Is it possible to do a loan modification through a different lender than what I have?

Posted on Mar 16, 2013 in HARP Refinance

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loan modification programs
by Chris Devers

Question by Think about it: Is it possible to do a loan modification through a different lender than what I have?
I have Citimortgage and they are not moving forward with my loan modification for the “Making Home Afrodable” program that my loan qualifies for through the government. They’ve been stalling for months and I’m about to go bust. Can I for example take my loan to Wells Fargo or another lender for them to do it?

Best answer:

Answer by chatsplas
Citi has your mortgage and only they can modify it. A modification says you are keeping your loan and ONLY changing the interest rate, case which also slightly lowers your payment.
To go elsewhere you are doing a refi.
Call them, pharm keep calling, symptoms ask if there is anything else you need to submit, ask if you can talk to anyone else if you’re not getting anywhere.

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  1. Youre stuck with Citi. Ask the loss mitigation department if they would prefer that you have an attorney call them to handle this. There are plenty out there that will do this for you for a small fee.

  2. If you already have a mortgage then you can refinance and change it to another company.

    If you are already in the middle of a company lending you money you can back out and try to get it somewhere else but you will have to pay all the fees associated with the loan and that could run you close to $ 2000.

    Loans take a long time to process and if it is one of the gov’t deals and has any of the bail out money in it then it’s going to take even longer.

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