well recently ive been meeting up with a company that claims a loan modification is a bad idea! For one thing, its only a temporary revilement, that it’s no a good move and are "advising" me to get an attorney so he can represent me but im not sure who to trust now a days. I need help in finding the right people to help me so i wont lose my home. Another thing they pointed out was that a loan modification only gives you more debt than how you started because the banks only do so much to "help you" and before you know it, you end up worst than how you started. What should i do?
Ok! at the moment i have not gotten the famous FORECLOSER letter. Right now i am at the point where i have already missed two payments and i owe the bank about 4,000. My payments come in two different bills one is for 848.00 Interest rate is 12.2500% and the second of 1710.00 interest rat is 7.7500% (not including tax property) i have been up to date on my smaller bill but am having a hard time completing the bigger bill. Yearly i pay almost 6,000 on tax alone and i am also not up to date on that. Basically the help i am seeking is someone who wont screw me over for money and fight for my home. I know i am paying too much for my home because the home value has gone from 540,000 (from when i bought it) to 316,000. Who can help me? should i look for an attorney for this kind of problem?
Buyer beware. If it sounds to good to be true it likely is. Look at your income and project it over the life of the loan and if you are having problems meeting the minimum take a loss and sell. Selling at a loss is better than a foreclosure and a bankruptcy. Start saving again.
Is Loan modification the answer to not lose my home?
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I am a licensed real estate broker in California and I help people in foreclosure. Loan modifications are generally great. you can reduce your interest rate and or principal and get into a 30 yr fixed.
I also provide loan modifications for my clients and Loan Modifications is just one of a few options available to people who want to keep their home. I suggest you pay no more than $1500 for an attorney driven loan mod and although you can do it for free, I don’t suggest you do.
Good Luck!
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Buyer beware. If it sounds to good to be true it likely is. Look at your income and project it over the life of the loan and if you are having problems meeting the minimum take a loss and sell. Selling at a loss is better than a foreclosure and a bankruptcy. Start saving again.
References :
You have several options. I interviewed a foreclosure attorney awhile ago and he used to represent banks and mortgage companies against the borrower. He finally got fed up with the way other foreclosure attorneys were treating their clients . They were charging up to $5000 to represent the borrower only to have them foreclose later on any way.
So, now he is defending the other side! The borrower. He says that most people can or could have avoided the problem if they just new how. Well he’s showing them all the inside tricks that you can use against the banks themselves without having to hire an attorney. You might want to check it yourself at the following to help you in fighting foreclosure:
http://www.squidoo.com/fighting-foreclosure
http://www.fightingforeclosure.info
Good luck
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satarnag01 can i get your phone number so we can talk? Where are you located.
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Yes a Loan Modification may be your best option. Due to the current housing crises the banks and government are working to keep people in their homes. You can get your late payments forgiven, demand a lower interest rate, extend your loan beyond 30 years, and even negotiate a reduction in principle!
Countrywide for example had to settle with multiple States Attorneys due to Predatory Lending practices. Based on the Settlement, Countrywide’s loan modification programs will provide payments within the limits of an Affordability Equation set out in the agreement and be targeted to equate to 34% of the borrower’s household income.
You can do Loan Modification yourself or hire a professional company. The advantage of hiring a company is they do hundreds of modification with all of the lenders and mortgage servicing companies. A loan modification company will typically cover their fees by getting back payments waived and potentially by getting you a one to three month grace period before you mortgage is reinstated.
You really have several options when facing foreclosure. I suggest you check out the fee site below to find about a dozen options for those facing foreclosure. The explain things that most borrowers are unaware of including; VA Loan Refunding & FHA Partial Claims.
Good luck.
References :
http://www.stopforeclosurewithloanmodification.com/
http://countrywideloanmodifications.wordpress.com/