Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Other Forums > General Real Estate and Real Estate Finance
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 04-18-2009, 03:43 PM
haley123 haley123 is offline
 
Join Date: Mar 2008
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 34
Default Loan Modification

Has Anyone Or Know Of Anyone Who Has Successfuly Completed A Loan Modification? If So What Was The End Result And Did They Go Through An Attorney Or Do It Themselves.

Thanks All
Sponsored Links

  #2  
Old 04-18-2009, 04:59 PM
Restrain Restrain is offline
 
Join Date: Jan 2002
Location: Port Charlotte, FL
State: Florida
Professional Status: Certified General Appraiser
Posts: 10,520
Default

If they go through fanniemae.com, there's a process involving an application, etc. If the loan is not held by Fannie/Freddie, you're at the mercy of the lender.

For example, my loan is not a Fannie/Freddie loan, I'm not upside down, and my payment doesn't exceed 31% of my Adj Gross Income. I'm not eligible and would have to shell out for the entire process to do a refi. Honestly, just gonna increase my payments and pay it off quicker.
  #3  
Old 04-19-2009, 01:16 AM
timd354's Avatar
timd354 timd354 is offline
 
Join Date: Jan 2008
Location: Baltimore-Washington Metro Area
State: Maryland
Professional Status: Certified Residential Appraiser
Posts: 4,802
Default

Quote:
Originally Posted by Restrain View Post
If they go through fanniemae.com, there's a process involving an application, etc. If the loan is not held by Fannie/Freddie, you're at the mercy of the lender.

For example, my loan is not a Fannie/Freddie loan, I'm not upside down, and my payment doesn't exceed 31% of my Adj Gross Income. I'm not eligible and would have to shell out for the entire process to do a refi. Honestly, just gonna increase my payments and pay it off quicker.
Unless you have a high interest rate or an ARM, I don't know why you would want to pay off your loan quicker than required. With the federal government spending trillions of dollars that they do not have, it is not going to be long before they have to just print more and more money to pay the debt, which will result in massive inflation. Why pay a debt today with real dollars, when you can pay that debt years from now with dollars that will be far less valaable?
__________________
This post solely represents my personal opinion which may not reflect the policies of my employer
  #4  
Old 04-19-2009, 12:36 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is online now
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,333
Default

Actually, the program is more difficult to apply than at first blush and I have yet to see one of them 'go thru' around here. Few fannie mae properties and typically they were trash sold to them by CW or their ilk which always made bad loans...always. These people cannot pay attention let alone a mortgage.

But my understanding is that they will cut the interest rate to as low as 2% to reduce the payment plus taxes and insurance to no more than 31% of your verified gross income and they will do as much as a 40 yr. loan. The interest will begin to rise after 5 years (5 years where you are not supposed to be behind on the payment again) back up to the previous interest rate. That rise will be slow and incremental, again using your future income as a guide. If that doesn't work and the test is that NPV test...then off goes yer head. Frankly so many are upside down so far, to me, it doesn't make sense to try and pay off a home that is unlikely to be worth what you paid for at least another 10 years or more.
__________________
Sometimes you have to know when to stop beating a dead horse-Baxter Black
.
  #5  
Old 04-19-2009, 12:46 PM
stefan olafson stefan olafson is offline
 
Join Date: Apr 2003
Location: Grand Forks, ND
State: North Dakota
Professional Status: Certified General Appraiser
Posts: 2,148
Default

Because of my difficulties with licensure in my home state and the taint of a revocation following me like a black cloud, I'm in the middle of a loan modification right now, I think....

ND revoked my license, right or wrong.... Minnesota didn't... About 60% of the lenders will not allow me to complete appraisals in MN because of the ND revocation. Never mind that licensure is state by state rather than federal. I've appraised for 30 years with no client ever sending in a complaint against me, but whatever. I've tried and tried to get out of the profession, but make just enough to keep pluggin away and fighting the system.

