Loan modification questions!

[Shakin]

I spoke to Citimortgage today. I am trying to go for a loan modification. I did a ride through on my BK but my wife is still on the hook. We do NOT want to move as we are very comfortable here. Now for the heavy duty stuff.....

I ran down my entire monthy nut and I am really upside down because at the moment I cannot find work (construction).

After speaking with this specialist I was told that because I am current I am not qualifying. If I were behind I would be in a better position.

My thinking is to fall behind by a month as the try again.......

Lets open it up with that.....please your advice and knowledge is in high demand.

Thank you

[jlmaca]

I spoke to Citimortgage today. I am trying to go for a loan modification. I did a ride through on my BK but my wife is still on the hook. We do NOT want to move as we are very comfortable here. Now for the heavy duty stuff.....

I ran down my entire monthy nut and I am really upside down because at the moment I cannot find work (construction).

After speaking with this specialist I was told that because I am current I am not qualifying. If I were behind I would be in a better position.

My thinking is to fall behind by a month as the try again.......

Lets open it up with that.....please your advice and knowledge is in high demand.



Thank you

Shakin you're not alone.... There are many unknowns here. Construction will be slow to come back (employment). Does wife work? Comfort may not rank too high when you are hungry. How much savings? Are you prepared to go the distance? I tried to keep my place and wish I had given it up along time ago. Upside down and not worth it. Now this is just my opinion. You're right they won't talk to you if you're current. So you will start the process which will last many months not really knowing if they will approve a mod and what the terms will be. No one is lowering principle so you will still be upside down on the mortgage if that is what you meant by being "upside down". You know what they say "no pain, no gain". Your call.

[Shakin]

When I say upside down what I am referring is the fact that we have no savings left and I presently have no income. My wife works and we are actually prepared to pay our mortgage and stay current. This would leave us mostly tapped.

MY big issue here is that after having filed for BK its time to get in line with our mortgage and make lifa as affordable as possible.

[jlmaca]

When I say upside down what I am referring is the fact that we have no savings left and I presently have no income. My wife works and we are actually prepared to pay our mortgage and stay current. This would leave us mostly tapped.

MY big issue here is that after having filed for BK its time to get in line with our mortgage and make lifa as affordable as possible.

Get the best mod possible and good luck.