What is the name of your state (only U.S. law)? New Mexico
We have been unable to meet our mortgage payments due to a decline in our business income and have applied for a modification of our loan. We are awaiting a decision after providing the mortgage company with all the info they requested. I have read various information and guidelines on different websites regarding loan modification and who does and doesn't qualify and I am wondering how strictly the mortgage companies have to follow federal guidelines or are they free to make their own decisions? The present balance on our mortgage $ 262,000.00 and I am guessing the appraised value has probably dropped from $ 300,000.00 a few years ago to $ 250,000.00. We have remodeled our home extensively and actually created value whereas the homes in our neighborhood are worth less than half of what ours is. Does the mortgage company consider any of this when deciding whether or not to pursue foreclosure? I am anxious because if we they do not work with us, we may have to move out and let them foreclose and I would like some idea of what to expect. Anyone have any experience with this?
We have been unable to meet our mortgage payments due to a decline in our business income and have applied for a modification of our loan. We are awaiting a decision after providing the mortgage company with all the info they requested. I have read various information and guidelines on different websites regarding loan modification and who does and doesn't qualify and I am wondering how strictly the mortgage companies have to follow federal guidelines or are they free to make their own decisions? The present balance on our mortgage $ 262,000.00 and I am guessing the appraised value has probably dropped from $ 300,000.00 a few years ago to $ 250,000.00. We have remodeled our home extensively and actually created value whereas the homes in our neighborhood are worth less than half of what ours is. Does the mortgage company consider any of this when deciding whether or not to pursue foreclosure? I am anxious because if we they do not work with us, we may have to move out and let them foreclose and I would like some idea of what to expect. Anyone have any experience with this?