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

I just lost my job of 5 years and have a mortgage loan of which I am sure I will not be able to pay soon. I am thinking of seeking the help of a mortgage loan modification company. Would like to know the benefits since I think I can do this thing by myself. Any help will be appreciated.

The benefits of hiring a loan modification company is basically saving yourself alot of time from research and actually doing the the loan modification process. Its important to understand that their is nothing a loan modification service can do, that you cant do yourself. If you have the extra money and choose to hire a service, then great. The only real benefits is the time saving and they have knowledge about the industry. It simply is a service. Such as a housekeeper. You can clean your house yourself but its much easier to hire someone else to do it for you… (granted they have experience and may do a better job than you can, but its pretty marginal once you know how to do it)If you do decide to choose a service make sure you hire a legitamate company. In my experience I have seen WAY to many homeowners bieng ripped off and losing thier home becuase of some scammy loan modification company. If you choose a good company they can do great things for you. If you choose to do it yourself just keep in mind that the loan modification proccess requires alot of time and patience. You can download a FREE Do It Yourself Loan Modification Kit from the website I have listed in my resource box below. Check it out if you want to learn a little bit more about doing a loan modification yourself before you decide to hire a company. Hope this helps..and good luck to you!

I have been calling since March and get different directions every time I call. I did the application over the phone twice now but when I call to check the status, they say it isnt in the system. I’m going to send everything in the mail tomorrow. I was just wondering if anyone has had any success with the program, especially with Chase.

Don’t get too positive. Plan to fight hard!

I made the call today twice, first time, got transferred! Second time, just ask for more updates while according to the call I made yesterday they had received all the scanned copies for the updates and the case was transferred to another department. what the??!!
My hubby made the call at the same time, someone told him that we had already accepted the payment plan, which is like $2000 the end of this month, $4000 early next month, $7000 at early Oct??!! That is totally ridiculous. And they threatened him, if we don’t pay or accept the plan, we will be processed as foreclosure! And I was on the phone at the same time, another lady says "oh, don’t worry, you guys are in the process of applying for the modification and we won’t process the foreclosure!"

Okay, we’re just trying to see how many outrageous answers we can get for one day, we called again, and this time, this sweet lady says we should talk to the collection department and try to make the payment! Yeah right, if we can make the payment why do we even ask for the modification??

We were quite amused! They took the money from the government then did what? I’ll keep calling them. In general, they don’t care, everyone on the phone has training on how to kick the ball back to us. I guess it will be a very tough battle.

My husband Lost his Job thorough no fault of his own 3months ago and in November of last year I lost my job and took another job in January with about half the pay. I also work a PT job. With his unemployment and my job our cash flow take home pay went from 5000 a year ago to now 3000. Currently our bills our car loan 375, student loan 200, utilities/HOA/insurance and COBRA payments are all 750-900 THEN our house payment of 1500. We have a interest rate of 9.5% an our home is 20k underwater. after all of this we have nothing left over for food, gas for the car. We have been using our savings for this, we have seen that go from 40k to 20k going even more rapidly as we speak. I looked into loan modification if we would get that interest rate lowered we will be fine. I need a honest answer would it be easy to get it modified. No rude commits please what happened to us was not our fault we both lost our jobs do to this great economy. Our bank is BOA and we have a fixed 9.5%, Never been late on any of our payments.

Unfortunately, the modification program touted by the treasury department is not going well at all. To date, only 17,000 mortgages nationwide have actually been modified, when the government had forecasted that over a million would have been modified by this time.
One problem is the procedures are very cumbersome, and the banks dont really know how to do the plan. Part of the problem is that the banks own very few of the loans, having sold them over the years as CMO’s, where thousands of mtgs are bundled, then sold off. If they reduce interest, or principal, they must get the approval of the current owner of your mortgage. This is hard to track down, and costly.
The second problem is that you are not late, or in default on your mtg. Hard to believe, but you probably dont qualify because you are current, despite the scenario you have described.
You best bet is to contact the bank immediately, describe your case, and ask what you can do to get a modification. Be persistent, as you need to make sure you talk to the right people. You may also see if there is a non-profit , for free, mortgage assistant group in your community. Most churches are informed on where you can get this type of free professional help, so ask a minister or priest in your area if they know where you could get help on having your martgage terms changed due to hardship.
Good luck!

