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

We have lost a third of our income and unable to make our next mortgage payment. I asked my loan officer about a modification and he acted like he had never heard of it. Now he is avoiding my calls.

As I understnd it, the bank does not have to agree to a loan modification, however In my opinion the people who work for the bank are foolish not to agree to a loan modification particularly where it is important to avoid a foreclosure.

Right now property prices are artificially depressed because of all of the foreclosed properties.

Any property taken back in foreclosure and sold on the open market results in a huge loss for the bank and devastaes the family that loses their home.

It makes more sense to modify the loan so that you can make the payments and keep you in your home.

When the economy improves, your income will improve, the market value of your property will go back up and you will be able to catch up on your mortgage payments and the bank will avoid the loss that they would otherwise suffer if they foreclose on your home.

Where’s the help here??? I thought the banks got lots of money to help people? I thought banks were supposed to be willing to compromise with home modification loans to help keep families in their homes?
Our bank just denied us stating that from our expense sheet that we submitted to them (only leaving us with $200/month extra), shows that we have enough money to pay the ARM on our loan that has just raised up from 8.8% to 9.5% interest, and it will go up again in SIX MONTHS! We have a baby on the way, and a four year old to take care of as well, and they still didn’t budge.

WHERE IS THE HELP???? So many families, are being booted out of their homes because these banks are STILL being stingy with their money, even though they have enough to help people…supposedly.

We don’t know what to do now other than start packing our bags. Not even sure what we can do from here.

Anyone going through the same thing out there? How are you dealing?

Please pray that since this door seems to be closing on us, that there is another one opening up soon to help us, and other families as well.
Can’t refinance the loan. Because the housing market plummeted, we owe more than what the house is worth now. Refinancing is hardly an option for anyone right now.
Pengy: JERK!!!!!!!!!! WHAT AN A**!!!! THERE ARE MANY GOOD PEOPLE OUT THERE LOSING THEIR HOMES AND IT"S NOT THEIR FAULT!!!!!! MANY JOBS ARE LOST BECAUSE OF THIS STUPID ECONOMY FALLING< AND IT"S NOT THEIR FAULT!!!!!!!!!!!! YOU GIT!

Write your Representative and both Senators from your state. All your (and my and everybody else’s) tax dollars are disappearing down a Black Hole with this "bailout" nonsense. Detail your situation and the results of your attempt to get modification, and where you went, who handled your modification application, etc. Name names! Dates, etc.

Is there any path to appeal the decision? Ask, and if there is, appeal it.

I am trying to find a website for foreclosures in cleveland ohio does anyone know of any!

Call a realtor and/or call banks directly. There is no one source for foreclosures in any area but get the word out on what you’re looking for. Sellers of homes and mortgages will be happy to talk to you if you are serious about buying instead of just shopping.

Last year my house was on foreclosure list but i talked to the mortgage company and they put me on a six month forebearance agreement and told me I had 6 months to pay them there $3,000.00 so is there any loan i may get and my house is worth $80,000.00 even through I still have this foreclosure on my credit

Worth 80k. How much in debt is the question? Do you have enough equity to go to another mtg company and get a 2nd mortgage? More important, can you start getting payments made on BOTH loans?

Odds are you won’t have much luck with lenders; might be better off trying thru friends, or taking 6 months and getting a 2nd job to pay off the 3k

I have owned my own real estate appraisal company for 5 years and I am looking to get a higher paying/more secure job in banking and finance. Where should I look and what can I do. The ups and downs of appraisals is really getting to me. These recent changes are mostly due to HVCC and other government intervention. I am hard working, dependable, and honest and recently my income has been reduced by 75%.

In banking and finance? Probably nowhere.

I don’t see how being an appraiser qualifies you for any of those positions. Perhaps a management position of some kind (because you ran your own business), but many people from the real estate/mortgage industry don’t have the best reputations right now