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

I have shopped around and attorneys want a lot of money. I heard that any realtor can get a loan modification done for you. Any thoughts or opinions on this. Money is tight and I need to get this done asap.

Take the advice of HUD-approved counselor before you hire a realtor. Home Affordable refinance plans are available. You can refinance requirements and allow more people to refinance their mortgages.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVYxPZ56vjys

The perfect storm is rising….Obama set the final stages for that with ObamaCare.

No, of course not. We’ll just keep printing money, and bailing people out.

<<<<Typical liberal thought pattern

Oh, and while we’re at it.. Isn’t it time to raise the minimum wage again?

We applied almost a year ago and we call every week, they keep saying that our case has been assigned and that we will hear from someone soon but week after week we don’t… They also won’t tell us the person who has our case.. What should we do? We don’t want to get a lawyer .. Thanks!!
and what scam would that be? Your saying our bank is scamming us?

It takes months, they are really behind, under staffed to handle the volume of people rightly, or fraudulently applying for a modification. Hiring more just confuses things, as new people fumble through the process.

Call again, ask to talk to a supervisor, not the person who answers the telephone, keep going up the line of command until you get a name assigned to your case. This is a case where you have to be the squeaky wheel, they are just so over whelmed.

A lawyer will only take your money, they can’t do anything more then you can. Unless the bank, and not you, has broken the signed loan contract you have they are the injured party, not you. They are the victims in this situation.

Many homeowners are underwater (owing more than the house is worth). Most of these homeowners would stay in the house and continue paying their mortgage IF the bank would lower the value of the house. BUT the bank would sooner foreclose on the homeowner, drop the house value and sell it again at the lower value but never to the original homeowner. Can someone make sense out of this stupidity.
I don’t see why responders don’t see that the ONLY solution to the housing crisis is to stop the foreclosures as quickly as possible.

You seem to have forgotten the simple fact that the bank gave the homeowners cash money to buy the house. The house has been purchased, the mortgage is not buying the house, it is repaying a cash loan. This is not stupid, as you are the one over looking the fact that the bank already gave the homeowners money. Loans are repaid based on the amount borrowed, not the present value of the item purchased.

Has anyone gone thru a loan modification similar to my situation? I live in northern California where my house is worth $100K less than my current loan amount. I am getting laid off next month so there’s no way I can pay the high mortgage payments anymore. I would like to know your personal experience and what bank and kind of loan that you did?

Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.

http://loan-house.we.bs/

We are current on our home loan but our work has slowed considerably and we dont forsee being able to make our mortgage payments in the near future. Our loan is through Bank of America. Has anyone been able to qualify for a Loan Modification that has been in the same position? Any guidance would be apprecaited!

We went through this process…if you are on time with payments..they could care less and put you through the heck to get some assistance….when you start missing..then they care and try to work with you..sucks but its the way it is.

Stop or avoid foreclosure in Denver. Colorado Realty Solutions specializes in assisting homeowners who may be facing foreclosure or have fallen behind on payments. We may be able to assist you with a cash purchase of your home or structuring a short sale to walk away from your debt without any liability. Contact us today to discuss your options. Visit us online at www.ColoradoRealtySolutions.com.

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http://www.sellhomeowner.com Find foreclosure help in 97203 Oregon. Foreclosures in 97203 Oregon, find foreclosure assistance for foreclosure help for foreclosures in 97203 OR. 800.824.8122

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we have our mortgage in Illinois with Wells Fargo. We can no longer make the mortgage payment and called Wells Fargo who is mailing a loan modification pkg. to us. Meantime, we will not be able to make the payment. We do not want to face foreclosure. Will Wells Fargo begin foreclosure if we are making a concerted effort to get a loan modification with them? This is very troublesome to us. we want Wells Fargo to work with us, but what happens if they refuse us? Do we have other options or will they offer other options to us? Please help.

Truly, only Wells Fargo can answer this question. Part of the problem with the big banks is that none of their departments talk to each other. Even though you are trying for a loan mod, the department that initiates foreclosures won’t know that and will likely move forward if it’s reached that point. The most important thing you can do at this point is constant communication with them. Call them and let them know you can’t make the payment and you are working on a loan mod, have them note your file in the computer system. This may or may not help. When they call you or send you letter, DO NOT ignore them. Always take their calls and respond to their correspondence, even if it’s just to tell them you don’t have the money and remind them of your loan mod application. Keeping constant touch with them will help.

How far behind are you now? Is this the first payment your are missing? If it’s the first payment, I wouldn’t worry too much about foreclosure proceedings yet, but if you are greater than 90 days behind, then you should definitely be more aggressive with your contact.

Best of luck with your modification application!

My mother died in April, leaving a home with a mortgage. I am her only child, and have been unable to pay her mortgage; it has gone unpaid for four months. I just received rights as Administrator of her estate, and will now be able to communicate with the mortgage company regarding the home. I do not want to lose the home or sell it now. I would like a loan modification, so I can rent it out, and sell it later when the market has improved. Do mortgage companies grant loan modifications under these circumstances?

I doubt it, you are asking for a modification to improve your profit.

If you do not want to pay for it you are allowed to do a deed in lieu of foreclosure. It will not effect your credit at all, as it was not your loan in the first place.