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

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?

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?

Does anyone have a sample home loan modification they used in the home loan modification process. I am looking for someone who has successfully completed the process. I am a single parent with a $2000.00 monthly payment. I am currently working two jobs to try and keep up. I am still behind and I am also making myself sick from lack of rest. Please, no negative responses. I feel bad enough as it is.

I have done 2 for my family so far.

I am not sure what you are asking, there is nothing to give you a sample of.

I filled out the paperwork, provided the documentation and wrote the letter.

After that I called, the second time around I called the bank every single day until they finished it.

My homes value has dropped significantly with all the foreclosures in my area. Appraised at just 68,000! I owe 178,000! Would my mortgage company be more willing to help me stay in my home buy making my payments more affordable than to add one more forclosure to the LONG list in my area? To me…It would benefit them to help me stay in a home I have been living in for that last 13 years.

No. It makes them less likely and less able to help you. Loan modifications only reduce payments, they don’t change the principal owed. Since you are so far underwater, they know that you are more likely to default than other people they could help.

Plus your mortgage payment will have to exceed 31% of your gross monthly income for them to even talk to you.

good luck!

I have been up to the courthouse twice and still have a hard time figuring them out.They list an amount and I assume that is what they either want to get out of the property or is that what is owed on the property.Also how do you contact someone about these.They have a law office usually listed but they dont seem to be of any help.Can they not give out that info?What is the best way to find a contact person on these listings..Thanks for any help you can give me on understanding this paperwork..

The clerk will help some. The amounts are what they are being sued for. There may be other mortgaes and liens on the property that are not listed. You are buying hte debt liste, but that does not insure that you are buying a title. Usually the titles are NOT clean and there are other expenses involved.

If you want the attorneys to help you you will need to pay their retainer fee. They are not volunteers.

All the sites make you pay. It is like a dollar for seven days but that is a scam and I have no money anyway.

Here is a list of 20 or so foreclosure databases:

http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Even though I am about to lose my house, I am very fortunate that my mother has agreed to buy a house for me – I would pay the mortgage and expenses. But we are looking for a foreclosure or any great deal. Is there a one stop source to find these properties in my area?

What area are you in? There’s many real estate investors that could help you out.

if so what do i do if the loan company want stop the sale if there some kind of paper that i can file with the court to stop it? First Franklin is the loan company and they don’t care

You cannot stop a foreclosure sale if the lender does not agree to same. Attempting a short sale MIGHT benefit the lender, as well as it might benefit you. However, if the lender involved wants to move forward with foreclosure, the only thing you can do to stop it is to pay in full what you owe.

You can only ask if the lender will postpone a foreclosure if you are working toward a short sale.