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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
We got a number from a mortgage broker regarding the fee to do a loan modification to take advantage of the drop in mortgage rates. I think it's a bit too high and I"m waiting to see the fee breakdown. I'm just wondering what the norm is for a mortgage - not quite 1 year old, paid on time, not sub prime and non jumbo.
If anyone can help - TIA!
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Posted 12/22/08 7:29 AM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
are you sure its a loan mod and not a refinance?
Fees for a loan mod should be minimal - and a loan modification is hard to get if you are paying on time in a normal loan.
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| Posted 12/22/08 8:18 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
Posted by Meaghan729
are you sure its a loan mod and not a refinance?
Fees for a loan mod should be minimal - and a loan modification is hard to get if you are paying on time in a normal loan.
This is my concern as well. I don't want to refinance and I should be able to get a loan modification as it's always been available to but most ho didn't know about it.
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| Posted 12/22/08 8:23 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
Posted by shamrock124
Posted by Meaghan729
are you sure its a loan mod and not a refinance?
Fees for a loan mod should be minimal - and a loan modification is hard to get if you are paying on time in a normal loan.
This is my concern as well. I don't want to refinance and I should be able to get a loan modification as it's always been available to but most ho didn't know about it.
if you want, FM me the # and i'll tell you what I think -
I have a friend who has their mortgage with Countrywide and they told him that they wont do a rate mod unless he was 2 months behind.
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| Posted 12/22/08 8:54 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
fm me your email
some companies charge 1%
but I know one that charges a flat fee of $1895
in NY you must use an attorney
you don't have to be behind- trust me
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| Posted 12/22/08 9:12 AM |
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pugmama
April already?
Member since 3/06 5297 total posts
Name:
Erica
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
what's the difference between loan mod vs. refinancing? We are looking into a possibly great rate for refinancing.
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| Posted 12/22/08 9:17 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
by the way-- FM me this fee
I have never heard of the break down of a mod fee
I don't agree with the 1% of the loan amount either
a certain amount should go to an attorney and the rest is for the company
there is no other cost invloved
there isn't much too it besides knowing what you are doing- you fax, call, I use excel......
if there is no attorney involved - that's an issue-
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| Posted 12/22/08 9:18 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
Posted by pugmama
what's the difference between loan mod vs. refinancing? We are looking into a possibly great rate for refinancing.
a loan modifacation is re-doing the terms of your current loan -
you typically get a lower rate for a set period of time
you can also get longer terms, your first and second combined - your second droppped, late payment put back into the loan etc
BUT- you really need a valid harship
(even not getting approved for a re-fi can be used as a hardship - b/c that would mean you house is upside down, your credit isn't great (lates on other bills to make the mortgage on time etc)
in NY you MUST use an attorney
if you have more questions about your situation- you can FM me
every bank is different, every loan mod is different- there is no set result
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| Posted 12/22/08 9:22 AM |
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LovingLife
Blessed
Member since 8/06 2818 total posts
Name:
Blessed
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
I paid $495
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| Posted 12/22/08 12:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone familar with loan modification fees for a healthy, non jumbo mortgage?
Posted by LovingLife
I paid $495
did you use a company/Lawyer?
or was that to your bank?
I have never seen a few that low- our attorney charges more then that
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| Posted 12/22/08 12:52 PM |
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