| Answers |
| Posted By: LoanModMan on Jan 03, 2010 08:19AM |
| A: Hi RJoseph, You do not have to have a GSE backed loan to get a modification. Putting part of your mortgage in a trust is not something I have ever seen. However I have seen principal forbearance done as part of a loan modification. This is where a servicer puts a portion of the principal "on the side" so that it is not subject to monthly interest. This effectively lowers the monthly payment in cases where simply lowering the rate, or re-ammortizing does not hit the 31% DTI mark. In addition what Aurora does as a "servicer" is quite different than what they do as an "investor". Is Aurora your servicer or investor? The servicer is the company you are making your payments to, the investor is the company that owns your mortgage. ***************** Regards, Dan Harris........................ Http://www.LoanModBook.com |
| Posted By: loanmodpro on Dec 30, 2009 01:25PM |
| A: Let me answer your last question first. with the new Obama plan, you do not need to be behind on your mortgage to get a loan mod, however, the lender will pay more attention to you if you are indeed behind since they see that a foreclosure is a real possiblity. We have done many non-Freddie and non-Fannie loan modifications so that is not a necessity, although again with the new Obama plan, Freddie and Fannie backed loans are easier to do mods on. |
