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

Hello,

My parents are trying to find a good company to help them in doing a loan modification. Does anyone know of a good, honest organization that could help them without high fees involved? They reside in Westchester County, New York. If anyone knows also, what questions should they ask? Thanks to anyone who can help!

Please do not respond to spam here in your queston or the emails you will get. These companies are scam scam scam alert material. Why can’t they work with their own lender and see what can be done?

Please, please be very careful.

Seems every site wants credit card info before you can get details.

You can find VA foreclosures at:

http://www.ocwen.com/reo/home.cfm

And HUD foreclosures at:

http://www.newbidselect.com/?siteid=62400

Call the county clerk’s office in your county to inquire about how they list their properties for the foreclosure sales. Some counties have it online, others require you to go to their office. All info is free. They do charge to make copies though. Good Luck!!!

We own a townhouse in Portland. The amount we owe is 60k more then what we could sell for. We are in the process of buying a second house and we were planning on renting the townhouse. We have had a few friends and even co-workers tell us to just foreclose on the townhouse. We can not make in rent what we owe for the mortgage (we’d be paying $600 a month on the mortgage still), and we’d have to carry it for at least five + years to be at a point where we could sell it. What are the implications of foreclosure? How will this affect us if we go this route? (I know it will affect our credit scores for 10 years, but what else will it do?) Carrying both houses will be very difficult. With a renter we can make it work. Before you ask, we are moving because the neighborhood the townhouse is in is very bad. We are dealing with drugs and a lot of police activity on our street daily. This is not something we decided lightly. I feel terribly guilty even thinking about foreclosure, but I’m having doubts that renting is the best option for us either. I’m just looking for some advice, maybe someone who’s gone through this, and might have some perspective? Thanks

The Quicken Loans person is wrong in that you would be "walking away from any equity you have".. you already said you owe more than it is worth, therefore you have negative equity.

Here is what I recommend: Rent the home with a lease, and use the shortfall as a Loss on your income taxes. You will also be able to write off the depreciation on the house, starting with the year you start to use it as a rental. Keep track of any costs associated with it as a rental house: your mortgage, interest, taxes, insurance, maintenance, advertising, etc. Then keep track of the rent you get. Keep track of the bills and then write off the bills if you will be paying utilities like water, once it turns into a rental.

You might be able to have a decent write off and save on taxes making the $600. shortfall actually less, plus at the same time building equity hopefully in the future, and if the market goes back up, who knows maybe even get a profit?

As time goes by, rents go up. You might be able to charge $50. a month more in rent amount, next year and so forth, until the time which you can sell the house for what you owe.

This video talks about how some people are stopping the foreclosure in a most unusual fashion. You see all banks must comply with the federal laws that govern all mortgages. The reality is that many banks don’t do all of the paperwork needed & even if they did, many will not be able to find it to prove they have it. If they can’t you win. Also, almost all lenders sell their loans in bundles to investors and those investors sell them to other investors and so on. There are several cases where the bank could not even figure out who the owner is currently, again you win. The bottom line is that if the bank did anything wrong or can’t find and deliver the original note you win.

Duration : 0:5:11

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