Foreclosure Townhouses
Can I still request a home loan modification if I am currently 7 months past due and in foreclosure?
My townhouse was purchased at $289,000.00 with a 1st interest only and a second. I have been past due for 7 months now and received the notice of default. I just received a notice from the county that my property is now worth $50,000.00. Is it too late to request a loan modification at the current value?
Yes, I think you can.
According to www.makinghomesaffordable.gov., a federal government run website, there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.
It doesn’t say anything about how past due your mortgage is. So you should still try. Just because the city valued it at 50K doesn’t mean that’s what it is worth. Hang in there!
A good site I used was www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
1730 E 26th Casper, Wyoming Foreclosure for Sale
