Avoiding foreclosure with a loan workout is the best thing you can do to save your home. Many people do not know that their lender does not want to take their home and they would rather work with you to modify your loan. However, you will still have to qualify for a loan modification based on their loss mitigation formula’s which seem to be top secret.
The factors they will look at are:
1. Ability to pay
2. Amount Owed
3. Equity in the property
4. Future financial situation
5. What is better for them. To foreclose or modify your loan. Meaning which one will mitigate the least loss to the lender.
Contact your lender as soon as possible or have a third party handle it for you. There are non-profit HUD certified Housing Counseling Agencies in every town in America and also reputable for profit organization that can help you.
Avoiding foreclosure isn’t impossible. You just need to be proactive and learn the steps that are needed to negotiate a successful loan modification and save your home!
Best of Luck!
kulartinuminto 25 post
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I was happy to see that WAMU was NOT on the list of lenders that are actively helping people. I bought a property in Gainesville sight unseen (BIG mistake) save for an appraisal. I live in CA. The appraisal put the properties worth at 700-750k when it was actually trashed and worth maybe 350k.
I let three months of payment go buy, got blank forms from WAMU to fill out with no help from collections on what it was they wanted me to say. I said I was lied to on the appraisal and that WAMU charged me for an appraisal and did NOT do one. I reported to WAMU’s fraud division, they didn’t care.
Now I’m trying to short sell and the WAMU rep is a total flake. Luckily I have a great RE agent.
Avoid dealing with WAMU!
Hi,
I’m interested in talking to someone about doing a loan workout on my current mortgage. I have not yet missed a payment, but I think it is inevitable in the near future.
Do you offer loan workout services for a fee, or can you refer someone who specialized in negotiating with lenders for same.
Thank you.
Philip Wegener
Los Angeles, California
I create modifation proposals for a living I have had great sucess with Countrywide, First Frankliln(!!!!!) and Option 1. Good luck to all, the programs are out there. Don’t take no for an answer and prove you CAN make the lower payment, not that you are broke. Good luck!!
Can any body tell me their experiences with US Bank?
Does one need to be delinquent to get them to do a loan mod?
Has anyone had any experience working with Taylor, Bean and Whitaker and what it takes to get them to do a loan mod?
Hi guys, I found this website http://www.loans.xtz.cc they have great information on loan modification and foreclosure.
If you want out from under your mortgage and the lender is not communicating with you on a modification, why can’t you just deed them the property ( not a deed in lieu). Just fill out a warranty or quit claim, go to the courthouse and record it and mail the lender a copy.
They now own the property with their own loan on it.
How can they foreclose on property they own?
Dose anyone have experience with American Home Mortgage – regarding loan mods, Option arms
It refreshing to see that other banks are starting to negotiate. It’s about time.
People need help wth these loans!!!
Thanks,
Luis Pezzini
Trying to Modify a loan with Countrywide and the first said I didn’t make enough money…then they said I make too much money. Now they want me to update my financials again!! Does anyone know the formula they are looking for??
Also, I like the suggestion one #8 let us know if you try that and it works!