Loan Modification - can it be done of late to get hold of a lower interest rate, even if you're transcribe unsettled on payments?
The house we live in is owned by my in-laws, and we make the monthly register directly to them. We received an envelope from the mortgage company today (which is also our bank) and it was addressed to my father within law (also my husband's name), so we opened it, and it be a copy of a recorded loan modification that was executed by my surrounded by laws on April 14, 2008. Why would they have done a loan modification? Is it possible that they would hold done it instead of refinancing, just to change some permanent status to the loan? My father in law is terribly pushy, and if there is any way possible, I could totally see him chitchat the bank into letting him do a modification instead of refinancing. It's called a Loan Modification Agreement (Providing for Fixed Interest Rate). Or should I be worried that they are have trouble making the payments?
Answers: No lender is just going to do a loan modification without a obedient reason. They have most potential fallen behind on payments. Otherwise they would own done a refinance. Sounds like they were on an adjustable rate & payments go up, they got behind & mortgage company modified to retrieve the house. I could be wrong but I have been contained by the mortgage business since 1986 & I have never heard of one unless the borrower is contained by trouble.
you're paying rent - your in laws own the house and the mortgage - it's none of your business what they do near the financing - why did you open someone else's mail? That's undemocratic - maybe they are refinancing at a lower rate - I'm sure they are charging you enough rent to cover their costs so they shouldn;t hold any trouble paying the mortgage A loan modification is a form of refinance to change the term or rate on an existing loan. You can't append any cash in most cases, but you can extend or shorten the possession, or get a lower interest rate. It's not something a pushy person could speech the bank into doing. They do it or they don't. It's SOP or it's not.
Is your payment more than it used to be? There would be no source for him to do a mod to get higher payments or a sophisticated rate, although someone might want a shorter term.
Why doesn't your husband ask his father what this is all going on for?
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Answers: No lender is just going to do a loan modification without a obedient reason. They have most potential fallen behind on payments. Otherwise they would own done a refinance. Sounds like they were on an adjustable rate & payments go up, they got behind & mortgage company modified to retrieve the house. I could be wrong but I have been contained by the mortgage business since 1986 & I have never heard of one unless the borrower is contained by trouble.
you're paying rent - your in laws own the house and the mortgage - it's none of your business what they do near the financing - why did you open someone else's mail? That's undemocratic - maybe they are refinancing at a lower rate - I'm sure they are charging you enough rent to cover their costs so they shouldn;t hold any trouble paying the mortgage A loan modification is a form of refinance to change the term or rate on an existing loan. You can't append any cash in most cases, but you can extend or shorten the possession, or get a lower interest rate. It's not something a pushy person could speech the bank into doing. They do it or they don't. It's SOP or it's not.
Is your payment more than it used to be? There would be no source for him to do a mod to get higher payments or a sophisticated rate, although someone might want a shorter term.
Why doesn't your husband ask his father what this is all going on for?