Stimulus plan that people dont know about loan modifications

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Forum -> Household Management -> Budgeting & Bargains

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myprincess

Wed, Nov 04 2009, 3:43 pm

Its a pity I dont own a house, just to see how much money people are saving now. My friend owns a house and used to pay approx 2000 dollars a month for her morgage plus tax and insurance, she just did a loan modification and she only pays now 1300 dollars a month including tax and insurance. that means shes saving more that 800 dollars on her monthly bill, It does not ruin your credit its part of Obamas stimulus plan he gave for banks. from paying 5.5 percent approx mortage rate they could reduce it to 2 percent almost everyone who is living in their own house is approved. its a shud to let this go by. its yiddishe gelt you could be saving. I wish I could be saving that amount...if you are interested in it I could ask my friend where she did it... just trying to be nice here no business involved... I truly mean your good, let me know...

bubby

Wed, Nov 04 2009, 3:47 pm

We tried it. We got so messed up by the bank our mortgage ended up costing MORE. How, we still haven't quite figured it out. Just remember: if it looks too good to be true, it usually is. I think the parameters of qualifying owners is very narrow. Glad someone got something out of it...wish it was us, though! Confused

myprincess

Wed, Nov 04 2009, 3:57 pm

well just spoke to friend she said probably cause you tried doing it yourself and botched up... she said she paid a professional place to do it, they only charge money if it goes through if not they dont charge a dime... she said that she referred couple of friends even with higher income and all of them were approved, I guess this place has a great approval rate, doesnt cost to try... Tongue Out

myprincess

Wed, Nov 04 2009, 8:07 pm

does anybody know the ins and outs of making a loan modification?

bubby

Wed, Nov 04 2009, 10:35 pm

myprincess wrote:

As I said, we tried with the bank. THEY messed us up. Why do I bother? Are banks professional? Hmmm. Whatever. Rolling Eyes

myprincess

Wed, Nov 04 2009, 11:06 pm

well its your money not mine so I will bud out, but if I would be you I would give it another try, not yourself go to a professional... The worst you could hear is no again but you still have a fair enough chance for a yes... no money no loss...

Last edited by myprincess on Thu, Nov 05 2009, 6:47 pm; edited 1 time in total

Thu, Nov 05 2009, 10:56 am

What kind of "professional" would you need to speak to? Would a real estate agent know something about this?

momto1

Thu, Nov 05 2009, 1:12 pm

I don't work in this line but a similar one. If you want details you can pm me.

myprincess

Thu, Nov 05 2009, 6:51 pm

Hi! I just spoke to my friend she says that the place she went to specializes in loan modifications to help out people in need. the number is 718-749-3387 no money lost if it doesnt go through give it a try. Wink

boruchhashem

Thu, Nov 05 2009, 8:21 pm

I did mine through a lawyer.

BoomChickaPop

Thu, Nov 05 2009, 8:46 pm

does it apply to new loans or only to loan modifications?

myprincess

Fri, Nov 06 2009, 11:19 am

It applies to people who got Mortagages before 2009, Its an amazing boost to homeowners... you could be saving thousands... try it... Wink

kiwi

Sun, Nov 08 2009, 10:14 pm

tz not as innocent as it looks... the mortgage extends for maybe another ten years..
so it might be easy for u this year.. but think about the future... after 30 years when ur mortgage could've been paid up already and u still have another ten years to go..
the money isnt SAVED.. tz just being paid within a longer amount of time!

Tova

Sun, Nov 08 2009, 10:27 pm

kiwi, the rates are lower. So you are paying less interest.

It is not just a longer loan term.

kiwi

Sun, Nov 08 2009, 10:33 pm

one of my sisters just did it and that is what she told me... tz only lower now but the rates will go up eventually... gradually.
but I'd be happy to be wrong here.. would love for u to save money and keep it that way,.. without having to pay it off later..
just double check to be sure!

Tova

Mon, Nov 09 2009, 7:51 am

It could be you are right, kiwi.

I should have postscripted that that I really don't know anything about it, just what I saw advertised.

As with everything, get the right professional advice before doing a major financial move.

myprincess

Mon, Nov 09 2009, 12:47 pm

you are totally wrong according to what I heard is that the money you are saving now due to lower percentage rates does not make you pay more years on your mortgage it is purely money earned, you are simply paying less percentage of your mortgage to the bank... they could lower your payment to as low as 2% and it will go up eventually like in 5 years or soo the banks dont know yet... but it will only go up to the rate you used to pay, it wont go up to sky high percentage according to the economy then. plus the banks are giving a bonus now that if you pay your mortage on time they give you a $1000 off your principal for 5 years that means your saving an additional $5000 off your mortgage...

ShiffyChani

Sat, Nov 21 2009, 10:13 pm

I know everything about Loan Modifications, I owned a Loan Modification business. If anyone has questions ask me! I don't have my business anymore but I would be happy to answer any questions. Word of advice: Make sure if you use a company that is a lawyer doing your modification, there's alot of companies out there trying to make a buck off you! PM me!

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