Comments on: Hardship Letter

By: Katyra

Katyra — Thu, 19 Nov 2009 14:39:12 +0000

I used to work in the executive resolution team for a major mortgage company. No matter what these “loan modification” companies say, THEY CANNOT GET YOU A BETTER DEAL. They will be offered the same modification terms you would be offered if you contact your mortgage company directly. Most morgtage companies prefer to work with the borrower directly, and I know some have are trying to put policies in place that they will no longer negotiate with these types of companies. While there are a very few of tehse companies that are attempting to help borrowers, most of them are scammers and opportunists willing to take advantage of you to make a buck.

By: Droopy

Droopy — Tue, 03 Nov 2009 19:55:12 +0000

Lender are reluctant to mod your loan, i believe if you balance is somewhere near the market value, they wouldn’t help.

If you have visit foreclosure home sale, previous owner will destroy the home because they are pissed when their lender will not assist because the stimulus money is our tax dollars.

I don’t blame them for destroying the property, actually I support their destruction. Lender is not going to send you a thank you note for leaving the place clean and in excellent condition. If my place foreclose, I would do the same.

By: carolyn berrian

carolyn berrian — Tue, 13 Oct 2009 19:44:09 +0000

I NEED SOMEONE FROM HUD TO HELP WITH MEDIATION ON MORTGAGE MODIFICATION. A LIGIT HUD REP.

By: steve

steve — Tue, 13 Oct 2009 07:13:15 +0000

Many of you bring up great points.

Yes, you can negotiate a loan modification with your current bank. However not all of us can get through to the bank, for those that have jus had enough and know they can qualify, you cna just hire a professional to help.

That’s what I am here for.

I can refer you to many HUD counselors or other people in the business that can do a loan modification with no upfront fees. There are some who collect a fee after the loan has been modified.

Email me with any questions or advice.

By: rawle

rawle — Tue, 06 Oct 2009 21:40:43 +0000

I am in the begining of a divorce and want to keep my house; but due to one income and my income was reduced since we bought the house. what are my chance of a loan modification?

By: Tips for loan modification

Tips for loan modification — Mon, 14 Sep 2009 00:39:35 +0000

If you have a really high interest rate on the mortgage of your home, you really have 2 options:
1. Negotiate the rate. Someone a couple of comments above me suggested it as well. This is fairly straightforward. Interest rates on anything, especially mortgage loans and credits cards are very negotiable.
2. Refinance your mortgage somewhere else. This is not for everyone, but it could help.

By: Neener

Neener — Fri, 21 Aug 2009 23:02:11 +0000

My mortgage is held by Chase – we are not behind or having financial problems but due to declining home prices we cannot refinance for a better interest rate as we now owe slightly more than the home is worth. Called Chase – spoke w/2 representatives who independently verified that their Making Home Affordable refinance and modification programs require NO CLOSING COSTS or FEES at all. None. Not rolled into the loan. Just none. Then I confirmed that this is the RULE OF THE PROGRAM, not just Chase’s rule.

So you guys who are paying people for assistance? DON’T. There are scammers everywhere, companies/brokers/attorneys waiting to take your money for something that is FREE. Call HUD, or Fannie Mae, or Freddie Mac. But please don’t pay a “facilitator”.

By: esme

esme — Fri, 21 Aug 2009 21:39:01 +0000

You can always try to negotiate your self with your lenders.

By: Betty

Betty — Wed, 19 Aug 2009 18:54:57 +0000

My husband and i have tried to do the loan modification on our own and the lender has giving me the run around. We don’t know what else to do we have a 80/20 loan with really HIGH interest rate. And of course we can’t refi. we and upside down loan. I have been talking to an attorney but they are asking for 2k and we are not a position to do so.What are other options?

By: Cindy

Cindy — Wed, 19 Aug 2009 13:00:15 +0000

Worthy advice, I got stuck using the predators in the modfication scam. I fought back, I called the Bank of America. Disputed the amount to these thieves. 2979 to be exact. I got a temporary credit on my checking accct. ie debit card used. waited 3 months for the permanent credit as the bank paid them the money but i had faxed 37 pages noting the MA state law against getting money before a modication is in place! and I filed with the Attorney General on this. copies to the bank on this too. I got my money back. In modification process, call the bank and talk to the legal dept only! ask for it~! my husband is on unemployment and it will stall my foreclosure after 9 months of waiting and no payments as we could not afford the large payments . follow up every week on your paperwork and do all the paperwork they ask for and keep copies of your own on EVERYTHING! good luck folks.