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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi roz_levin!
Welcome to forums!
It is quite surprising to me that the lender went ahead and foreclosed the property when your friend was negotiating for a loan modification. She should contact the lender and discuss the issue with him. In my opinion, it would be better if she could hire an attorney and let him negotiate with her lender.
Feel free to ask if you've further queries.
Sussane |
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paga
Guest
0.10 Dollars($)
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Post subject: bank statement |
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| Will your lender still modify your loan when you declare more money in your bank statements? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi paga!
Welcome to forums!
It will depend upon the lender whether or not he would modify the loan. The lender would judge your financial situation and check if it would be possible for you to pay the loan. If your lender feels that you would be able to pay the loan, then he won't agree to your request for a loan modification.
Feel free to ask if you've further queries.
Sussane |
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amy
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0.10 Dollars($)
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Post subject: dire need of help and answers |
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we spoke to a supervisor on 10/13 we are 2 months and a partial 3rd we were told we owe 1792.00 but if we came up with some payment before 10/31 then they would be able to work with us seeing as we've paid on time for the past 10 months today we received another call very mean, very disturbing this person said that we owe over 2000.00 and they would not be able to help us and she proceeded to ask my mother who is a cancer survivor and has diabetes as well as some other illnesses what we needed a car for? why do we have cable(which we need for our phone)? she had my mother so upset her blood pressure shot through the roof she started crying and her nose started bleeding..needless to say we live in a forest our local grocery store is 7 miles away for my mom to get to doctors it's a 35 mile drive one way without a car we're lost she even asked my mom why she needed to go the doctor's? does she have any right at all to do this considering she had already worked this out and all that stuff she said which isn't even all of it i was so disgusted and angry and horrified that a "human being" could treat another like this and be so heartless..are they're any suggestions you can make to handle that? do you know of any programs that could help us? the company even stated they do not do loan modifications and it's like they love taking peoples homes and not trying help others..please if anyone can give me advice as far as possibly contacting a lawyer or let me know about housing laws or whatever and some programs we are in really dire need i also live here with my 3 children and help take care of my parents i suffer from seizures and am not able to find employment i sincerely need to get answers and help i would greatly greatly appreciate it thank you all and god bless
[E-mail address deleted as per forum rules. Thanks.] |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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I can understand that your mother must have gone through a tough time coping up with all that the lady on the other side of the phone had said. I feel she does not have any right to comment on your personal life.
You can contact your lender and check out if they have taken part in the Home Affordable Modification Program. If they have taken part in this program, then they would be able to modify your loan. However, as your are not employed, it would be difficult for you to get a modification. In such a situation, its a better option to sell off the property through a deed in lieu of foreclosure.
_________________
Good is the Enemy of Great. |
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bb
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0.10 Dollars($)
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Post subject: loan modification |
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| They gave us a loan modification for the 2 year interest only loan that matured, because the LTV was not good we could not get another loan. The loan modification is not at all helpfull since we now have to pay $2350. month at 6.25% and were paying $1709. a month at an APR of 5.25%. The total work hours have decreased from 30- 50 hours every 2 weeks to 8 hours every 2 weeks. What can we do? Our payments were always on time and we paid a little extra on the principal |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome bb,
You need to contact your lender and negotiate with him so that you can get an affordable payment plan to pay off the loan. Though you've received a modification to clear off the dues, you can try and negotiate for a better payment plan and check out if the lender agrees to it.
_________________
Procrastination is the enemy of your financial success |
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irny
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0.10 Dollars($)
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Post subject: chpt 13 |
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| i filed chp 13 back in april, my attorney managed to get the second mortg removed and now only dealing with1st, however, this is he one that is high and a variable. what are my options. I have missed two payments already but i found out the attorn for the bank file a motion to release, so this means they want the home back, right> how long do I have if they get the motion approved. I live in ny |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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As you've missed the payments, the lender will have the rights to foreclose the property. That's the reason why the lender's attorney had filed for a motion of release. Once he gets the judgment, the lender may immediately foreclose the property.
_________________
Good is the Enemy of Great. |
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selfemployed
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Post subject: cover letter |
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| I need a cover letter for my mortgage company to attach to my six month profit and loss statement. I'm in the situation I'm in right now because of a job loss and am now self employed. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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would not this work? : "Enclosed please find my current Profit & Loss Statement for the most recent 6-month period, ending..."
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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jools16
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Post subject: home approved for foreclosure |
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UK citizen, with home in Florida, tried to do the loan modification, lender said no...have approved home for foreclosure, negative equity, how will they pursue us in the uk for monies owed? Could they look at a pyment plan over years or will they ewant the full amount? We don't have it!!!  |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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you would be well-advised to look into what protection laws in the UK afford you. i believe you'll have some difficulty in trying to learn what us laws might allow - unless you know of an international-practicing attorney in the state of florida.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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J/P.
Guest
0.10 Dollars($)
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Post subject: 2-nd time in foreclosure |
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I have a 2-nd home in Nevada, dealing with this for a year, already. All programs works for first home, what about me working hard for 20 % downpayment and now loosing it. This is so unfair! My bank if IndyMac.
I've been lied to, loosing time with loan mod co's. Now, trying to do short sale. Have very little hope. I can't loose more anymore!! |
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bg0427
Joined: 27 Jan 2010
Posts: 90
Location: Florida
0.54 Dollars($)
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Here is the problem with Indymac, they went under and one west bank bought all of their debt for 13cents on the dollar. Now they are making a huge profit on the foreclosures. Your best way out would be a short sale there are some good companies that can assist you with your short sale for very little or no charge at all. Seek assistance from a professional.
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Bradley D. Gertz
561-201-1888
561-909-1314
www.yourbankloan.com
www.lowestjumborates.com
www.callawayconsultinggroup.com (free loan mod & short sale info) |
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