Anybody have success with a loan modification?

[pstall]

Be a year next week my wife has been out of work. That has finally caught up with us.

So now I'm doing paperwork for a load mod. I was curious to see if anyone had any luck as well as some tips that may help the process.

I would hate to sell but push come to shove if that's what I have to do so be it. I'm not trying to keep up with the Joneses by any means.

[TheSaint]

What kind of Mod? Like a 15 yr to a 30?

I just refinanced...it was a pain in the ass.

1st appraisal was great. Hadnt lost much over what i paid in 2006. The mortgage folks wanted another appraisal...it was $100k less than the 1st. WTF!

Still got the loan though. saving me about $300 a month.

[pstall]

straight up mod man. I did a refi two years ago down to 4.5. It's an ARM that changes in 2012.

I flat out need this.

With her being out of work, a teacher no less and my begg.. I mean great writing skils I'm going to give them all the docs they want as well as a letter adding some context.

Lot's of drama with me and GMAC but I own my part of my mistakes.

[theedaddy]

pstall, you work at bank, right?

[pstall]

yes- ironic no?

But I'm locked with I have. Nothing they can do, believe me I have hit them up. Man I don't want to go back to dealing drugs and hustling video games and scam bad guys but....

[dimbee]

How does your DTI look with just your income? Do you know if you're in an FHA loan? If not, are you in a Fannie Mae loan? Depending upon your equity situation, you could refi to a fixed rate around that ARM rate on a 30 year fixed. You could get ridiculously lower on a 3/1 or 5/1 ARM.

[pstall]

FHA dim. Hmm. DTI I haven't calc in awhile. Not good with her income down.

[dimbee]

FHA dim. Hmm. DTI I haven't calc in awhile. Not good with her income down.

Edit: PMing you

[pstall]

Edit: PMing you

thanks padre.

For the record. Dimbee is a UK fan and I'm a Duke fan. We get along great. Except during March.