Do I need a lawyer to get a principle reduction on my home l

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Icon Mini Profile csotelo05





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Post Posted: Tue Dec 30, 2008 11:40 am    Post subject: Do I need a lawyer to get a principle reduction on my home l
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Do I need a lawyer to get a principle reduction on my home loan?...I am currently 2 months behind on my mortgage and my home is now worth 100 thousand or more, less than what I bought it for. I really want to keep my home and I'm wondering if I can get a principle reduction because my bank is just giving me a payment plan that is best for them and not me, so does anyone know if I need a lawyer to get a principle reduction? and if so, does anyone know a good lawyer?
Icon Mini Profile gmakerley
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Post Posted: Tue Dec 30, 2008 2:19 pm    Post subject:
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last question first: yes, i know lots of good lawyers, but that's not necessarily going to help you.

next - no you do not need a lawyer to get a principal reduction on your loan, but you need to be a pretty good negotiator. and you'll need plenty of good, hard facts so you can state your case with the lender.

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Post Posted: Tue Dec 30, 2008 8:10 pm    Post subject:
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Hi csotelo!

Welcome to forums!

I think you should follow George's advice. It is not necessary that you need a lawyer to reduce the principal. You can yourself negotiate with the lender so that he reduces your principle. If you are not confident in doing so, then you can take the help of a lawyer. You may also have to clearly tell the lender about the hardships that you are facing while paying the mortgage dues. The principle reduction will depend upon how well you can convince your lender.

Feel free to ask if you have further queries.

Sussane
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Post Posted: Thu Jan 15, 2009 9:43 am    Post subject: pleading hardship
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I am definitely not paying one of these consumer protection programs $2500 for them to negotiate the terms on my mortgage. I have tried several times to negotiate without success but I am going to continue till someone can do something. I have 4 weeks left till I receive a letter of forclosure so wish me lucK!
loanmodguy

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Post Posted: Thu Jan 15, 2009 5:30 pm    Post subject: loan mods
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do it yourself. Buy a ebook and go for it. I used loanmodificationbookstore .com for mine. saved 200 bucks a month.
Diana Rosero

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Post Posted: Sun Jan 18, 2009 8:27 pm    Post subject: Loan Modifications - Doing it Yourself
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Yes, you can definitely do it yourself but you will go through what most people are going through. Long waits and denials. If you are able to negotiate something with the lender, almost 90% of the time, it will not be as good as if you go to someone who knows how to do it. So, if you are saving $400-600 per month, maybe you could have been saving $500 per month. In one year or less, you make back what you spent.

In some cases, the savings are a lot greater. It just depends. Good Luck!


Diana Rosero
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Post Posted: Sun Jul 26, 2009 11:36 pm    Post subject: RE:Principal Reduction in BOA Mortgage
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What are some of the tricks to negotiating with Bank of America? My folks are disabled seniors who have been taken advantage of during a recent refi and they're now upside down on the loan. They're also recovering from a fema disaster and the forced insurance Countrywide told them they had to take never paid out for the damage to the home. Both are on a fixed income and they've had to rent a apartment. Their medical issues have forced them to relocate to this apt. until the work is complete as the air quality has even made me visit the clinic twice now. I've been attempting to do the work on the house as I have time since most of their income is going toward their medical and their rental. I have them in a loan modification but BOA takes forever to respond. I even went through naca and acorn to see if they could help but the principal reduction in their mortgage seems to be their best bet. The home is insured for $154,000 through is was appraised for $280,000 during the refi and the recent sales prices of similar homes in the area are between $150,000<>$189,000. Their mortgage is around the $250,000 range. Any help would be greatly appreciated as these are two independent folks who really would like to stay in their home even though the neighborhood has turned into a "hood"....Just had a triple murder a few months ago but they still don't want to move due to all of the funds they've sunk into the house. PLEASE HELP THEM
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Post Posted: Wed Oct 27, 2010 10:15 am    Post subject:
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you absolutuley need to get representation the faults that are in your escrow packet are probably many,,my name is jonathan and i am a representative with U.S.F.P LLC if you would like to get profesional advice i would love to speak with you ..p.s if you go onto any of these forums you will see alot of different opinions of what you should do but they are just that opinions not only will you need representation from a company with experience you will need that company to go before federal court for you becuz what is hapening with princaple reductions right now are federal offenses..for nore info please email me,,, i look forward to hearing from you..

