Just wanted to share the news that some people are luckily obtaining Loan Modifications from their lenders in this economic climate. Heres one story. The homeowners (a single mom) salary was cut in half due to a company slowdown within Michigan. Thus, she got behind in her house payment and became late one month. She was going to borrow some money to make the payment current from her mother, but after talking to the servicing company the lender decided not to accept any partial payment, but instead accelerated the loan to call the whole loan due to force foreclosure. In the meantime over several months, the homeowner found more work to replace her lost income.
Upset at how her lender had treated her, she called Foreclosure Prevention Institute, LLC, to obtain some advice as to do what to do and expect as she faces foreclosure. She really wanted to save her home, because she had lived in her home for 12 years refinancing it 3 years ago and it was home. She didnt have much equity in her house, but still wanted to stay in her home since in the long run it would be cheaper living in her home than renting and was near her family for childcare. However, now she was 4 months behind in her mortgage payments, had attorney and late fees accumulating, and was also facing an ARM reset at an interest rate at over 9%. Interestingly, her ARM would never reduce lower than 8.6, but could go up as high as 11%. Reading over her contract, there was no reason for the mortgage company to have immediately placed her in foreclosure and certainly they should have allowed her to make her payments current months ago. Furthermore, she had a legitimate hard ship to qualify her for a forebearance plan or even consideration of a loan modification.
So, we talked to the Hope Department explaining her situation indicating that her hardship was over to see if she couldnt be considered for a loan modification emphasizing the unjust actions taken by the servicing company. The Hope Department did take her application, but with no promises and even with a sherriff sale staring her in the face within several weeks. After making application, the servicing company all of a sudden called her at home politely offering to reinstate the loan if she paid 5 mortgage payments plus all the late and attorney fees, but with no promise of a future loan modification. Analyzing this offer, this really was no great deal except the homeowner could keep her home because it would stop foreclosure and allow her time to consider various options. After some sole searching and examining of her budget she decided to refuse the offer and list her home with Foreclosure Prevention Institute, LLC for a short sale. She said, at least she could now sleep and was relieved that a decision had been made and she wouldnt have to borrow any money from family. She was also tired of having to live on such a tight budget.
At this time, her only hope in saving her home was to be accepted for a loan modification, but time was running out. On the last day before the scheduled short sale, the Hope Department called to say that she had been accepted for a loan modification. The terms were a 30 year fixed rate at an interest rate of 5 percent plus $1,500 for processing the loan. The 4 late mortgage payments would be placed within the back of the loan. The sale was delayed for a week to give her time to overnight acceptance of this new loan agreement. She excitedly wrote a check to the lender and Foreclosure Prevention Institute, LLC gladly collected the for sale sign. This is an example of how lenders have been making conditions worse. Fortunately, someone in the Hope Department showed some humanity or perhaps it was due to Obamas moratorium on foreclosing of homes.
To force loan modifications, attorney teams are looking over the whole mortgage contracts and appraisals looking for misrepresentation and discrepancies, and then contacting the lenders legal office directly. For more specifics and technical information call Foreclosure Prevention Institute, LLC today at 1 800 826-1929 or visit
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由 Blogger 於 11/16/2012 01:04:00 上午 張貼在 About Oz Lotto Instructions Everything.
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