We Buy Houses Blog, REO, Stop Foreclosure Home Loan Modifications Blog

Are Private Loan Modification companies better to work with then direct to the bank loan modification people. I have spent the last year trying to get a loan mod direct with my lender, US Bank. All I get is a run around with no answers, and the 3rd party people want 3k up front. Any suggestions?

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I don’t really understand the question, but call your lender and ask for the modification or retention department. If you’re current on your mortgage the Making Homes Affordable program may work for you, and again you would contact your current lender.

It depends on your specific situation.
Re-fi is a great way to get some extra money from the equity you have in your home, equity being the key component.
Unfortunately many are upside down in their mortgages, with the huge decline in home/property values, so ineligible for a Re-fi, but because of the predatory lending and immoral lending practices that had become common place in the real-estate boom, banks are now realizing it will be less costly in the end to avoid foreclosure, keep honest, hardworking home-owners in their homes by loan modification. If you couldn’t afford the house to begin with, neither one is going to save you at this point BUT if because of some unforeseen emergency, (illness, death, job loss etc,) or unscrupulous banking practices you are going under but have done all that was possible to retain your home and pay your bills, you may just find a helping hand.

I been looking for a home to own not to resell. I been looking online for foreclosure listings but all ask to sign up and i dnt want to sign up because they ask for my card #. Is there any sites that don’t require any sign ups and have the whole info about the houses not js the street

Hi there, most of them charge.
You can google your bank and add foreclosure to it and you get to the bank foreclosure sites.
We have used Bank of America before, they have lots of listing.
Just type in "Bank of America real estate or foreclosure listings"
Also you can ask a local Real Estate company to e-mail or fax you all listings they have that are under foreclosure. That doesn’t cost you anything.
Another option is to go to your Tax offices and/or Courthouse and ask where you can look up the information.

Good Luck!

If I can’t how long will it take for the bank to evict my sorry a**???

Here is a pretty good website about avoiding foreclosure. It has info about foreclosure lending scams, foreclosure timeline, some step-by-step things you can do to stop foreclosure, and some advice on how to delay the eviction process after a foreclosure sale:

http://how2avoidforeclosure.blogspot.com

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I work for a title company and just got transferred to the reo dept. Ok, so first the bank files a foreclosure complaint. Then a sherriffs sale (foreclosure) occurs. 2 questions. What happens if no one bids at the sherriffs sale? Does the bank still own the property? And are they required to release their mortgage? 2nd question. What happens if a "John Doe" wins the auction. Does the bank get this money and thereby release their interst by satisfying the mortgage?

You should ask your boss & coworkers. It’s part of learning on the job. Don’t be embarrassed.

If no one bids at the auction, the bank "bought" the property & get the title transferred to the bank. The borrower no longer owes the bank money. But the bank is responsible for any liens ahead of their interest.

If John Doe won the auction, he bought the property & get the title transferred to him. The bank gets paid & that lien owned to the bank is wiped out. John Doe is responsible for any liens (if any) ahead of this bank’s lien.

Hello,

Does anyone know what the procedure is for a loan modification in New York State? Is there a certain amount of income that you have to make to qualify? Just what are the guidelines for a loan modification & are there reasons why someone would be turned down? Also, is it better to try a work out a modification with my current mortgage company or should I seek out another lender?

The loan will stay with your current lender, it will just be modified.

The first thing you need to know about a Loan modification or loan mod is there needs to be some sort of hardship or reason why you will be unable to make your payment. Divorce, job loss, adjustable rate coming due, bad or no renters occupying the residence. The are many things that can qualify you, just be prepared to prove it.

The second thing to be aware of DO NOT send any company money up front. These are scammers. We have a pre-qualification process and in most cases due to our long standing relationship with lenders we can pretty much tell you what the offer will be.

The third thing to look out for is anyone telling you to not make a payment to you bank. This will affect your credit poorly. Many loan mod companies will suggest this because it makes THEIR job easier. It is much easier to negotiate when someone is late. However, I am not interested in what is easy, I am interested in what is best for you and your financial future.

Our company can walk you through the process. It is very easy. There is no credit check, minimal paper work and no closing costs. Email me if you would like some more information.

You can do this on your own, but BEWARE you will spend several months negotiating and if you don’t get the deal that you are looking for, you are done. There is nothing else you can do. At that point you can not hire a professional because you have exhausted your options. Think of it this way:
You have one chance to fix your loan. Do you want to "try" to do it on your own or do you want someone who has years of experience, connections and legal help to do it for you?

how can i get approve with the DRE to due home loan modification

Please get in touch with Housing and Urban Development (HUD). This is a non-profit organization that offers financial counseling for free. They will help you in this matter.

We just bought our house in August last year. We keep getting advertisements for home loan modifications. Although I am not jumping up and down to pay closing costs again, the idea of reducing our payment is interesting. Should we look into this or not?

many scams out there – especialy if they mention the "stimulus plan" – I just read a story on it.
The scammers will charge you a fee ($1000-3000+)and will disappear

and if you just bought the house 7 months ago, thinking about a loan modification is ridiculous

I got one of those scam notices – has a big government looking form # on it – not even a company name though

I keep hearing about how buying foreclosures is a great way to find buy property for less money. I am a recent college graduate and don’t want to throw money away on rent when I can hopefully find a place where the monthly morgage payments are less. I am looking to live in the Lehigh Valley (Allentown) of Pennsylvania.

I am relocating and have been looking at foreclosures. With as many are out there, many are listed on realtor.com or with local realtors. A few sources that I’ve tried:

Bank websites – Chase, BoA, etc.
www.hud.gov – has links to all govt owned foreclosed properties
www.ushud.com – not a lot of information
Local realtors websites

Make sure you do your research like checking the county website for valuation information, tax info etc. Since most offer no disclosures, you want to make sure you do the legwork to ensure that it is a good deal.