I’ve been reading in detail the “Homeowner Affordability and Stability Plan”. One thing for sure, nothing is really for sure! So much is left up to lender discretion, I was hoping to see “mandatory principal balance” redutions in areas that a loan modification will do little more than allow a homeowner to continue to pay on a property that is up to 50% upside down in equity….
We work with all major lenders and most independents, the recording loops are all telling us the same thing. March 4th will announce the follow up to the “Homeowner Affordability and Stability Plan” I guess you could say….where the rubber meets the road!
Many of our clients are patiently awaiting to hear the requirements to qualify and also just what exactly they will qualify for. It’s great to hear that these lenders are going to start considering loan modifications for people that are not in default. The first time I was told by a lender that they could not even consider a loan modification because the loan was current….That’s just bass-askwards.
Just 10 days to wait. If your wondering about a loan modification, first thing to do is gather up your financial information. You will need to make a case to your lender, most lenders have a package that you can download and complete.
If you don’t want to take this on, we don’t blame you…it’s a bit overwhelming. Give us a call, or send an email and we will explain how our services work. We don’t charge any up-front fees. We work with your lender to present you with all of your alternatives and let you make the best decision for your family.
I have been trying to work with my mortgage company since October 2008. I have bent over backwards filling out forms sending in bank statements, letters of hardship, divorce paperwork, piles of medical bills, pay stubs. You name it I have sent them over and over. I started the loan modification program when I saw the tradgedy unravelling. I have paid my mortgage payments on time for the past 6 years and now Im behind due to unforeseen circumstances out of my control. Now six months into this waiting game they say that they are placing me in active foreclosure and an attorney is sending me papers. Sorry there is nothing that can be done for you. So in a last ditch effort to redeem myself I am begging them for the opportunity to let me do a short sale. I have made myself sick over a house. Cried myself to sleep night after night. Sunk into a depression that is not healthy. If there is a federal program to help homeowners that are struggling due to unforeseen circumstances where is it? Is the money being pocketed by the investors? Where is the help? I have thrown in the towel. All I can do is give it to God. That is my only peace. I am ready to walk. I am looking for a new place to lay my head and raise my children.
Donna, please make sure you are working with an experienced Short Sale agent to handle your short sale. Hopefully you have already started and have the property listed.
We are residents of California, and have been working with many lenders to help get loan modifications for those who need it and should qualify under government guidelines. There are some huge problems with Obamas “help” for homeowners…. 2 glaring issues, if your lender is not FreddieMac or FannieMae you have to depend on what your lender is offering. Then the obivious If your in a situation that your upside down in equity…lenders don’t like to reduce principal.
I could go on and on, but I will just say that we are working well known lenders that are doing very little if anything to help people in regards to loan modifications.
For those of us that are believers, we understand that everything happens for a reason. God Bless you and your family.