I have only had this blog going for a little while now but it seems to be picking up readers and I want to reach out to people that would like to share their stories. My goal is to help people stop foreclosure and give them up to date information.
This is a serious matter that needs serious action. I believe if we unite and work together, we can make a network of people who can help one another through this.
Let me know your thoughts. I am available at 951-271-6283 if anyone needs help with their foreclosure or dealing with their bank in regards to a loan workout, loan modification, forbearance plan and short sale. You can also just leave comments and questions on this website and I will help you any way I can.
My goal is to give as much free information as I can but also offer assistance to people who need help in dealing with their mortgage company. It can be very stressful and time consuming when your facing foreclosure. So lets all help each other.
{ 40 comments… read them below or add one }
Hi!
I have 2 loans for my house (80/20). first loan for $399,000.00 (%6.74)interest only
second for $99,000.00(%10.5)
I’ve had this loan for almost 2 year but on October the interest on the first loan is going to increase. I am going to pay about $750.00 more per month and six months later is going to increase to $1,000.00.
I try to refinance, but since my house has lost value nobody wants to refinance my house.
My 2 loans were sold to HSBC about a year ago. I try to refinance with them but they sent me to another company that is affiliated with HSBC (Beneficial) and they refused to refinance.
I think that my only thing to do is try to work a Loan Modification with them, the problem is that I do not know how to do it.
I’m thinking of hiring a company that could do that for me but I ‘m afraid that they will just take advantage of my situation and I will end up losing money with them and still have to pay the increase of the loan.
If I do it my self I need to find the right way to approach them for them to take me seriously.
I really need some guide.
Do you have any advice or suggestions for me?.
Do you know of a honest company that could negotiate for me?
Or do you think that this is something that I can do my self?
My credit is good (above 720) but that does not seem to be any help at all.
I feel that I’m running out of options.
I might be able to come up with the money to pay the increase of the loan but that will mean that I have to work 6 days a week/12 hrs/day.
Right now I’m working 5 days/12hr shift.
I do not want to loose my house but I also don’t want to loose the time that I have left for my boys (5 and 3.
Please help me!!
Thanks
Hello Oscar!
First I want to commend you for being proactive and doing something now, before your ARM loan adjusts. That’s the first and most important step.
Especially if you see that there will be trouble in avoiding foreclosure once your payment resets.
What we need to look at is what your current debt load is and how much documentable income is coming in. Add up all your mortgage payments, credit card, car etc. (anything that would be on your credit report) Next what is your total gross income? Before taxes. Let’s look at this before we go any further, OK?
Let’s see if we can have you do this on your own Oscar with my help. Are you good on the phone? How is your negotiating skills? Those are important when dealing with these lenders because that’s what they are good at so you need to fight fire with fire.
Feel free to call me if you like at 951-271-6283 or just respond here and I will do the same.
I will make sure you do not lose your home and you will make it through this!
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Hi. I am in foreclosure with Chase Home Finance and currently being stalked by equity lenders who want my house. I file chapter 13 Thursday to forestall the sale but need a loan modification. We can afford the payments but not the huge initial payment they wanted. We have equity in the house we don’t want to lose. Our expenses are high but no impossibly so. Can you help me work on a forbearance? Time is short, as usual. Lee
You most likely will never get a loan modification while in Chapter 13. Please call me and I’ll see what I can do for you.
Moe
951-271-6283
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my doc
TitleKripa
Hello Kripa!
Moe, New Century went under, but their same goons now work for the company that bought all of their loans. They even use the same fax machine with New Century at the top of the fax. In April, I missed the 4th or 8 payments of a workout plan ($1400 extra per month), and then New Century would not answer the phone. In June I sent a letter trying to get them to do another workout plan or modification. They refused in writing, with no reasons. Then they closed shop and the new servicer took over. They want to take my financials over the phone, but I want to do everything in writing. they finally faxed me the paperwork, and I am trying to get someone to negotiate for me.
My first and second TDs are way behind, and the loan-to-value is somewhere around 88%. Any private investors you know who would do this kind of refi? Maybe only refi the first?
