I just wanted to pass along that I too was in a 2 year arm when I purchased my very first home a couple of years ago, I did refinance to get one loan and it was set to reset in February 2009. I decided to talk with my lender Chase, who much to my surprise was very accomodating to see if I qualified for a loan modification. Well 12 days later i was notified of an offer to modify my loan to a fixed rate interest after providing them the information they requested. They did commend me on being pro-active as opposed to waiting to the loan to reset and possibly default on it. Even us in the industry could be subject to help from our lender, it's just a matter of reaching out to them to see if you qualify. Food for thought. Aloha, Daniel.
Home Contest Inc - Coral Springs, FL
Perfectplacecontest.com
Chase is not the noraml response, but good for you (and them) Wells Frago has been dragging out out request for 6 months. First the rejected us because we were not late!! Can you imagine you are punished for being on time
Oct 26, 2008 05:37 PM
Clark Properties - Sacramento, CA
Yes Donna i agree, I worried that would haunt me by not being late with Chase. I would check with Wells again, I have had accurate updates from them on a short sale listing I have. As you know the lending world changes day to day. I would be more than happy to help you find the correct department to contact just in case, I do have a very close friend who is a Home Loan Branch Manager, if you'd like email me at drtakata@peprealty.com.
Oct 26, 2008 05:43 PM
Home Contest Inc - Coral Springs, FL
Perfectplacecontest.com
thanks for yor quick response. I have finally gotten Wells to modify my mortagegs we are now working on the equity lines. You are correct that the changes are helping those of us that have struggles to pay on time. i own 18 investment properties and the laws in Florida onl help the renter. We have had many instances of tenants defaulting on the rent and contract, yet the law alolows them to stay in the condo or home for 2-3 months . To add insult to injury they require the home owner to pay an addtional $400.00 to evict. this is hurting so many owners and causing more forclosers.
By the way how do you get your blog on the front page.I am new to this and i am still learning how to utilize this site.
Thanks
Oct 26, 2008 06:07 PM
Gibbs Realty and Auction Company - Columbia, SC
I was in a pay option arm myself. I recently converted it while the rates were low to a 5.375 Fixed rate. I did a full refinance with no modification.
Oct 26, 2008 10:03 PM
Markor Mortgage, Inc. - Newport Beach, CA
Daniel, Congratulations on your loan mod. From what I have seen, the rules (if there are any) can change daily and can change depending on who you talk to. I would encourage anyone that needs a loan mod keep a dialog open with their lender and for a nominal cost ($2500 to $3500) you can have an attorney work on it and the results are nothing short of phenomenal. Many clients are getting 2%, to 4% fixed for 30 years and at a success rate of about 90%.
Oct 27, 2008 11:32 AM
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