Home Loan Modification

[ConfusedinOC]

Questions for those who have modified their loans while in a Ch 13.

What type of modification was it? HAMP? In-House? What was the payment (in terms of percent of gross income) before and after the modificaiton?

[HHM]

Good luck finding anyone that had their loans mod during a chapter 13. It is certainly "possible", but most banks won't do it.

[pearl]

In-house. Payment before - 2,300. Payment after - $1,400. 4 sale dates, 2 year process. Filed 06/2008, chapter 13. Well's Fargo/ASC, Fannie Mae investor. 4% life of loan - no step plan, no trial, just straight 4%. It's all about finding the right person to help you!

[ConfusedinOC]

Thanks for the reply Pearl. What percentage of you gross is your new loan payment and what was it before the modification. Please include principle, interest, tax, and insurance.

[pearl]

Before the modification it was about 80% - job loss then reduced pay for the new job. Now it is about 35%. First loan was interest only but included an impound account. The new loan is principle, interest and impound account.