Good day!
Yeah, the infamous New Century debacle. argghhhhhhh…….
It’s funny how they want to take your financials over the phone to perform a loan modification, which is really like a stream line refinance. I’m sure when you purchased the home or refinanced it, you had to show them some financials. I have seen them ask like 5 questions and then in one minute they say, Oh sorry you don’t qualify. WHAT! How can they do that sooooooo quick?????
See how you insisted on paperwork and it magically came. It’s all about negotiating and manipulation. It’s BS, but that’s how a lot of it works.
I may know of a lender that would do this deal. If you need a negotiator and you will be paying someone, get an attorney. Call Nathan Fransen at 951-520-9684. He is one of the best.
Best Regards,
Moe
My mortgage company has a workable solutions worksheet that I am sending in. Supposedly it will keep them from immediately beginning foreclosure. When I filled it in I don’t have enought money…will they help me or do I need to do something else? I’ve seriously considered finding a way to get insurance money for my kids so they don’t have to deal with my mess. Is there anyone who can really help?
How can a company expect me to come up with a month’s mortgage plus a fee if I can’t pay the mortgage? This doesn’t make sense to me. I need help…If I lose my home I will lose my kids too. I can’t do that. Is ther anyone who can help me? I am truly at the end of my rope…I don’t know how to help myself right now and I can’t deal with my kids finding out about this. The fact that I am a complete loser is not something they need to know.
Please visit the forum at http://www.LoanSafe.org. Have you been there yet? What do you mean about the insurance money? Have you tried getting assistance from a non-profit?
Best Regards,
Moe
Have you tried a non-profit? Try calling 888-995-HOPE or their website http://www.995HOPE.org visit my forum at http://www.LoanSafe.org . Stay strong! Your kids need you to be tough and get through this.
You are not a loser!!!!! You are doing what you can and keep it up.
DON’T GIVE UP!!!!
My ARM just adjusted and it has gone up by $500 a month. My bank (Chase) said that they could refinance my house and it was conditionally approved just as long as I sent requested documents in and there were no adverse changes to my credit.I sent the documents that they requested and there were no adverse changes to our credit. Our problem is that my husband is self employed so that what he really earns is not counted because of the mileage and home office deduction and he has 120,000 of student loan debt that is in deferment. This causes our debt to income ratio to be totally out of whack. The loan officer knew about the studentloan in deferment but never asked for a copy of the deferment letter in the beginning. They did not ask for it for over a month. The loan officer never answered one of my phone calls until the customer service contacted his supervisor after I let them know that I had not heard from him in weeks. weeks of not hearing from him. He constantly gave me misinformation because I really don’t think he even took the time to look at my file. When I finally spoke with his supervisor after waiting for two months, His supervisor said everything was fine for the loan they just needed a copy of the deferment letter. I had sent it a month before but there was no record of it in the file. I refaxed the letter to the supervisor and again heard from no one for a week. I called the supervisor back and the loan officer called me and said the underwriter wanted a deferment for 12 months and that I only had 10 months left on the deferment. I asked them to consider that I had 12 months when I first made the application and that it was their error that it had been sitting around for 9 weeks. He said he would look into it and promised to call back but never did and I got a rejection letter in the mail. My house appraised really high with 100,000 of equity in it. At any rate, I am worried we are not going to be able to refinance because of the high debt to income ratio. Do you have any suggestions?
What state are you in? I can forward you to 2-3 different reputable lenders. What’s your loan to value and debt to income ratios? FICO?
