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

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

I am in the process of negotiating a loan modification for our mortgage. Is it always this hard? Do you really have to negotiate constantly with the mortgage company? It seems like its never going to end.

Not to difficult we did it it all depends who you have your home loan with. It really does work i was paying 1.590 a month and know i am paying 758.00 YES it does work i told all my friends that are in need of some help and they also did it. Try it, they ask for a few things and you do have to wait like 90 days but it is worth the wait.

i am trying to find a free foreclosure home listing in south carolina without signing up for free for 7 days i don’t trust the internet security by providing my credit cards info

There’s not many options but honestly those websites are usually not that up to date. I would suggest looking on the website of your local newspaper in the classifieds. I don’t know where you are but in most states you have to publish the Notice of Sale in the local newspaper. Most papers are online now so see if you can find the information there.

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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Technorati Tags: Forclosure, Foreclosure, loan, loss, mitigation, modifications, Stop

http://www.yourforeclosurequestions.com What happens after a foreclosure notice is filed? Watch the answer and visit us to get free foreclosure information, step-by-step guides and videos to learn how to avoid foreclosure.

Duration : 0:3:2

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Technorati Tags: Forclosure, foreclosure help, foreclosure process, how to stop foreclosure, save my home, stop foreclosure fast

I have lost my job and am now working as a cashier at a grocery store. The problem is that my new salary is not enough to cover the mortgage. I am in a very tight situation so I am curious to know my options. I have heard that applying for a mortgage loan modification can help reduce my monthly payments. Has anyone had experience with mortgage loan modification please let me know what are the steps to to lowering my mortgage payments.

I can tell you from my own personal experience.
First off, modifying your mortgage is a very difficult thing to do. Forget what the media and all these other yahoos are saying about the government’s modification act. Most banks are not willing to modify your mortgage without putting up a fight.
Why? Because it costs them money to do it. Most mortgages are sold off to someone else after you take out the loan, but the original bank still acts as the servicer. They receive a percentage from the buyer of your mortgage to handle the payments and record keeping.
When something complex as a loan modification is requested, any profits they would make disappear and as such they are reluctant to do it.
The media and the banks themselves don’t tell you this of course.
First-expect to hire a lawyer or get a legal aid lawyer. Most banks will not take you seriously unless you have a legal mouthpiece going to bat for you. Having a lawyer shows you mean business and just are not some schlub looking for a handout.
If you try to do it yourself, expect to be jerked around for months only to be told it can’t be done and by the way we’re starting foreclosure proceedings, which will only make the modification even more difficult.
The bank will not talk to you unless you are delinquent. And this is where time is of the essence-if you’re very late with your payments and they have’nt started legal proceedings it makes the process much easier. Once legal proceedings start, then it becomes difficult if not impossible to complete the modification because now the courts will be involved.
Second-you will be expected to make your new payments ON TIME if you do receive the modification. The bank will not care how you accomplish this. You will be told that the first 3 payments or such MUST BE ON TIME OR THE AGREEMENT IS NULL AND VOID.
Keep in mind whatever agreement you agree to will only stall the inevitable. Eventually over time your payments will return slowly back to where they originally were. The original terms and payments will not go away. ALL A MODIFICATION DOES IS LOWER YOUR PAYMENT FOR A PERIOD OF TIME UNTIL YOU CAN GET BACK ON YOUR FEET.
Third-If you feel you can’t keep up with the payments at any time now or in the future, consider selling the home while you can or give it back to the bank. It may seem difficult but it’s a far better option than having it being taken away from you. Also note that if you file for chapter 7 bankruptcy, don’t sign a reaffirmation of your loan. That way if you need to walk away you won’t be held liable for whatever is still owed.
Fourth-I can’t empathize this enough: NEVER, EVER, LET ANYONE TALK YOU INTO BUYING YOUR TITLE OR ASKING FOR MONEY TO REARRANGE YOUR LOAN. IT WILL BE A SCAM I ASSURE YOU AND YOU WILL STILL BE LEFT HOLDING THE BAG.

I hope this helps you and don’t believe Obama and his socialist bullshit. What I told you is the reality and what the government says is fantasy.
Good luck!