Money Matters
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Is a Loan Modification worth it?
Long story short, H has been out of work and we have fallen behind on our mortgage. The mortgage company has suggested a loan modification which will supposedly reduce our mortgage payments. The loan is only in my name.
Does anyone have experience with a loan modification or can shed some light on the process?
Re: Is a Loan Modification worth it?
If I am understanding correctly on how they work, the amount you are past due on will get added to the principal of the loan. Then they pretty much refinance the loan out for more years in order to make your payment lower.
Some banks will do this for a 3 month time period, and others do it for 5 years. Then after that time period, your payment will go back up to what it originally was. In the end it adds more principal to your loan, and more years to the payment.
Is it the ideal option? No. But if you are unable to make your mortgage payment, then this may be your only option.
Also, your payment has to be over 31% of your take home pay in order to qualify. Not sure if that will make you qualify or not.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
Have you posted your budget here before?
If not, perhaps we can help you find some ways to cut expenses to be able to pay for the mortgage.
If you do post it, include all expenses including all loans and credit cards with rates and balances owed. Also include your take home pay (after taxes, health insurance and retirement are already taken out).
Thanks MommyLiberty, I will do that in a separate post. But I will warn ya, it ain't pretty.
Don't worry about that. We're all here to help each other, and give solid advise.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com