Last October I requested through Countrywide that they consider a work around on my mortgage. The loss of income from 2003 through today could be as much as $1,000,000, the bills still come, the income since 2003 is greatly reduced. I was given the opportunity to refi our house mortgage, there was seven years remaining @7%. Because of bills piling up I refied, in lieu of foreclosure, to a 11.75% 40 year mortgage. An ARM, a two year fixed rate which came up in Feb of this year.

I've been paying the mortgage and waiting for the process. In the mean time because I requested the restructure, my payments are not credited to the loan and my credit report shows I'm about six months behind on payments. I've communicated with Countrywide on a number of occassions and am told to be patient.

I would rather just refi, but now with six late payments in a row no one will!
  #6  
Old 04-19-2009, 02:44 PM
timd354's Avatar
timd354 timd354 is offline
 
Join Date: Jan 2008
Location: Baltimore-Washington Metro Area
State: Maryland
Professional Status: Certified Residential Appraiser
Posts: 4,802
Default

Quote:
Originally Posted by stefan olafson View Post
Because of my difficulties with licensure in my home state and the taint of a revocation following me like a black cloud, I'm in the middle of a loan modification right now, I think....

ND revoked my license, right or wrong.... Minnesota didn't... About 60% of the lenders will not allow me to complete appraisals in MN because of the ND revocation. Never mind that licensure is state by state rather than federal. I've appraised for 30 years with no client ever sending in a complaint against me, but whatever. I've tried and tried to get out of the profession, but make just enough to keep pluggin away and fighting the system.

Last October I requested through Countrywide that they consider a work around on my mortgage. The loss of income from 2003 through today could be as much as $1,000,000, the bills still come, the income since 2003 is greatly reduced. I was given the opportunity to refi our house mortgage, there was seven years remaining @7%. Because of bills piling up I refied, in lieu of foreclosure, to a 11.75% 40 year mortgage. An ARM, a two year fixed rate which came up in Feb of this year.

I've been paying the mortgage and waiting for the process. In the mean time because I requested the restructure, my payments are not credited to the loan and my credit report shows I'm about six months behind on payments. I've communicated with Countrywide on a number of occassions and am told to be patient.

I would rather just refi, but now with six late payments in a row no one will!
Just curious, but when your ARM readjusted this year, your interest rate must have surely gone down substantially with interest rates so low, even with a high margin because the loan was undoubtedly subprime. What is your rate now?

In any case, I wish you luck in working out a solution to your situation......it does sound like you got jobbed big time by the ND board...as it simply amazing that they would revoke you and then the MN board would look at the case and essentially say, we don't see what you did wrong and you are welcome to keep appraising in MN.
__________________
This post solely represents my personal opinion which may not reflect the policies of my employer
  #7  
Old 04-20-2009, 09:15 AM
stefan olafson stefan olafson is offline
 
Join Date: Apr 2003
Location: Grand Forks, ND
State: North Dakota
Professional Status: Certified General Appraiser
Posts: 2,148
Default

timd,

My ARM readjusted in February at the original interest rate of 11.75%! Countrywide is in my opinion a crooked organization with less than honest people at the top. I think they are so deep in doo doo with such a large number of borrowers that they won't be able to get things straightened out.

I'm interviewing tomorrow for a position outside the profession. Working as an appraiser for a company doing eminent domain work and right of way work. Getting paid every two weeks and getting those elusive benefits. I'm optomistic things will work out in the end.
  #8  
Old 04-20-2009, 10:21 AM
Restrain Restrain is offline
 
Join Date: Jan 2002
Location: Port Charlotte, FL
State: Florida
Professional Status: Certified General Appraiser
Posts: 10,520
Default

fanniemae.com has a link that shows if its a Fannie loan. If it's countrywide, there's a very high probability that it is a fannie loan. If so, you can deal directly with them and go around Countrywide.

I hate to say it, but you're probably wasting your breath with them.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 03:08 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93