What is loan modification and how much does it cost compared to a refinance?

Question by krayz: do you have income with a reverse mortgage loan?
I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.

Best answer:

Answer by FreakOfNature2000
Yes you get a monthly income based on your situation but its a big rip off. Don’t do it.

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Question by The Mace: I’m trying to get a hold of someone at Chase Home Finance that deals with problems.?
I’m trying to solidify my loan w/Chase Home Finance but they farm out the jobs to third world countries (Philippines). I’m always put on hold or the call is disconnected. I cannot get a hold of anyone that can help in the US and it’s getting really frustrating. Can someone provide an email address, more about of Chase Home Finance folks (professionals hopefully), this web that I can talk to or someone who can actually look into or solve my pay-off problem?

Best answer:

Answer by David
So is everyone else.

That is why you shouldn’t use chase.

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Question by **4-22-2010**: Will home interest rates go back down or are the going to continue rising?
Want to refinance my home, visit this site Wondering if I should wait a little bit, more about or do it now before they really start to climb back up.

Best answer:

Answer by John
They’re going to continue to rise, so if you’re looking to refinance you should try to do it now (though if your house doesn’t appraise for what you owe on it, you *may* not be able to)

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Question by Satan Lives! God must Die: Can you buy a home with crappy credit?
I want to buy a home but my credit and wifes credit is bad my credit score is 550 and my wife’s is 580. Every place we have applied to turns us down. How do others with bad credit get home loans but we cannot. How can I get a home loan?

Best answer:

Answer by novastarbanker
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Question by Mom of 2: Can I refinance an FHA loan at a fixed rate without getting another FHA loan?
We have an FHA loan and our interest is at 6.5% and we were thinking about refinancing, ask but everyone keeps telling us we will have to have another FHA loan to get it at a fixed rate, mind otherwise we have to go conventional. We want to get out from under the FHA monthly fee, so does anyone know if this is true?

Best answer:

Answer by primericaisbad
If you have 20% equity, you can certainly refinance to a conventional loan without mortgage insurance. However, if you put down 3% within the last 5-6 years, and haven’t paid extra large chunks to principal, there’s most likely no way you’ll have 20% equity.

You can refinance to a conventional loan with as little as 5% equity, but you’ll still have the mortgage insurance. Most people are actually lucky to be in an FHA loan right now. There’s an easy streamline refinance available, allowing you to reduce your interest rate without credit/income qualification, and NO APPRAISAL!!

Contract several mortgage brokers in your area to get some good faith estimates, then make sure which combination of rate AND closing costs is best for you.

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Question by Eli: What happens if I stop paying the mortgage for my house in Phoenix, ask AZ?
Not paying my mortgage will help to negotiate lower payments?

I have already try to negotiate give me lower payment but was not successful ( they only reduce my payment $ 50 per month). I do not want to loose my house, viagra 40mg but have a really hard time and can not afford the payments at this time.
BTW I have been making payments for 2 yrs.

Best answer:

Answer by financegal27
Not paying your mortgage to gain some leverage in order to reduce your payments is a VERY dangerous game to play. Have you attempted to refinance your mortgage at a lower rate to lower your payment? Have you considered the Making Home Affordable government sponsored loan modification program? http://makinghomeaffordable.gov/

If you chose to stop making your payments you have a very real chance that you will lose your home, visit this you should explore all available options and understand the possible ramifications on your home ownership and your credit report before you just stop paying.

Addition: The WSJ has a great article today on the pitfalls of doing what you are suggesting.
http://online.wsj.com/article/SB124508720715715781.html

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Question by Pamela T: What is loan modification and how much does it cost compared to a refinance?
Is it easier to modify a loan if you don’t fit the underwriting guidelines for an FHA refinance?
Not in foreclosure; just have a high-interest rate ARM and too high of a DTI.
Thanks for your input.

Best answer:

Answer by ?AstrologerJuliAnne?
Loan modification itself should not cost anything. What I mean is, pill you shouldn’t pay someone who tells you they can get it modified for you. Go visit these forums to get more information on people who are modifying their loans themselves:

http://www.loansafe.org/forum

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