Mortgage Forum

Mike

Hello, I love these forums, I already learned a lot. I am currently trying to get a loan modification to lower my intrest rate. My current mortgate consists of two loans from chase 80% ($179,900) and 20% ($45,000). My first mortgage is 9% untill april 2010 then it resets, my second is 14.125% fixed with a 15 year ballon. I bought my house in April 2007 for 224,900. My current total payment is $1,985. This is a summery of what I sent to the loss letigation department a couple weeks ago.... I origianally took this loan with the intention of refinancing within 2 years.I could only afford under $1,400 a month for my mortgage but my paymens are $1,985, so my plan was to take $600 per month out from my savings of a little over $10,000 and this was how I made all my payments up untill now. But for a few reasons I cannot get refinanced now as I planned, so now I am a couple months away from running out of the savings I was using and I will be $600 short every month. This is what I sent them as far as income and bills: Monthly Income:1)Job income = $1,365 - shown with tax returns2)Rental income = $1,500 - shown with leases (I have 2 roomates) TOTAL = $2,865.00 Monthly Bills1) New mortgage = under $1,385 ($1985 is what ive been paying)2) Property taxes = $2883) HOA fee = $3084) Electric = $1155) Misc. other = $769 TOTAL = $2,865.00 I also sent a detailed letter explaining my whole situation and bank statements, tax returns, and lease agreements. 1)Do you see any obvious problems why the underwritter might not want to modify th loan? 2)And if they do modify the loan do you think they can do what im asking ($600 less per month)? 3)They said it is now in underwritting, what does that mean exactly and is that a good or bad thing? Thanks in advance for any hepl and opinions!

kevin

Same Here..
This forum is very informative & Useful to everyone.

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