[Email address deleted as per forum rules. Thanks.]
Icon Mini Profile gmakerley
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Post Posted: Thu Oct 28, 2010 10:50 am    Post subject:
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Our "Guest" here, who claims to be a "representative with U.S.F.P LLC" is, undoubtedly a scavenger, seeking to profit from the losses of others. Looking up that outfit, I find that they are into the game of forensic auditing of mortgages.

Look deeply into the background of such outfits, and you'll find that a forensic audit of a mortgage will bear little if any fruit. They ostensibly find all sorts of legal issues with the documentation, yet those issues will rarely hold up in court.

As a homeowner, engaging the services of such a firm is an expensive proposition, and rarely is the expenditure salvaged in the long run.

I was given the opportunity to get in bed with such a firm, but my sense of ethics and fair play caused me to back off. Yes, I could have made scads of money with this gimmick, off the backs of desperate people; but I'm glad I didn't do it.

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Post Posted: Thu Oct 28, 2010 10:53 am    Post subject:
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I welcome the opportunity to hear from someone who truly might have benefitted from the forensic audit procedure, especially from this firm noted above. It would be quite interesting to know that someone might have actually had a favorable outcome.
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Post Posted: Sun Oct 31, 2010 8:14 pm    Post subject: principal reduction
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i pd for my new house (3yrs) 340K. Owes now 200K. The house next door (new and same model) is being offered at 160K. Ihave the money to pay out my loan but thinking is better to walk away from my house and buy the one next door. How can I convince my bank in order to get a decent settlement to avoud a walk away? PD I don't have any hardship situation.
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Post Posted: Wed Nov 03, 2010 11:58 am    Post subject:
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Do you really think that your lender is going to allow you to walk away from that debt without taking some action against you? There have been so many folk walking out on their mortgages that there is a movement afoot to allow lenders more leeway in getting restitution from those borrowers.

I don't see much benefit, frankly, in your plan.

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Post Posted: Tue Nov 23, 2010 5:38 pm    Post subject: USFP LLC
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George, do you know where I could find bad info about this company. I have a guy who says he is representing them telling me that they could save my house. Give the 7000 and then they'll start this audit and reduce my principal balance bring my home down to market value as well as the percentage rate. I haven't found anything positive or negative about them thus far...and I really need to save my house.
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Post Posted: Thu Nov 25, 2010 12:22 am    Post subject:
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Hi Justin,

If you want to save your property, then you should contact your lender and apply for a loan modification rather than taking the help of a third party. This will be a better way to save of your property and there would be less chances of getting duped. Moreover, you won't have to pay any upfront fees to the lender.

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Post Posted: Mon Dec 06, 2010 8:48 am    Post subject: @Gmakerly
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You said: "Do you really think that your lender is going to allow you to walk away from that debt without taking some action against you? There have been so many folk walking out on their mortgages that there is a movement afoot to allow lenders more leeway in getting restitution from those borrowers.
I don't see much benefit, frankly, in your plan."

If this individual lives in a non-recourse state the lender likely no recourse to obtain restitution from default on a primary residence.
The benefit would be to save 40K. The cost of that 40K, of course, is ruined credit. Saving 40K would not be worth runined credit to me, but to this person, maybe.
I am faced with similar circumstance, except I owe $212K @6.5% and my house is worth$100K. Between principal and interest if I walked and paid cash for another house just like mine, I would save over $300K. Plus I live in a non-recourse state. Strictly from a numbers perspective walking away must be a consideration. Staying put in this new economic paradigm is simply too costly to ignore.

Why is it in our society that we accept banks taking advantage and strong arming customers, but deride individuals who turn the tables?
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