Posted: 5/7/2012 6:29:03 PM EDT
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The bank that I have my mortgage thru, TD Bank, will do a loan modification to lower my interest rate. For a little over $800 they will reduce my interest rate from 5.5% to 3.99%. That will save me about $100 per month.
The nice thing about this is that the only thing that changes is the interest rate. The maturity date of the loan is still the same (the 30 years doesn't start over like with a refinance). There is no appraisal, no type of documents or employment checks to fill out, nothing. Just pay the fee and have the rate changed. Not only is this easier than refinancing, but it's cheaper too. When I looked into refinancing a year ago it would end up costing me over $3,500. So call up your mortgage company and see if they have a similar loan modification program! |
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Unfortunately traditional loan mods are NoT that simple. Qualifying for HAMP or in-house mods required a specific debt to income ratio, lack of equity, missed mortgage payments, assets to qualify. I used to run a loan mod center where we processed over 400 mods per month. The success rate was maybe 40% which is vERY high. Last I heard only 3% of people who applied for the HAMP program actually qualified.
I have never done a mod with TD though, if they make it that easy (no extensive pre qualifications) then by all means that is an amazing deal and go for it! Tr only problem you might run into is how they might report it to the credit bureaus |
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Unfortunately traditional loan mods are NoT that simple. Qualifying for HAMP or in-house mods required a specific debt to income ratio, lack of equity, missed mortgage payments, assets to qualify. I used to run a loan mod center where we processed over 400 mods per month. The success rate was maybe 40% which is vERY high. Last I heard only 3% of people who applied for the HAMP program actually qualified. I have never done a mod with TD though, if they make it that easy (no extensive pre qualifications) then by all means that is an amazing deal and go for it! Tr only problem you might run into is how they might report it to the credit bureaus Apparently things are different, I'm not even working right now and I got it. They didn't ask about work, assets, debt to income, etc. I never even gave permission for them to run a credit check. I just checked their website and the only stipulation listed is that you are current on your last 12 payments. It's worth a try. |
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Just as an update, everything is complete. No hidden fees or anything. I paid the fee by credit card over the phone when I called them, that locked me into the rate. 2 weeks later I just got the paperwork, signed it and had it notarized and sent it back- all done. No appraisal, no employment check, nothing.
So it can't hurt to call up your mortgage company and try a rate modification as well! |
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Just as an update, everything is complete. No hidden fees or anything. I paid the fee by credit card over the phone when I called them, that locked me into the rate. 2 weeks later I just got the paperwork, signed it and had it notarized and sent it back- all done. No appraisal, no employment check, nothing. So it can't hurt to call up your mortgage company and try a rate modification as well! Thanks a million OP, I will def. be trying this angle!! |
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Just as an update, everything is complete. No hidden fees or anything. I paid the fee by credit card over the phone when I called them, that locked me into the rate. 2 weeks later I just got the paperwork, signed it and had it notarized and sent it back- all done. No appraisal, no employment check, nothing. So it can't hurt to call up your mortgage company and try a rate modification as well! Thanks a million OP, I will def. be trying this angle!! You have TD Bank? If so: http://customerservice.tdbank.com/app/answers/detail/a_id/6305/kw/rate%20modification/session/L3NpZC9Na29ERFRYaw%3D%3D Let us know how it works out! |
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Just as an update, everything is complete. No hidden fees or anything. I paid the fee by credit card over the phone when I called them, that locked me into the rate. 2 weeks later I just got the paperwork, signed it and had it notarized and sent it back- all done. No appraisal, no employment check, nothing. So it can't hurt to call up your mortgage company and try a rate modification as well! Thanks a million OP, I will def. be trying this angle!! You have TD Bank? If so: http://customerservice.tdbank.com/app/answers/detail/a_id/6305/kw/rate%20modification/session/L3NpZC9Na29ERFRYaw%3D%3D Let us know how it works out! Nope never heard of them  .
But , when I need to entertain myself , I call banks and ask for some o my bama stash........ 
I would love to do a mod. Im at 8.25% right now....... I have Aurora Loan Services (they suck) and Im pretty sure they dont own the note, they only service it, so for the first days entertainment I have to call them and attempt to get an English speaking person who can might be able to tell me who owns the note..... Not always an easy task. Last time I tried before the note was sold four or five times , it took me three call over three days to find out 
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