Mortgage help

[mom2d&b]

Hi friends,
I recieved a call from Meredian offering help getting a mortgage modification. They told me they got my information from our loan company. Has anyone had any experience with them? Of course the call sounded good but I also know not to completely trust what they say without doing some research. We are 3 months behind on our mortgage, have an interest only loan and are upside down. I hate the position we are in. But I have been trying myself for a modification fro months and not making any progress. Just looking to see if anyone knows anything about Meredian that may help me make the right decision.

 

[dfchelbay]

Hi friends,
I recieved a call from Meredian offering help getting a mortgage modification. They told me they got my information from our loan company. Has anyone had any experience with them? Of course the call sounded good but I also know not to completely trust what they say without doing some research. We are 3 months behind on our mortgage, have an interest only loan and are upside down. I hate the position we are in. But I have been trying myself for a modification fro months and not making any progress. Just looking to see if anyone knows anything about Meredian that may help me make the right decision.

Call your loan company to verify that Meredian was given information by them. I'll bet they've never heard of Meredian, nor would they give your personal information to them. If you're already three months behind on an interest only loan, it wouldn't make sense to refinance/modify because you would have to pay principal and interest then, which would be more than your current interest only. Not to mention you are upside down, and lenders probably won't lend you more money on a devalued home, when you're three months behind in your current mortgage. All the rules have changed when it comes to lending money. Actually, I think they've gone back to how they were twenty-five years ago.

Is there any way you can sell the house? A short sale would be way better than a foreclosure. Then, perhaps you can start fresh, with something with a smaller payment, or perhaps rent for a while. I'd start looking into other options with respect to a place to live, just to have all information in hand. If you find yourself in foreclosure, you don't want to try to find a place to live, with a foreclosure on your credit record. Get ahead of it now if foreclosure in inevitable. Start trying to establish a plan for a new home, while your credit is only minorly bruised.

I'm not a banker or mortgage person, but I am a homeowner. Believe me, over the last year we have thought long and hard about what we might do, should DH lose his job, with respect to our house.

Maybe you can contact a local attorney to help you answers some questions, and give you guidance through this difficult time.

 

[TOTMGMWDW]

I agree with calling your mortgage company, however, don't lose hope. Situations like yours are the ones they can help. If you have an interest only loan now, you will be modified into a fixed. The interest rates are much lower now than in years past, so not true you won't be able to afford the payment. We have a friend who was 2 months behind on an interest only and their mod payment is 225.00 less and now it's fixed. Keep trying. Google the company that is calling and keep calling your mortgage company to see what they can do. The banks don't want to foreclose. It's another headache for them. I feel for you but keep trying. Good luck.

 

[Cheshire Figment]

I have gotten lots of mail from companies offering to refinance my mortgage. They do have the original amount of the loan correct, but that is public information. They give example payments to "help me out". I don't tell them I have a 15 year at 5.0% fixed and am already so far ahead that I will pay it off in 169 payments, not 180.

I will be that this company has gotten there information from pblic records somewhere. If you do call them, ask them to tell you the amount of your scheduled payments. I'll bet they have no idea.

 

[Bbbethei]

I wouldn't talk to anybody who contacted me without solicitation. If I were in your shoes, I would contact a HUD-certififed housing counseling agency. You can do a search for one in your area at www.hud.gov. They will be able to do a thorough analysis of your situation and provide you with the best options. You absolutely should not pay an organization a large fee to help with a modification. There are plenty of non-profits who can be trusted and will do it for nothing.

Good luck.

 

[mom2d&b]

Everyones help is very appreciated. We know we screwed up when we refinanced several years ago. We chaged our lives financially about 1 year ago. Things are much much better today but this is a work in progress.
When they called us ( we did not get anything in the mail) it was mentioned that with the Save our Home plan, our morgatge is higher than the percent mentioned in the plan. The numbers they are giving me ( they indicated it is not a gtd on the amount) will reduce my payments by about 400 a month AND change the loan from intrest only to actually paying principal as well. It sounds too good to be true. I think I will spend some time at work today playing the automated phone game with the mortgage company and try to get a live person. Thanx again

 

[johnGorski]

I would contact your home loan company yourself even though I have not heard of Meridaian there are plenty of scams that promise to help you modify your homeloan for a fee. They will take your fee and run. If you are 3 months behind you should quilify for a modification. Be prepared to go round and round on the phone with your bank but I posted two links to great sites that are awsome tools for you.

www.loansafe.org they have a great forums for you situation and you will get lots of info.
www.makinghomesaffordable.gov is another great resourse.
I wish you luck

 

[edandcolleen1995]

Don't believe them. Honestly if it sounds too good to be true with a call out fo the blue, it is someone trying to make money off you.

 

[kathyell]

Please read:

http://www.trustlink.org/ViewQuestion.aspx?QuestionID=602

I think there are better options for finding help, but you should decide for yourself if the assistance they appear to be offering is worth the fee they will charge you to do it.

Also make sure to research the resources the HUD can provide.

http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure
http://www.makinghomeaffordable.gov/