I often get asked if it’s possible to obtain a loan modification and avoid foreclosure? The answer is a definite maybe. It depends on several factors because you have to qualify to do so and it’s not like qualifying for a mortgage. They are qualifying you to see if it’s worth taking your home or is it better to do a loan workout with you.
Sad but true reality!
It’s a known fact that dealing with your lender when your are late on your mortgage can be very difficult and frustrating. Trying to get through the maze of operators, transfers and rude people is almost impossible. It’s as if the system they have in place is meant to do what it does to people, make them give up in frustration and just walk away.
I know this because I deal with lenders and servicers daily. I am a trained professional with 9 years of experience in all aspects of real estate, mortgage and loan workouts. I’d like to think that my skills tend to be on the expert side.
You would assume that these lenders would hire highly trained professionals to handle their loss mitigations and collections when dealing with hundred’s of thousands of dollars on the line with each phone call, but in most cases that’s far from the truth.
Their attitude and demeanor is as if they are lawyers and that they hold your life in their palms. They may not be lawyers but they do hold the keys to saving your home.
So how does one go about dealing with their lender? The answer is really quite simple. Make a game plan on how exactly you are going to approach them. These people are trained in minimizing loss for their company and they get paid to by getting the most amount of money out of you as possible or declare that your case is un workable and foreclose on you. That is how they mitigate loss. If you understand this, then you’ll know that you have to approach them and all conversations very carefully. Everything can and will be used against you.
Don’t think for one second that they are there to help you save your home. If you do that then you’ll just end up blowing up on whoever is handling your file and maybe blowing your chances of saving your home. It’s a game of cards and their the dealers. You never know what card your going to get and this may be the biggest gamble of your life.
Have all your ducks is a row before you call and be in a good mood. Be prepared to be fake and nice.(even though you would like to tell them off). Make sure all your financials are together.
Oh yeah, don’t talk with collections. If you are transferred to collections, be asked to be transferred to the loss mitigation department or home retention department. Don’t give collections any of your personal information or tell them what you are trying to do. Just give them you social, loan number and address. If they try and badger you, tell them your lawyer is on the phone and he advised you not to tell them more than that. Trust me, it shuts them up every time. Get everyone’s name, extension employee number. Take meticulous notes of all calls or record them and tell them you are recording them.
If all else fails, seek out a third party to handle this for you. There are many non-profit and for profits that are very experienced in loan modifications and loan workouts.
Don’t give up and fight to avoid foreclosure and save your home!
Below is a list of lenders that are actively helping people:
AMC aka Ameriquest, American Mortgage Home Investment, American General, Amtrust Bank, Aurrora Loan Services, Bank of America, Banco Popular, Bear Stearns, Chase, Citiwide, Countrywide, Downey Savings & Loan, Fannie Mae, Fifth Third Mortgage, Freedie Mac, Homecomings, HUD, FHA, First Horizon Home Loans, Flagstar, GMAC, Greenpoint, HSBC, Impac Funding, Indymac, ING Bank, Litton Loan Services, Motgage It, M&T, National City Mortgage, Option One, Residential Capital, Saxon, SCME, Suntrust, Taylor, Bean & Whitaker, US Bank, VA, 1st National Bank of Arizona.
Please share your stories and comments on your dealing with any of these lenders or servicers.
I refinanced with Town & Country which was named in the Ameriquest Settlement, (of which I was a recipient) as a division or part of Ameriquest. Does anyone out there know if Ameriquest is working with people on T&C Loan’s.
I have no idea but I will research this for you. Are they servicing T & C’s loans? What does your mortgage statement say?
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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
Town and Country was a subsideray of Ameriquest which is why it is named in the settlement…. Same as Argent Mortgage. if you need some tips of help let me know. I check this everyday
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.
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
Hello Scott,
Taylor, Bean, and Whitaker are rip offs. We have been waiting for months for help. They give you the run around.
U.S. Bank Home Mortgage is a nightmare. Go to google and type in U.S. Bank + Complaints
there are so many one cannot read them all
Taylor Bean & Whitaker have told me and my wife that there is nothing they can do for us. we still bring in 3300 a month but have medical bills and mounting debt.
They said “sorry you have FHA you’ll need to be 30 days late to even be considered for short sell and then that takes a really long time to go through then you’ll probably be forclosed on.”
Dont deal with these idiots
I have been researching my options for loan modification/ refinance and it’s very frustrating since I have great credit and haven’t missed any payments. I don’t qualify for any of the new government plans, since Im not Frannie or Freddie. I can’t get a human on the phone at US Bank (and when I do I am given a new 800 number to call.)The brokers I’ve checked out can only get me into an FHA so closing and Mort Insurance explode the payment. I contacted OnPoint Consumer Law Center. They say, I do qualify for a modification and that they will negotiate with both of my mortgage companies to restructure me into 30 yr fixed on both and with LOW interest rates. All for one out of pocket fee of $2600. Can anyone tell me if this company is for real????
I’ve been waiting for a loan mod with TB&W its been 8 months – I’ve been behind on payments b/c of job loss. Seems hopeless. they sent us to Sparta, who is working with freddie mac and its still taking forever. I even tried Naca a non profit organization and they are also giving the run around (6 months for nothing). It sure is a tuff game to play.
Dont pay anyone upfront for loan modification help. They are mostly scammers preying on those who can least afford it.
Take my name off your site…now.
Marcia Hardy
My husband I were hit with job loss, etc from the construction industry as welll a public servant furlow days we applied for a loan ,modification. After resubmitting our paper work numerous times becasue it was given to a new counselor, etc we waited nearly 7 months and the response we received was we were denied becasue our situation wasn’t deemed permanant enough. How can they decide that if we fall in the guidelines? Now we try to talk to somebody at Cahse and we never get a call back.
First Horizon sucks. They are just dragging their feet with diffeent run arounds resubmitting paperwork over and over since May, 2009. They handed it over to their 3rd party which is FATCO. They send us a letter wanting all new docs submitted every month since May new pay stubs etc. etc. FATCO stated that we should had the LM done in 20 days that was in Sept. still nothing. FH received 866 billion to help us taxpayers is there something that can get done with them. Put them in hole as far as I am concerned. At least we are current and will be. Jerko’s!!!