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Expert Q&A Archive

07/17/2009
Why can't I get a loan modifcation if I have a 3rd party mortgage?
I became a first-time homeowner in May of last year, and had applied for an FHA. I was denied because my condo association had a lawsuit [against it]. I had to go to a third-party mortgage person, and now I'm not qualified for modification. My mortgage lender is Central Mortgage Corporation. What are my options?
Beth Frazier:
expert info »
Call your lender back and ask them why you don't qualify for the loan modification. Ask them to explain all of the programs that you do qualify for.
Heather Green:
expert info »
My best advice in your situation would be to make an appointment with a housing counselor from a HUD-approved agency. Look at http://www.hud.gov/foreclosure/local.cfm to find a list of HUD- approved housing counselors in your area. They should be able to help you sort through your situation, and determine what options you may have to working with your mortgage company. They will help assess why you might be looking at a modification in the first place, determine if that's a feasible option, help you understand the application process, and help you review your
application (workout package) before you send it in.
 
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