my mortgage lender rejected my application for a loan modification, they stated “insufficient income”?
my home value is low i make my monthly payments however they refused to help me. i thought the point was to help me because of my low income. my question is, can i move my mortgage account to another bank?
no…
No, the point is to keep people in homes that they can actually afford. Someone who makes $40,000 per year is NOT going to be helped so that they can stay in their $500,000 house that they got with a liar loan. You CAN move your mortgage to another bank….this is called a refinance. If your loan is underwater, then there are slim to no chance of that happening. Also, the new loan will have to pay off your old loan. Than means that you will still be on the hook for the amount of the original loan.
you have to apply for a loan with the other bank.
You refinance to move to another bank.
They refused the modification because according to the numbers you will go into foreclosure after they modify the loan anyway because you can not afford your bills and a lower mortgage.