blog and posting about loan modifications and loan workouts, I received a tremendous amount of calls and emails. It got pretty overwhelming, fast.
I knew the best way to help people would be to create a forum where homeowners can go 24/7 and ask questions in a public, yet private format. That way, people visiting the website can learn from other homeowners on what to do and what not to do when dealing with their lender.
I am proud to announce that two members of www.LoanSafe.org homeowner community have received loan modifications and saved their homes!
Both homeowners have been fighting their lenders for 2-3 months and I believe it was the support they received from the community that kept them strong and gave them the tools they needed to successfully fight their lenders and win. They shared their stories and plight from the beginning to the end. I believe that reading their journeys will give other people inspiration and strength to do the same .
You can read Evelyn’s long battle right here. http://www.loansafe.org/forum/showthread.php?t=118
Evelyn is in her 60’s and a woman with a lot of fight in her. She should be a role model for all other homeowners who need inspiration to keep fighting back against the abusive debt collection techniques that some of these lenders and servicers use. Evelyn was used and abused on several occasions. But she never gave up and she never let them get the best of her.
Here are some comments from this great woman:
The Agent from ASC called back again today around 2:30. She said she had heard from the investors. She stated they were able to modify my loan at a lower interest rate of 7.250 for a fixed rate of 28 years, no more money down, and my loan would continue at 28 years. She stated my payment would be $1640 a month. (A savings of $100). I was hoping for a savings of at least $200 a month. Interest would go down 0.950%.
At least there is hope now and sounds like you will get a good interest rate if you have to go the Loan Modification route as we are seeing some modifications and some relief for us homeowners.
There are millions out there who are going to need help in the coming months to save their home. I am praying for all of you and wishing you the best.
I wanted a better deal, but like Moe said, he thinks I should take this deal, and I do too, you don’t always get what you want but you try to get the best you can and in these Loan Modifications, like Moe said both parties have to come to an agreement.
I have paid my Sept and Oct Payment, so will wait for the written paper work to come. I sure hope that it comes in the mail and I am not in that wheel again. That wheel makes me tired and dizzy. (the hamster wheel I refer to)
Please visit our homeowner community at LoanSafe.org and tell your story. Join us in the fight to help one another stop foreclosure.
{ 12 comments… read them below or add one }
That’s good to hear. A loan modification is a compromise by the lender and as such will not likely be exactly what the borrower wants. Keep in mind, it sure isn’t what the bank wants either.
The borrower will have to make some drastic financial lifestyle changes to afford the modified payments, but if the house is worth tightening up the financial belt, then that’s what needs to be done.
- Paul
Yes, a compromise to foreclosure. A way to workout debt, where everyone wins.
Keep in mind that these homeowners were told NO a gazillion times and given the complete run around for months before they finally received help.
So I would say its a compromise yes, but also a BIG GAME with a lot at stake.
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Pulled from the Rip-Off Report about Ameriquest HURTING OUR TROOPS!
http://www.ripoffreport.com/reports/0/286/RipOff0286186.htm
Ameriquest took advantage of deployed soldier and family. Orange California
My wife and I chose AMC Ameriquest to help refinance our home, we meet with Torin Beeler, We discussed what we wanted; 40 yr fixed rate plus pulling our $25,000 for debit consloidation and home repair. He told us he could do that with a new program were we would make 3 or 4 payments at $2265. the the payment would drop to $1165. for 40 yrs. My wife and I agreed to this. I asked if this was a 2yr ARM. he said, no. I told him I was leaving for Iraq in 2 days, and that my wife has power of attorney and would sign. I told him to print this contract up. we signed a draft document showing that we agreed to what was told to us. I believe Torin knew my wife wouldn’t read the contract, so, Torin Beeler changed the contract to a adjustable rate at 7.9% with a jump to 13.9% for 30 yrs and only giving us $12,000 cash and a check to a lcredit card lender that had already been paid off. I would never agree to this, and if he would of told my wife, she also would not agree. Torin Beeler took advantage of my family. I can not afford this 13.9% rate. we will lose our home of 15 yrs, which we have never missed a payment. nobody in their right mind would agree to these kind of number.
Ssgdawson
san bernardino, California
U.S.A.
Hi! I was surfing and found your blog post… nice! I love your blog.
Cheers! Sandra. R.