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

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.

We have been jerked around by Sovereign Bank for the past 10 months while trying to get a forebearance/hardship and just recently denied for a loan modification, can anyone help us, how can we file a complaint against them and has anyone else had a similar situation happen to them concerning a home mortgage with Sovereign?

I have not personal worked with Sovereign Bank before but have worked with many other banks and home owners and know the frustration you are going through.

Banks don’t usually like to bend for their clients (ie investors) assets if that asset is not severely non performing for them. Getting the banks to realize that you are wanting to help them is a feat in and of itself. I work with banks everyday and find most the time they are not rational but just following protocal.

One item i see that could have affected the outcome of your forebearance would be how you put together your hardship and the information you disclosed to the bank. Many time information just needs to be adjusted and sent back to the bank. However, it sounds like Sovereign Bank is being quite difficult in coming to an agreement.

You need to know that you do have more options than you think.

If you are willing, I would like to ask you a few more questions about the situation you are in now and what it is you wanting to accomplish. I can definitely help!

Feel free to email me, Sandy@truenassociates.com

Talk to you soon!

Sandy,

I want to find a list of foreclosures online, where i can view the homes. But it appears all the sites that i’ve found you have to register, sign up, and pay for for a membership just to be able to view them and get at least some kind of info on the home

these home are marketed by realtors in your area so find one who will show you around