Had a loan modification over a year ago. Defaulted due to loss of wages. 3 months ago had a new loan modification and after 3 months of paying the trail period (payments all on time) now morgage co declines the loan. i am still trying to work with them. They want to come in my house and do an interior home inspection? Is this a good sign or a bad one? Morgage co says "most likely I will have to go to court". I owe 460,000 and my house is valued at 550,000. Thank you, J
They may have the right to do a home inspectiion either pursuant to the original Note, Mortgage or other documents you signed at closing. Or they might have the right to inspect pursuant to a provision youo may have agreed to in the mortgage modification documents your signed. Since it appears you have significant equity in your property (you owe substantially less than the home is worth) you should explorre other options such as refinancing. However, based upon your default and perhaps other credit derogatories, it may be difficult or you may be charged a significantly higher rate. You should also consider selling the home. This would enable you to payh off the mortgage and walk away with almost 100K in your pocket. A 100K down payment, combined with curing your present mortgage default and maybe making some other moves to improve your credit score (which I could discuss in detail with you) would let you "start over completely clean".
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