| Countrywide refuses to modify our loan ( it is a VA refunded loan -done 6 yrs. ago ) - they say I can only qualify for a re-payment plan - after 4 months of being told I WOULD qualify for a loan modification.-but that they are backed up and please be patient...so now we are 4 months FURTHER in the hole with Countrywide. Their c.s. in the HOPE dept. is terrible and you can never get in touch with negotiators - plus - they wouldnt accept any payments during this whole fiasco. We are in desperate need of help. I have tried everything. We are now almost 12 months behind.-I called weekly touching in during this wait - and was told everything was OK - now we face foreclosure...PLEASE help. |
|
| Above Posted By:
Anonymous
| Fri, 14 Mar 2008 06:47:48 EST |
| I hear what everyone is saying. I'm a R.E. Investor and have 3 properties in foreclosure. I've tried to refinance before this happened 6 months into the loan when we knew we were going to fall behind. My credit was great as well as my income, but they would not refinance because they said they don't do investment properties any more. I have 3 renters that pay $1,050.00 a month and the mortgages are $2,000.00 if they give me 6.5% to 7.5% we can manage, but they would rather have the properties. We are going to give them back the properties by Deed in Leu.. No other choice, and it might save them from coming after you for balances.. |
|
| Above Posted By:
Jeff
| Wed, 27 Feb 2008 09:03:13 EST |
| I have been going in circles with EMC for 3 weeks because I am 1 1/2 months behind and first I was told I could defer a payment to catch up, then told because my loan isn't a year old I can't, then I was told I could modify it, then told I can't for the same reason,I offerred to make a full and partial payment and was told they would only accept full payment for the month and a half I'm behind. What's with EMC? They contradict themselves constantly and drive us poor suckers nuts! |
|
| Above Posted By:
kateiek
| Fri, 11 Jan 2008 12:45:38 EST |
| I heard that HUD or FHA offers a certification program for those interested in doing loan modifications, this is correct? What should I do? Who should I be contacting? |
|
| Above Posted By:
Darryl
| Mon, 3 Dec 2007 13:06:55 EST |
| Will morgage companies take less than the balance in a full pay-off of a subprime mortgage? How can I negogiate it? |
|
| Above Posted By:
Ron
| Fri, 31 Aug 2007 10:12:00 EST |
| I'm on a 2 yr interest only ARM which will end soon. I am unable to refinance because my loan is up-side down. What can I do? I don't want to end up foreclosing!! |
|
| Above Posted By:
liz
| Sun, 1 Jul 2007 17:42:36 EST |
| Continuation from the prior statement . . .
I understand the HUD guidelines but I can see that the lenders do not or does not want to understand and comply with them. We are trying to be of a service to them by bringing them relief of a bad note on their books and relief to the homeowner that has fallen into a distressful situation.
Does anyone have any answers or solutions on this matter to have success in negotiating with the lenders?
|
|
| Above Posted By:
Eliseo
| Thu, 22 Mar 2007 11:45:18 EST |
| I am a private investor and I have run into the same problems regarding "short sale negotiations" with the lenders.
The are few lenders that are cooperative in short sales and all the other lenders are being hard nose about.
It's funny, when I first started to work on a short sale with the lender, I ask the LMD Rep if they are willing to entertain a short sale with me and they say yes! |
|
| Above Posted By:
Eliseo
| Thu, 22 Mar 2007 11:42:01 EST |
| The reason mortgage lenders can do as they please is the same reason pharmacutical companys can charge what they want to for medicine. One word, lobbyists. They pay the government to keep thier guidelines to a minimum. Wake up people, it will never change. Money talks. |
|
| Above Posted By:
david
| Sat, 1 Jul 2006 20:32:41 EST |
| How does one become a Loss Mitigation Specialist in the State of Virginia? |
|
| Above Posted By:
Anonymous
| Tue, 20 Sep 2005 22:43:58 EST |
| My husband was laid off work five months. He finally got on a direct position with a good company. We became behind four house payments. We kept in constant contact with EMC our lenders. They said once Chris got a job they would tact the house payments onto the loan, but actually what they did was double our house payments. We have two two. We have two girls in school and are behind in bills. How can we stop this without losing our home. We are first time buyers. |
|
| Above Posted By:
Chris & Susan
| Wed, 24 Aug 2005 15:03:04 EST |
| I reside in louisiana and interested in becoming a loss mitigation specialist. What I need to do? |
|
| Above Posted By:
mary
| Fri, 1 Jul 2005 09:37:45 EST |
| Whats a short sale? Im familiar with the term in stocks, but not real estate or mortgages. Thanks. |
|
| Above Posted By:
Johnston
| Tue, 28 Jun 2005 16:29:32 EST |
| Im guessing lenders simply dont care what HUD tries to enforce. Im a private investor that works in short sales, and the new trend among lenders is to get 90% of total accrued debt or 100% of the appraisal price. This kills any chance of a sale, and the lender takes it back to sell sometimes a year down the road at even greater losses. Any idea when HUD might actually do something about the foreclosure epidemic and make lenders face the music? |
|
| Above Posted By:
Pat F
| Wed, 22 Jun 2005 19:19:14 EST |
| IS THERE ANYWAY TO GET HELP WITH ATTORNEY FEES FOR
A LOAN MODIFICATION ? I JUST GOT MY LOAN MODIFIED TO AVOID FORECLOSURE AND THE ATTORNEY FEES ARE $2658.00. THE COMPANY ONLY GIVES YOU 10 DAYS TO COME UP WITH THIS MONEY OR THE LOAN GOES BACK INTO
FORECLOSURE. CAN YOU PLEASE GIVE ME SOME ADVICE?
THANK YOU! |
|
| Above Posted By:
PAMELA LANE
| Thu, 16 Jun 2005 13:48:11 EST |
| I read some of the comments I dont understand why a lender would not use any HUDs loss mitigation guidelines
its a win, win, win situation for the home owner ,the lender,
and the investor or loss mitigation specialist or firm who cure
the foreclosure. And besides that the bank also sells the mortgage on the secondary market if they opt to. |
|
| Above Posted By:
barbara investor
| Sat, 4 Jun 2005 14:58:41 EST |
| I fell one payment behind and my mortgagor set up a forbearance spreading it over 5 payments. I made the payments as agreed, but they kept billing me for the regular payments in parallel. I refused to make a double payment, and they attempted to foreclose anyway. After they told me to Send in your keys, I sold the home, sued and lost.
Too bad this wasnt in place then. I lost my 45-year investment and ended up homeless. |
|
| Above Posted By:
Stephen
| Fri, 3 Jun 2005 15:37:32 EST |
| I had a sale and the Mortgage company would not take a short sale. It would have neted them more than th pay-off, but they still would not accept it. Is there someone I can speak with at HUD, if so could you give me information on who I can contact?
Desperate |
|
| Above Posted By:
Anonymou
| Wed, 18 May 2005 15:56:15 EST |
| Ive read the information posted and would like to know how private investors can take advantage of the change. |
|
| Above Posted By:
DeWitt
| Mon, 9 May 2005 21:33:17 EST |
| Im a Workout Analyst with a small mortgage company. Weve done early intervention for a while now and it has made no difference if it was discussed with the borrower later down the road. I believe tougher underwriting guidelines would help keep the people in their homes. |
|
| Above Posted By:
Eric
| Tue, 3 May 2005 18:07:03 EST |
Please fill out the form below to submit a comment.