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I am Mr. Anderson,I offer loans at a low interest rate of 3% to all,in our long and short term loan offer,i also offer secured and unsecured loans,if interested do contact us via email address anderson_multifinance@yahoo.com
I am Mr. Anderson,I offer loans at a low interest rate of 3% to all,in our long and short term loan offer,i also offer secured and unsecured loans,if interested do contact us via email address anderson_multifinance@yahoo.com
Help! I am trying to save my home. I have already had to go through a Chap 13. I am currently still paying on that. We initially got behind when my husband lost his job, and we tried to go through a loan modification program at that time, but the lender was not willingly to work with us on the initially first payment. The monthly payment plan to finish catching up was going to be tight for us but we could have done it if they would have accepted the initial payment that we could give. Due to that we had filed the Chap 13 to stop the foreclosure. That was in Nov. 06. We have been paying on the bankruptcy ever since, but in Oct 07 our rate started to adjust. Work was slow and with even larger payments we fell behind again. I have since caught up the bankruptcy payments, but I am still in need of working something out with the lender to catch up our mortgage. I currently have the cash for one payment, but our lender is looking to foreclose this week. They are wanting 6800.00 to stop this process and we only have 1500.00. If a private investor would be willing to buy the home and allow us to pay them rent until we can refi again we would even be willing to do that to save our house and our equity, but we do not know where to turn. Can you offer advice please?
We refinanced our home in 2004. At that time it appraised for well over $500k. I worked for a Mortgage Broker at the time, who told me I could do my own loan and have a lower payment. The only loan they knew was the option arm. So, I filled out a 1003, had my broker pick a plan for me, and signed my life away. I didn’t know what negative amortization meant. We started having trouble with the amount last year. My husband was injured on the job and was unable to work for months. His employer (he works for the County of Sacramento) gave him a ration of crap and he actually had to to obtain legal counsel because they refused to pay his workman’s comp. At the same time, the broker who I worked for, the same one who told me this neg am was the only loan for me shut down, closed their doors, and I found myself out of work as well. A year later, our principle has grown, our payment has grown, prices in the neighborhood we live in have been cut in half, and now we cannot refinance. It’s very stressful. We will be 3 payments behind at the end of this month. I would love to stay in my home, but GMAC wants to increase my payment. After this year, who knows what the payment will skyrocket to. HELP!!!!
My husband’s job moved him, and that meant 2 houses. We have a disabled child, and his care became impossible with my husband out of town. I was released from my job because of it. My entire family moved for my husband’s job after that, but we could not pay 2 houses. We are now 7 months behind and in the process of doing a modification. I have until the 1st of july before they give us an answer, but I am so scared. We have since moved back to our house, and my fear is Chase will deny us or ask for a down payment we can’t afford. They said 2 months payment, but I am hearing they will ask more. Does anyone know about this?
My husband and I are currently trying to get approved for a loan so we can close on our house. We have all ready been pre-approved for a loan, but we need one more document stating that my husband’s school loan will be in deferred for the next 12 months. He is currently going to school, so the school loan will not send out a letter saying it is deffered for 12 months because if he were to withdraw he would have to start making payments immediately. However, they said they will send a letter out saying the status of his loan is: IN SCHOOL. Meaning that as long as he stays in school he will not have to make payments on it unless he graduates, but even then he has 6 months before he has to start paying on it. Is there anyway around this???
PS. The mortgage company said the letter must state DEFFERED FOR 12 MONTHS. They will not accept IN SCHOOL!
yes…the issue is you are requesting a letter stating “deferment’ of “deferred”.
Depending on who the loan is with they will typically send you something indicating when the first payment is due on the student loan.
Look through the documents you already have and see if you find anything that will show the first payment due date or that no payment is due while the student is in attending school.
If not then simply call the lender back and request that they send you something indicating when the first payment is due to start paying back the loan once graduation actually occurs. Also ask them to send you the letter that states “in school”
Technically the payments are not in a deferred status even though the interest is usually being deferred (a great little game banks play with interest charges) so that is why they are not going to give you a letter stating this, however they will give you a letter indicating the terms of repayment while in school and the timeline upon graduation.
Also ask the mortgage company what is stated on your credit report for the student loan. It may be listed as e.g. 250 x 0
Most underwriters are aware of how student loans work and if you can prove your husband is registered in school and give them documentation with the terms of the loan then that will usually clear that condition.
so here is your check list-
1-Letter from lender indicating status “in school”
2-your loan docs or something from lender indicating terms of repayment while “in school” and when actual first payment is due post graduation.
3- ask mortgage company what is the status for that loan on the credit report.
