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.