I think I screwed up my 7

[Justpoor]

My mortgage is high and my income is above median. The high mortgage was supposed to get me below median for the means test and get me into a 7. Not realizing this I asked the mortgage co for a modification. Its only been a week. Can I stop it? Do you think? I'm afraid they will come back with a lower payment and I won't get into a 7? I don't want the house. It's not worth half of what I paid for it and I can rent the same house for only $800/month instead of a $2k mortgage!

[keepmine]

CAll and tell 'em you're not interested.

[Justpoor]

That's it? Will that stop it or rush them along? I am so scared of screwing myself up. I am second guessing everything I spend money on, etc.

[keepmine]

That's it? Will that stop it or rush them along? I am so scared of screwing myself up. I am second guessing everything I spend money on, etc.

Why do you think telling them you are no longer interested in modification would force them to rush something that won't be used?
Seriously, you gotta unwind a little.

[Brighterdays]

I am pretty sure you have to sign paperwork, as when any contract is altered both parties have to sign and it must be witnessed and notorized(bus law 101)

Ask them when it will be finalized and what you will have to sign. tell them your lawyer has to look it over first. Should buy you plenty of time. Then afterwards, since you have it in writing you can try to do the mod.

[DownNotOut]

I agree, even if by some miracle they managed to give you a modification quickly, which I doubt, you would have to agree to the terms and sign the paperwork at which time you could simply refuse.

Even so, I think there shouldn't be any problem with telling them now that you've changed your mind. You are asking them to help you out which is something they are doing reluctantly because now they are being forced to. I don't think they will have a problem with not having to modify your loan.

I know IndyMac takes 30 days after they get all your affidavits and income info before someone even talks to you about modification, so you've probably got time. They are not in any rush.

HTH!

[fltoo]

Call them and say that you changed your mind and are walking away from the house. No big deal. If they call with a mod, just say no thank you.

No one can force you to take a mod on the mortgage and you have to sign paperwork making it legal, which you are not going to do.