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

I have my home loan threw Wells Fargo and have had my loan for 3 years I have never been late and now I am having money problems. My work is slowing down and I am looking into a part time job. I missed a housepayment and I called the lender, they mentioned somthing about a Home Loan Modification where they can crunch numbers and my payment be lower is that for sure or are they stringing me along. Has anyone been threw this and how many payments do you have to miss untill you can qualify for this? I have to call her later, she wasnt to clear about it. Some advice would be nice.Would it be better to refinanace. I am at a 6.2% interest rate. with a 600 credit score. Advice anyone?

Wells Fargo is one of the best banks to work with.

They might give you an adjustable for around 5% for 3-4 years. You need to weight the options, but since your problem is only temporary you might ask for a forbearance instead. With a forbearance they let you not pay for 2-3 months so you can get situated and put the money on the tail end of the loan.

Since you have a really good loan already I am not sure that a modification or a refinance would help you all that much.

Is there a way to determine if I qualify for the home loan modification?

You need to call your lender to find out. It is not an easy question ot answer, with lots of varitables, many of which you likely do not even know.

I do not want to have to sign up for or register for anything or give a credit card # or checking info.I just want a completely free site that
will let me view all foreclosure listings with all the information.Thanks!P.S.This is for listings in the United States as i am located in Ohio.

http://www.foreclosuremegamall.com/

Cure the default by paying all of the money past due.
File for bankruptcy.

Here are some tips I have in my blog for finding foreclosures; this should be applicable in VA also.

Where Can I find Foreclosures Online
This is the most common question I see in the Renting and Real Estate section of Yahoo! Answers. Here is my answer, although there may be better answers out there.

Bank websites: Bank of America and IndyMac Bank are two of the largest mortgage companies in the US. They both list their REO property on their websites. Some other banks, such as Washington Mutual (The largest mortgage lender in the US) do not post their REO on their site. If you know of other bank REO links, please let me know.

Government websites. The majority of foreclosed homes are returned to the federal government. The agencies insuring homes include HuD, Fannie Mae, Freddie Mac, VA and USDA. There are links to all of these and more on the HUD website at hud.gov click on buy a hud home and it will take you to a state specific link. VA and Ocwen foreclosures are listed at http://www.ocwen.com/reo/home.cfm Fannie Mae properties are at http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp?p…

Traditional sites. Sites such as realtor.com list foreclosures. You can search them yourself by simply limiting the price in the area in which you are looking. Put in a price that is about 20% less than the going rate in your area. Foreclosures will generally say "corporate owned." You may also find some non-foreclosure homes that are a bargain this way.

Public Records: Check your local legal notices at http://www.publicnoticeads.com This is a free search but not all areas are listed. You can check online to see if the county recorder in the area in which you would like to purchase has online access. If they do search for Lis Pendens and you can follow the home through the entire foreclosure process. Search on Deed and put in the name of your local sheriff as grantor and you will get only the houses that have gone to auction.