4-Sending these items together with an explanation letter that the lender explained to you that the status “in school” means no payment is due.
this should clear this issue up for you.
Good luck and let me know how it turns out.
I am 6 months behind no job, but my husband is not title and could refi in his name to save house even at 80 % ltv, but no one will refi or do purchase because arms length what can I do.
I am currently writing to request immediate assistance with my loan modification with HSBC Services. I was unemployed for about 6 months or so, but have regained employment as of March of this year. In April 2008, I tried to negotiate a forebearance of my loan because I had gotten behind on my loan due to my unemployment status. My payment had went from $1339 to $2204 because they had factored in the ARM and back property taxes. I couldnt afford to pay the loan and started researching my payment options. I tried to do loan mortgage modification through a copy called Kirkland Young LLC but found out they were a fraud. They stole $299 from me….so I turned around and submitted all of my documentation to HSBC for a loan modification request. It has been over a week, and I havent heard anything yet from HSBC. Ive faxed the documentation in twice and mailed documentation in via priority mail. I definitely need help resolving this loan modification ASAP. THE KICKER IS I have a renter in my house, so I need to get this squared away before something happens to them.
db…
if your husband is not on title then what is typically acceptable to fannie mae is the following:
execute a contract for sale from you to your husband. Make it for the full value with a seller contribution for a 20% gift of equity (for the 20% down payment requirement) and seller (you) to pay all closing costs.
You will want to check with your accountant to determine if there is any tax liability you may be subject.
Good luck..
Jarre James – check out http://www.loansafe.org
There is a huge community of people & families going through the same thing right now. You will find help & solutions.
Good Luck !
KRIS,
do you have your original school loan documents, a lot of times they have there the expected graduating date + when the first payment will be due.
& usually when you do take out a school loan to study at a tech college you do not start repayments until 6 – 12 months after you graduate…. double check, or go directly to the financial aide office who did your paperwork and ask them to get a letter from them stating exactly when the first payment is due.
Carrie-
did you see my post above…i gave kris a checklist and suggested how to get this resolved for herself…
see i am not so blind…
here was my post to her-
Look through the documents you already have and see if you find anything that will show the first payment due date or that no payment is due while the student is in attending school.
If not then simply call the lender back and request that they send you something indicating when the first payment is due to start paying back the loan once graduation actually occurs. Also ask them to send you the letter that states “in school”
Technically the payments are not in a deferred status even though the interest is usually being deferred (a great little game banks play with interest charges) so that is why they are not going to give you a letter stating this, however they will give you a letter indicating the terms of repayment while in school and the timeline upon graduation.
Also ask the mortgage company what is stated on your credit report for the student loan. It may be listed as e.g. 250 x 0
Most underwriters are aware of how student loans work and if you can prove your husband is registered in school and give them documentation with the terms of the loan then that will usually clear that condition.
so here is your check list-
1-Letter from lender indicating status “in school”
2-your loan docs or something from lender indicating terms of repayment while “in school” and when actual first payment is due post graduation.
3- ask mortgage company what is the status for that loan on the credit report.
4-Sending these items together with an explanation letter that the lender explained to you that the status “in school” means no payment is due.
this should clear this issue up for you.
Good luck and let me know how it turns out.
what happened?
What’s taking so long for bill to pass to help families in foreclures. It sad to see families living out they cars and that the one who’s has cars and congress is talking around a bill that can help some many people. The Gov. should work for the people, it’s shame after election noone cares. we have a smart presiden in office now, congress what your excuse?
I am deeply sorry by the congress and congressman involvement on the foreclosure issue. The melt down of the financial system was caused by the financial system itself and financial institutions who pray on homeowners. These two have received tons of money.
How about the homeowners who are losing their homes ?
Something must be done to help families to keep their house.
The prices are now 1/3 when these people bought their houses and the banks want to keep the same principal, deceiving the owners on a new loan where the balance is the same. It is completely wrong and a new appraisal should be performed to finance the houses on their current value. No one will lose, because the financial institutions already receive millions for their loses. THINK !!!!!!!