Thanks,
I am trying with my local hud approved servicer cccs. They are a little swamped so they are a little slow in responses, which I read is normal.
I contacted a similar servicer called editmyloan, they offer money back warranty
it is $500 upfront and $1000 at the end of the mod
If they are not sucessful to modify your loan, they refund your $500.
I would need for them to define what is "sucessful to modify your loan" of course.
Basically, paying is a convenience so someone work on your behalf. Kind of a sophisticated errand boy service.
I am still trying to get with my hud agency, because that is what my mortgage lender wants me to do (beneficial) they give me the hud number everytime I call them....They do not do loan modifications themselves. They only have a temporary hardship department that approves relief for 6 months at a time...
CCCS, in turn is asking me to negotiate with the lender myself, but they would do conference call if I want to.
I managed to pay this month, so I have 30 more days to decide on strategy.
My main obstacle is that I need a very good financial statement, because my morgage payment is currently 'only' 26% of my income. In theory I should be ok, but I got separated, child support is $150/mo and both my parents became disabled and I am their only support (only child). I also have a beautiful baby boy.
So, I am tempted to buy one of those DIY guides to loan modification so I can be better prepared, they all include samples and templates and instructions $30-$90. What do you think?
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