Gov. Martin O’Malley has called for an emergency work session with mortgage companies to hammer out solutions to the foreclosure crisis. Letters have been sent to about a dozen loan companies requesting they attend a summit on Feb. 28. But so far none of the loan companies have responded.
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SHOCKER!
From BankRate.com
“Borrowers who try to ignore their financial problems — and their lenders’ phone calls — will likely lose their homes.”
Suggested new line of reasoning:
“LENDERS who try to ignore their financial problems — and their BORROWERS’ phone calls — will likely lose their loans.”
That’s great!!!I do have a few questions or if someone can help or give me any further ideas for I’m at my wits end.
1- My loan adjusted in Sept 2007 I started in June by approaching my lenders to have my loan adjusted/renegotiated and was told no.
2-I started to try and re-fi but everytime I do there’s a roadblock. First it was my income/debt ratio was too high, then credit score wasn’t good enough, now it’s my appraisal-my home has decreased $25,000 in value in 4 months.
3- I’m on my 8th attempt at a re-fi and am attempting to talk to both lenders (I have an 80/20 interest only ARM) to have them shave $6,000 (what the different is between what I owe on the house and the what it’s worth) and neither is willing to budge. I can’t even get a hold of one of them any more. My loan is set to adjust again in March and the only other resolve I can see is to try and refi but take out a small loan for the $6,000…Anyone have any other ideas on how to avoid foeclosing on my home?????
For everyone looking for assistance, please join and post on the forum at http://www.loansafe.org where we can help and provide as much advice as we can.
The 2nd lien holder is the one who needs to do the budging. If you default they will most likely not get a dime. You need to go as high up as possible, talk to managers of managers and explain if they don’t help, you will default and they will lose everything they lent you with the current market conditions.
That being said…there are some lenders that can refinance your first mortgage into a fixed, you would need your 2nd lien holder to subordinate (and most will as long as the new first you are getting has no cash out). FHA is one way to do this, FHA does not care what the Combined loan to value is as long as your first lien fits into their guidelines…debt ratio does matter though…IF your problems started with an ARM reset, FHASecure may be of help as well.
I personally only do loans in Ohio and PA, but if you want to be referred to someone in your state that may be of help you can call me at 866-295-9339 ext 706.
did you do it with or without an attorney
Hello ,
Everyone I previously wrote a message regarding HSBC, I was previously behind on my property taxes and mortgage due to illness. My home was in tax taken. HSBC paid my back taxes that was for their own safety in regards to the house. I submitted for the 5th time a hardship request. I spoke with a manager in loss ligitation. She said to fax over my information because some things has change. I was told last week that I was approved a hardship request. HSBC lower my interest rate from 11.6 to 8.25 permantly. My payment went down to 1451.56 from 1682.00. This is without taxes and insurance. I am just so grateful for all the support Moe,and everytone else have given me just by posting my problem on the web site help me to fight for my home. I do have to pay them back for paying my propety taxes. they extend it for 12 months of payments along with my new mortgage payment. I will have to struggle for the next year. But at least I can sleep at night knowing I still have my home. I wish each and everyone of you the best of luck in saving your home. I know from experience what you are going thru. God Bless all of you.
Dee
I am so happy for you. You fought HomEq and won!!! We can’t get any where with them. We can not get to the loss mit. dep. We have a fixed rate of 8.79%. One week after we closed on this loan, my husband became unemplyed. We still for one year made our payments on time. April my husband got a perment job. I phoned HomQe and told them we did not want any late pays but I would not beable to make April on time could they defer one payment. They don’t do that but they can no problem put us on a pay plan. Our payment was 1,135.99. For 6 mos. our payment would be 1,524.12. I told them his new job is only 10.00 to start. Thats all they can do. Did not tell us all would be reported as late pays. I am on disability and this has killed us. We sold car, trailer, tools, family antiques, yard sales to make five of the six on time. When I called in the sixth payment I was told that great you made five on time and only one more for Oct and then Nov I would not have to make a payment. They said that they gave me a month to get back on track. EXCUSE ME!! That is what I wanted in the first place. Geez’s. I called with the last of the six payments but late. They said sorry, this last one is late and now the pay plan has been cancelled. Yes this is my last payment. Yes but now you will need to make 1,135.99 for Nov. next week. Please help me. I have tried different help groups and am now trying ACORN. Can you give any numbers and hints? Thank you so much. I just found out that in our closing papers there is two papers about a balloon payment with no amount on it. HomEq told me we had no ballon payment. I called the broker and he said yes we do, I asked him how much and he said, at the end of our 30 year mortgage there is a 91,00o.oo payment due. We signed for a loan of 151,000.00 how can this be?