Comments on: Mortgage Loan Modification Problems http://4yourhomeloan.com/mortgage-loan-modification-problems/ And Foreclosure Alternatives for Today's Tough Economic Times Sat, 29 Oct 2011 22:13:44 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Loan Info http://4yourhomeloan.com/mortgage-loan-modification-problems/comment-page-1/#comment-1931 Loan Info Sun, 10 Apr 2011 00:00:44 +0000 http://4yourhomeloan.com/?p=81#comment-1931 Sorry that I didn't get back to you earlier. My email alert system didn't let me know you had left a comment. I hope you've seen some improvement since you wrote this comment. The best suggestion I have for the short term is to try to work with a local lender. Big banks tend to have bureaucratic rules and don't know the specific situations people are faced with in a particular area. A locally owned bank or credit union would be more likely to work with you since they have a greater understanding of the local circumstances. Get just enough to handle the repairs. Don't go wild with it. Stay frugal, just as if it was your own money. Tell the city that you're having trouble funding the repairs and ask for an extension as well as what kind of temporary, inexpensive, repair would be acceptable until you were able to do full repairs. Long term, you have to pay down debt so that your debt-to-income ratio is low, preferably where you don't owe anyone any money beyond your mortgage and a reasonably priced, reliable, used car. Also begin working on an emergency fund so that if you need that $1000 or even $10,000 just lying around you'll have it next time. Once you commit to a savings plan that's coupled with a debt reduction plan it's amazing how quickly the money will build up. Sorry that I didn’t get back to you earlier. My email alert system didn’t let me know you had left a comment. I hope you’ve seen some improvement since you wrote this comment.

The best suggestion I have for the short term is to try to work with a local lender. Big banks tend to have bureaucratic rules and don’t know the specific situations people are faced with in a particular area. A locally owned bank or credit union would be more likely to work with you since they have a greater understanding of the local circumstances. Get just enough to handle the repairs. Don’t go wild with it. Stay frugal, just as if it was your own money. Tell the city that you’re having trouble funding the repairs and ask for an extension as well as what kind of temporary, inexpensive, repair would be acceptable until you were able to do full repairs.

Long term, you have to pay down debt so that your debt-to-income ratio is low, preferably where you don’t owe anyone any money beyond your mortgage and a reasonably priced, reliable, used car. Also begin working on an emergency fund so that if you need that $1000 or even $10,000 just lying around you’ll have it next time. Once you commit to a savings plan that’s coupled with a debt reduction plan it’s amazing how quickly the money will build up.

]]> By: Jeninne Salais http://4yourhomeloan.com/mortgage-loan-modification-problems/comment-page-1/#comment-1373 Jeninne Salais Sun, 16 Jan 2011 20:46:21 +0000 http://4yourhomeloan.com/?p=81#comment-1373 I was recently affected by Tropical Storm Hermine in Sept 2010. Since that time I have aggressively tried to get some help with rebulding our home. FEMA turned the disaster down,so it was never federally declared a disaster, I have been turned down by SBA for having too much debt to income ratio, turned down from the mortgage company, stating "they do do those types of loans and to go borrow it somewhere else", I have just lost my insurance coverage for non renewal due to the damage that I can't afford to fix (approx $10,000) and the City just sent me a love note that if the skirting isn't repaired (of course the house is crooked and can't be repaired) I will be finefor violating a city ordinance. What the heck does a person due. I am a single single woman with a job I have had 15 years and have always made my house and car payments on time. What gives? Am I really being forced to walk away because I don't have $10,000 just lying around? It doesn't make sense. Any advise or direction is greatly appreciated. J Salais Nolanville, TX I was recently affected by Tropical Storm Hermine in Sept 2010. Since that time I have aggressively tried to get some help with rebulding our home. FEMA turned the disaster down,so it was never federally declared a disaster, I have been turned down by SBA for having too much debt to income ratio, turned down from the mortgage company, stating “they do do those types of loans and to go borrow it somewhere else”, I have just lost my insurance coverage for non renewal due to the damage that I can’t afford to fix (approx $10,000) and the City just sent me a love note that if the skirting isn’t repaired (of course the house is crooked and can’t be repaired) I will be finefor violating a city ordinance.

What the heck does a person due. I am a single single woman with a job I have had 15 years and have always made my house and car payments on time. What gives? Am I really being forced to walk away because I don’t have $10,000 just lying around? It doesn’t make sense.

Any advise or direction is greatly appreciated.

J Salais
Nolanville, TX

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