i have just applied to do a loan modification with INDY MAC MORTGAGE SERVICES for a loan I have and they said i don't qualify for such a loan modification since i am current on my mortgage loan and i am not at risk of default since i have sufficient net income to pay my current mortgage, which is not truth cause i am unemployed and is my wife the only one working now taking care of all the house hold obligations including mortgage...so, my question is : if they denied such a loan modification, are they probably going to deny also the short sale in case i want to do a short sale with them based on that same facts mentioned above ? if that might be the case, what is my best option to do if i don't want to keep my home, just leaving the property or file a foreclosure? what are the consequences i may face, the worst scenario to happen if I choose to do this
this is driving me crazy , cause, i don't want to keep this home making the high payments i am making now...letís say i want to keep the home to have it rented later on ,well.. nobody is going to pay a high rent to cover the amount i am paying now ($1224) i have two mortgages , one for $946 and second one for $278...thanks for your help.
3 Answers from Attorneys
I just applied for a loan modification It is impossible to say what anyone might do.
There may be a couple of different ways to handle the issues, but without sitting down with you and going over all of your information, I cannot say which would be best for you. Please call my office for a consultation- 770-396-4323 Stittleburg Law Offices, LLC.
Let me start out by saying that most lenders are complete idiots when it comes to modifications. Yes, many lenders will not do one for people like you who have struggled to be current and it is completely idiotic. Having said that, let me add that when anyone at a bank says "you do not qualify" you are talking to someone you should NOT be talking to, a low ranking person. Every lender in America CAN, on every loan they have, choose to reduce payments, interest and principal on EVERY loan on their books. What they are saying is "We don't choose to help our best customers, as they don't fit the small group of loans where the government has mandated us to consider for modification."
Step one - go way over that person's head. There are people at EVERY lender that can approve modifications outside of normal programs.
If that fails, see a lawyer. Options may include bankruptcy to walk away from the loan, a Chapter 13 where you may be able to strip off the 2nd mortgage and eliminate it but keep the 1st (depending on your numbers), or just walking away. There are potential negatives to some options, so you should NOT decide without counsel.
I do handle matters in your county and would be glad to review your options. Call me at 404-768-3509. It is often wise to know options even before the modification process starts, so you may want to call now. At least one of your choices will be less attractive after December 31, so act quickly.
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