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What do you do when mortgage company won t work with you. my pay off is $27,ooo or less. they threating&harassing me.

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  • Overview
    Many homeowners have mortgage loans that are currently unaffordable, or have loans that exceed the value of the home, and are unable to refinance into a lower-rate mortgage. Mortgage investors recognize the need to help these homeowners and are encouraged by the federal government to do so. Options vary from lender to lender, and government-mandated help is only required for loans that are through Fannie Mae or Freddie Mac, and government-insured or -guaranteed loans. Some lenders have created their own programs for loans that do not fall into the federal requirement category.
  • Mortgages With Good Payment History
    • Step 1
      Determine which program your loan is eligible for. Mortgages without any 30-day late payments and those that are not likely to become delinquent in the near future are eligible for these special financing programs. Fannie Mae’s DU Refi Plus program and Freddie Mac’s Relief Refinance Mortgage program allow loan-to-values, or LTVs, that exceed 100 percent. Fannie Mae or Freddie Mac must currently own the loan. Contact your loan servicer--the company you make your payments to--for details on which company owns your mortgage.
    • Step 2
      Request quotes from your servicer for the program that your loan qualifies for. These programs do not allow the homeowner to pull any equity out of the home. You can finance the closing costs and receive up to $250 back at closing, but nothing above that. Ensure the amount saved provides a true benefit. Saving $50 a month may not be worth $4,000 in closing costs in the long term. Divide the closing costs by the monthly savings to determine how long it takes to see actual savings on the loan.
    • Step 3
      Apply to your servicer for the correct loan program with the best savings. You will have to provide different types of documentation, depending on which program your loan qualifies for. In some cases, however, property appraisal and income documentation may not be required. Fannie Mae and Freddie Mac streamlined these programs to close faster than a full refinance, so responding timely to the servicer's requests will help your loan to close faster.
  • Mortgages in Risk of Foreclosure
    • Step 1
      Contact a housing counseling agency approved by the U.S. Department of Housing and Urban Development. These HUD-approved non-profit companies are required to assist struggling homeowners to find the help they need to avoid foreclosure, free of charge. Call HUD at 800-569-4287 and request names and phone numbers of housing counseling agencies in your area.
    • Step 2
      Determine which program is best for your situation, with the assistance of your housing counselor. He may recommend a permanent modification of your loan’s balance and/or interest rate to make the house payment affordable. This program is for homeowners who cannot pay their loan as it is currently structured, but could make the payments if modified.
    • Step 3
      Contact your loan servicer and apply for the modification. Your servicer will require you to fill out the government application, and provide proof of your income. The new modification must yield a mortgage payment that is not more than 31 percent of your gross monthly income. Once the terms are determined, the servicer will require you to successfully make the modified payment for a trial period. Any late payments during the trial period could revoke the modification. Once it is completed, the modification becomes permanent.
    • Joe Avrus
    • www.AvrusMortgage.com

 

 

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