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

Please no junk answers from people advertising there services. thank you.
I have a friend Barry that has a home that he owes 190k worth 140k. He had a payment of 1950.00 at 10.5 percent. Barry has all these toys ranging from a boat, corvette, jet skis ect. Barry also makes 70k a year at his job, 30k results from bonus and commissions. Barry got a loan modification that reduced his balance to 135k, 4% apr his payment is now 845 a month. He told me he had to right up a expense report showing he is broke, be he showed only his wage of 40k a year. leaving out the bonus he received. With the savings in money he is going to bali next month with his g/f. Barry also filed bankruptcy 7 years ago.
Is this right are they not paying attention to peoples assets.

I am tring to get a modification, lost my job 4 months ago. home is worth less. They are not even budging.

depends on your lender. some are actually working with people making "new and reasonable" loans, others are not, but just act like they are.

i tried to do that with wells fargo, and they didnt budge at all. i owed 300k on a condo worth 100k; and they didnt want to reduce the principal at all; so i said see ya! lol Funny thing is now its gonna be an REO, they are gonna have to fix it up, pay a broker and sell it. thier bottom line will be about 85k after all is said and done! I would have gladly stayed put for a new loan amount of 140k or less with decent rate. These banks are idiots. I was gonna buy some wells fargo stock…but now seeing how dumb they are, idk anymore. lol

your friend is the exception to the rule. most loan mods only change your interest rate to lower your payment. lenders REALLY HATE to reduce the principal, so it rarely happens.

My husband and I fell short on our mortgage payments back in September of 08 due to decrease in income. we made several attempts to work with the bank (countrywide) at an early stage to work with us in reducing our interest rate, (which was 7.5% fixed rate), and make our payment much more affordable. they gave us a long run for about 6 months, although we had provided all the documents they had requested. our credit was going downhill from more than 700 pts each to about 400pts. We got advice from a realtor to "short sell" the house at its current value (200k) and prevent further damages or foreclosure. We got an offer on the home right away and were excited get out and start anew, but the bank refused to take the deal. We did not know what next to do. Country Wide as bought by Bank of America in the midst of all of this. We then started to send payments we could afford, hoping that they would see that we are making efforts. The bank returned the payments because it was not the full amount plus the late charges. We just could not afford it! Anyhow, we refused to abandon our home and walk away like most people advised. We just kept the house on the market at the value houses in the area were going for, knowing that it might not be approved by the bank, and just waited for whatever was to come next. We took the house off the market and resubmitted the paperwork when Obama introduced the new help for homeowners’ bill. After waiting for another 4 months or so, we just got a loan modification approval: the original loan amount is 349,900K. Bank of America is taking this amount plus the interest fees and back payments bringing the total new amount to 381,650.68 at an interest rate of 5.5% fixed rate for 40 years. Our new mortgage payment is going to be 2,697.54 as compared to 3,175.00 that we had to pay originally. Does this sound like a deal? My concern is the house is now worth 200k we bought it for 349,900k and paid on it for a year before we started having problems. Subtracting the back payments from the original amount leaves approx 318k (or even less for the whole year we made payments). Instead they are asking us to pay the back payments plus the original loan amount of 349900k, which totals 381,650.68. I’m confused; are we paying the back payment twice? We really want the loan modification, but the new amount just seem horrendous and I’m confused. Please help me understand

Suze Orman on Oprah recently gave loan modification advice. For more information see below.

As I mentioned above; I am a Realtor in Dallas, TX . Recently I thought about venturing out in the world of foreclosures to build my business. How do I go about getting foreclosed homes listed with me?

With all the recent foreclosures to hit next month in September, I am wondering what do I do, what process; if there is one, to go about getting banks to list foreclosed homes with you?

Thanks for taking the time ro read my question.

see this, it’s free

http://real-estate-investing.guidearticles.com/free-ebook-dvd.php

If so how will it help me and how will it hurt me?

In a foreclosure, here are your eight options:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end you still could lose the property and ruin your credit.
6. Renegotiate with the lender: Call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time. See if they can combine all your loans into one. This is your best option!
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category. They have this notion that a family friend will loan them the money. This, of course, rarely happens and they end up losing everything.

Speak with a bankruptcy attorney to see if you can file bankruptcy and if you do, can you keep your home. If you’re in Southern California, let me know and I’ll see how I can help. I do not charge anything to help you out.

Regards

I would like to become a specialist agent or broker in REO in California. I have B.A in business, working towards a MAsters and will get my Real Estate License soon. But how to I get into REO???? How do I get my listings? Do you have any career advice or reccomend me to any reputable organizations? Please advise. I need some mentoring Is this something I can do part time. Anyone hiring out there??

the best way to learn is to join real estate forums … experienced Realtors can give you detailed explanations and way how to do real estate business

http://endforeclosure.us/help-mortgage Law Firm gives free mortgage help advice to stop foreclosure. Just Go to their site and find out how you can get mortgage help.

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I have heard a lot about this loan modification and have been receiving not so clear answers to my question. I presently have a tax lien on my home, 2 months behind in my mortgage, make the same salary as when I bought the home 2 years ago. Do I qualify?

Mostly people prevent themselves. If the modification will not prevent foreclosure it is not happening.

There is the other problem of your income not changing, you obviously planned to default, otherwise you need to provide documentation on why you defaulted, massive medical bills are a common reason.

I am going thru a third party one that my lender set up.
I have submitted all paperwork that was requested. approx 1 month ago….

Right now, most lenders are really behind. I work for a very large lender, and I’m refinancing my home. I applied on April 8, and they told me right then that nobody would call for at least 30 days. My docs have all been submitted, but a couple days ago a fellow associate in the processing center told me there are no processors available, and rather than let loans languish in bloated pipelines, they’re holding them in queue until a processor is available. I will probably close on July 8, and yes, they extended my rate lock at their expense. I understand this is happening in every area of loan processing, including modifications.

I know the last thing you want to hear is be patient, but that’s kind of the answer right now. My new payment will be slightly more than half of my previous payments, and I can’t wait. But I will, I guess.

I have a first and second mortgage that is more than the appraised value of my condo. I tried to refinance and now am asking the mortgage company for a loan modification. What is the criteria needed to receive a loan modification?

Having a both a 1st and a 2nd certainly complicates the situation, especially if the 1st and the 2nd are two different lenders.

I would speak to a law firm that specializes in loan modifications. There are many companies that claim they can help you with a loan modification, but the vast majority of these places are hucksters. If you use an attorney they have to answer to a state bar association if they screw up or mislead you.

You will probably have to show that you are not able to make the two payments on your loans without the modification. Lenders just don’t lower your payment just because the value has gone down. You must be able to prove your hardship. Normally, you have to show that you have lost income or you can’t afford to pay the increased payment due to an interest rate rise on your loan(s).

I been searching for foreclosures online but everybody is asking to subscribe with some fee they added. Is this how it works everywhere or are they just trying to take my money?

Most foreclosures are placed with real estate brokerages for disposition. If you are interested in purchasing a foreclosure, contact a reputable and qualified real estate agent.