I’ve found plenty of scam like deals online, some as much as 40 bucks a month! Surely these must be listed somewhere you can view them in their entirety free of charge?

Go to your county courthouse. It is all public records. Many counties put out a little newspaper every week showing which properties are going up for auction. I don’t know what state you are in but with a little online research you can find everything you need to know.

I have a contract on a home. I just found out today that it has gone into foreclosure. My bank says that I am 15 days away from closing, this will take me past the contract date.

Kentucky is a judicial state meaning it goes through the courts. Does the court have a sale date on the property yet? If not you should be fine. If there is a sale date after your closing date then it is still fine. Judicial foreclosures can take a while and if it just went in then you can have the other loan paid off before the bank sells it. All you have to do is make sure it does not go to auction. Before it is sold at an auction it is sold the exact same way as any other property. If it is cutting it close to the auction date then the current homeowner needs to let the lender know what is going on, provide them with any information they need in order to postpone or reset the auction date. This is not too difficult, it just takes communication and today more than ever all they really want is the money not the house. Make sure the payoff is received too, that will take it out of foreclosure for good. Best of luck.

I know reo is real estate owned.

PPR is Property Preservation. REO does mean Real Estate Owned, that means it is owned by a bank after a foreclosure.You will see this in a sale where on the contract is says corporate owned or bank owned.

http://www.LoanMods-r-us.com Save your home now. Loan mod or loan modification, refinance home loans. Don’t wait.Time works against you. They predict 10 million loan mods this year. Stop foreclosure.

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Just curious what a few people paid for their loan modification and what kind of a deal you got. I want to make sure that this isn’t just the next wave of shady mortgage lenders.
Sally, I disagree. Yes you can do it yourself, but you can also have a professional lawyer do it too. In this economy, with the biggest asset and biggest liability, I feel that having someone with more of an education and more experience in this field handle my loan modification is the right choice.

I think it is better to do it yourself. The bank will not be happy if you wind up paying an attorney a few thousand to do a loan mod, when you could have given that to them for partial payment.

We did ours ourselves. Went from a 9.875% (adjusting to a 11.375% the next month) to a 5.8%. We actually have decent credit, 691 mine, 695 my husbands. Our big problem was my husband got demoted and I am a Realtor, although I had a good year last year (until August), and I have been a Realtor for over 4 years with consistent income, the new mortgage scare made it near impossible for us to re-fi.

Our lender, Countrywide, almost laughed when I told them we wanted to re-fi and that I am self-employed as a REALTOR. Once we got past that they were great working with. I’ve heard horror stories about them but they’ve always been really good to us.

We paid zero, and came out happy.

Just curious what a few people paid for their loan modification and what kind of a deal you got. I want to make sure that this isn’t just the next wave of shady mortgage lenders.
Sally, I disagree. Yes you can do it yourself, but you can also have a professional lawyer do it too. In this economy, with the biggest asset and biggest liability, I feel that having someone with more of an education and more experience in this field handle my loan modification is the right choice.

I think it is better to do it yourself. The bank will not be happy if you wind up paying an attorney a few thousand to do a loan mod, when you could have given that to them for partial payment.

We did ours ourselves. Went from a 9.875% (adjusting to a 11.375% the next month) to a 5.8%. We actually have decent credit, 691 mine, 695 my husbands. Our big problem was my husband got demoted and I am a Realtor, although I had a good year last year (until August), and I have been a Realtor for over 4 years with consistent income, the new mortgage scare made it near impossible for us to re-fi.

Our lender, Countrywide, almost laughed when I told them we wanted to re-fi and that I am self-employed as a REALTOR. Once we got past that they were great working with. I’ve heard horror stories about them but they’ve always been really good to us.

We paid zero, and came out happy.

I was forced to take one of the high interest home "junk" loans and am now paying a high monthly bill.I have looked at some of the online Loan modification sites but don’t know if I can trust them.I would like to do this myself if possible.

Did they use a gun or knife to force you to sign that contract?