• United States
24 Aug 12
For us, if we are just able to get through the next six months, I really do know that everything is going to be okay for us. You see, we enrolled in a DMP at the beginning of the recession because our credit card companies started increasing our minimum payments to the point that we couldn't afford them. The DMP will be completed in March of next year and that does mean that we will have a large chunk of money that we are not going to have to be sending out every month.
@Hatley (163772)
• Garden Grove, California
23 Aug 12
hi dorannmwin threeyears ago my son lost his job, wespent all our savings trying to keep the rent and utilities pay ing,he did not gat another one and so we were evicted. homeless. b eca use I am elderly with some health problems he insisted I had o come here to Gold Crest retirement center paid for monthly with my social secu rity and SSI checks.l. he finally got ajob and secton 8 had helped him to get into a low rent one bedroom apt.He is still not making enough for a two bedroom apt. so here I stay.
@dorannmwin (36392)
• United States
24 Aug 12
Hatley, I have to say that I remember when you and your son were evicted and I remember being so sad about the situation that the two of you were in.
I do have to say that it is great to hear that your son has gotten a job now and does have a place of his own to live. I just have to keep hoping that he will be able to afford a place where the two of you will be able to live together.
@bounce58 (17380)
• Canada
5 Sep 12
This terrible economy has been going on for quite a while. I too have been struggling with my mortgage, loans, and bills. Less than two years ago, I also approached the bank for some kind of 'modification' that could help me with my payments.
Fortunately, they were able to do a consolidation which greatly improved my finances.
Hopefully we're all in the upside when this economy finally picks up.
@dorannmwin (36392)
• United States
6 Sep 12
For us, I think that considering a consolidation would do us more harm than good. Yes, it might make the total of all of our monthly bills less, but as far as our credit card debt goes, that will be completely taken care of in seven months as we've been working through a DMP for the last three years.
@bagarad (14283)
• Paso Robles, California
23 Aug 12
We've been fortunate in that we only have one property left with a mortgage. I believe it has been refinanced once or twice. The home we live in is free and clear and I want to keep it that way. I'm just hoping they don't raise our property taxes, because that could make keeping our properties (three of which we rent out to make our living) much more difficult and we'd have to sell them. The bad economy is making it harder for our tenants to pay rent on time, since they have also have family problems and money problems. We have three vacancies, and some are still being repaired before we can rent them out again. Two tenants are several months behind and will probably never catch up. WE hate the thought of having to give them notice, since they have become friends. One of them lives in the one house that is still mortgaged, and she understands if we don't pay the payment, she may have to move anyway if we lost the house. This economy continues to get worse under the present administration. I'm glad you were able to refinance and keep your home.
@dorannmwin (36392)
• United States
24 Aug 12
Trust me, I know that the economy hasn't been kind to anyone, I've seen so many people struggling. It was just two years ago that we lost our next door neighbors because they weren't able to keep up with their property taxes.
You know added to the changes in the economy, a large portion of our issues have come from the fact that my husband has had a lot of huge medical issues.
