Man, you have been through the ringer with your mortgage company and I feel your pain. I truly do because the stories I hear and my own personal experience resign ates in my ears daily.

It sounds like you were given a loan modification program that was meant to fail and you took their offer because your were desperate to save your home. Don’t worry Tim, it happens ALL THE TIME! You are not alone there.

YOU HAVE NOT FAILED YOUR FAMILY! You have done everything you can and that is commendable of you. Don’t give up, keep fighting!

Here’s what I will do. I am going to do something that I really can’t afford but I think in the long run it will pay off for my readers and for my blog. I am going to help people on a case by case basis for FREE! Yes free! You will be the first Tim.

Please call me today at 951-271-6283. I am going to start a forum. This will work with this blog. Side by side. But the forum will be more interactive for people and I plan to have some big industry professionals, non-profits and just ordinary people help one another out for FREE! It will be the first Stop Foreclosure Forum that is not money driven, but people driven.

I will showcase on this blog and the forum video, tutorials and people can tell their stories because this is serious business and people lives are being ruined by shady bans and shady foreclosure prevention service scams!

Best Regards,

Moe

I am in a timely and never ending situation with my mortgage company. I lost my job in 2002, had to file bankruptcy (13) just to save my home. During this time I depleted all of my retirement, several thousand dollars. Shortly afterward I regained employment but the mortgage company initiated a forbearance plan. We entered into it hastened because the amount was way too high. After completing that plan we entered into another 6 month plan. During these times the mortgage company sat on the plans for months while reporting late to the (3)creditors. I inquired and they gave a long spill which did not make sense. As another plan was entered into almost a year and a half went by. By now arrears were escalating. They then threatened to foreclose and somehow it was terminated? This other plan had stipulations with it enter a 6 month plan with the intent to find additional employment to pay off the balloon payment, now 18,000. I found additional employment prior to the plan expiration date. Before another plan was entered into. I was coerced into agreeing to enter a plan with the intent to refinance- and/or provide a refinance commitment letter no later that 6 months from the date of entering the plan. The last plan given was to pay a hundred dollars more each month for 6 months and payoff the balloon pay meet in full, now $27,000. The plan ended but the mortgage company said I had to get the loan current by August 9, 2007 or they will proceed to foreclose. Trust me, I begged for a plan to help me keep my home and was told the only plan available to me was a forbearance and they would not consider another plan unless I pay at least 10,000 down (this down payment has changed at least 7 times) and be willing to pay at least 2-3 thousand a month for about 24 months. My original mortgage payment is 822.00. Finally there were times when I actually called the company to ask when can I send in a payment because this delay in getting the forbearance approved is affecting my credit. I was told on more than one occasion to not send in a payment because we are no required to receive a payment if a plan is not officially in place. I feel I have failed my family and there is no one out there that can help me. I have tried to refinance- several times, get a second but to no avail and I shared all of my activities with the company but it goes out the other ear. This is our dream home, it was that when we built it in 1999 and we would like for it to remain that way. Please give us some expert advice and guidance

This would be considered a short sale and most lenders will not consider any type of negotiations until she is late. Short sales and loan modifications are used as part of the loss mitigation process. Right now they would see no reason why they would need to work with someone who “on paper” is fine.

You could sell the property and she can remain on title. This is non as a “Wrap Around Mortgage”. However, if the lender finds out then they can call the loan due.

Your client needs to understand that if she is upside down then there is no cash in the property. She has no equity to tap and she is not in a good position to do anything to be honest.

Good Luck!