mixmaster asked:


I currently have a fixed 6.5% 30 yr fixed loan. I recently got laid off and my wife works full-time, but is not on the loan. We are having trouble with making the payment at this point and could actually catch up, but that would leave us with no money and no possible way of making payments after that. Technically my house could be appraised at about $10k or so less then what the loan is for, not sure if they take that into account when they do the modification. Does anyone have any dealings with them or have any advice on how to get this taken care of? We only need the payment reduced by about $250 or so, more would be better of course. What would they be able to modify? The interest? The total amount? They asked when I was going to be employed again, I said probably next month and they asked for an employment letter stating what I will be making. I said I can get that and send it to them, then asked what if I am not going to be making as much as I was. They said they could not use my wife’s income so she would have to be assumed onto the mortgage, I am assuming having her name on the loan also, which is fine with me. Any help would be greatly appreciated. By the way the bank is Flagstar. Would I be able to lower my rate and will I be able to utilize the Home Stability Act that President Obama has laid out. According the website the bank would have to voluntarily participate in it but they are incentives to them to do so.

I asked this question before but I added some extra stuff to it.

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