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tlievers · Joined: 27 Jan 2009 Posts: 5 3.09 Dollars($)

OK, I am in need of advice and am very frustrated and don't know what to do. Here goes..we bought our house in 2007, being naive and very trusting..we signed papers to buy our home, it was an 80/20 the guy said..he said don't worry we will refi you in 1yr. We agreed and took his word. A year later, our house had depreciated approx. 50k..., the guy doesn't work there and no one could help else or would, I called like 20 banks to get a refi and no one would touch us. So we decided to sell, we put the house up for sale which became a short sale but no one was buying in our neighborhood with has 3000 homes in it and over 50% of them are vacant and in foreclosure status..anyhow...In Oct we were contacted from PennyMac and they told us they had bought our first loan and that we didn't have to sell our house but they would remodifiy the loan for us and combine the 1st and 2nd. We were thrilled and again trusting somewhat.., Our second is with Aurora loans. So PennyMac tried to contact Aurora many times, faxed letters etc..and I also do that too to Aurora and no response. So PennyMac wanted to get the remod done right away and said to not worry about Aurora that they would finally settle and then PennyMac would help us through that. So we signed the papers and then started making payments to PennyMac in Dec. We had not been making payment to Aurora since July08. We have sold everything we can to do our best and make ends meet. We have two kids and as you all know times are very tough. Well, we just received a letter from Aurora saying that the 2nd loan which is in default , has been sold to Faslo Solutions. Guess Aurora had no intentions of settling or anything. I called PennyMac to tell them what was happening and they said they couldn't do anything. We were in tears and we are afraid that now we are gonna lose our home and more. I looked up Faslo and all I read was negative things. We are so frustrated at all of this and wish we would have never bought the house and just became renters....So my question is, what can I do? Is Faslo a collection agency? I read that many collections are buying up 2nd mortgages and collecting them and not being very nice at all. We cannot pay our second or even settle. WE are having a hard time even making the 1st as it is. We really want to keep our home and are trying our best, we know we made a mistake signing the original papers of a way too high loan and the 80/20 thing. But there has to be help out there for people like us? Isn't there? What can we do to protect our selves from losing our house, garnishments etc...that I have read about and which is true? We live in Washington state and you have the info on the mortgages. Thanks in advance for all advice and help. Weeping in WA...

jameshogg · Posted: Tue Jan 27, 2009 7:39 pm Post subject:

Hi tlievers,

I can understand things are tough for you. In my opinion, you should call Aurora once again and check if Faslo Solutions is a collection agency. I think it is a collection agency and as you were in default, your second lender sold the mortgage to this agency. Now they will be collecting the mortgage amount from you.

As far as PennyMac is concerned, you should keep paying the mortgage dues to them so that they do not foreclose upon the property. As far as the second loan is concerned, you will have to negotiate with the collection agency and check if they can reduce your payments to some extent so that you can pay them off.

Thanks

Guest

I have the same problem with Faslo. Can yo tell me what happened with you case? They told me that they will settle and now they said that they have changed their mind. I think the person who was dealing with me was bogus. She said that she doesn't know what I'm talking about and that she's sorry that she misunderstood me. I don't know what to do. I have modified my first mortgage, but what should I do now with my second mortgage with Faslo?

smithsussane · Posted: Tue Aug 04, 2009 11:43 pm Post subject:

Hi Belle!

Welcome to the forums!

You should contact your lender again and speak to them regarding your second mortgage dues. If the lender does not modify your second mortgage, then there are chances that he would charge off the loan to a collection agency. The collection agency will in turn collect the dues from you.

Feel free to ask if you've further queries.

Sussane

tlievers · Joined: 27 Jan 2009 Posts: 5 3.09 Dollars($)

Update on my situation, The first loan with PennyMac is still there and we are still paying with them, they said they can remod again in Oct and get a better deal for us with all the Obama programs out there. As for the 2nd it was sold once again and after months of trying to work a deal and being told many things , we finally got an answer from the new 2nd holder, BSI...which told us that we need to send in a hardship letter and explaining the situation and that we are underwater/upsidedown in our house and then their superiors will review it and may reduce our loan in half but nothing about a charge off or reduction other than reducing it. I havent sent in anything yet as I am waiting to see what else may come up, I had read on the government website that if your upside down in yoru house that there is help, but no one seems to know anything about it or is willing to help at all...still very frustrating...but not giving up yet. We also talked to a lawyer about bankruptcy and with that we would have to walk away from the house, we dont want to do that of course. Anyhow, thanks everyone for your answers so far and if anyone comes up with anything that may help us and the many like us let me know. thanks so much.

jameshogg · Posted: Mon Aug 10, 2009 10:18 pm Post subject:

Hi tlievers,

It's good to know that your second lender wants to work out a deal with you. In my opinion, you should write the hardship letter to the lender and explain your situation to him. After going through your hardship letter, the lender may tell you the options he can offer you.

Thanks

Guest

Hello - If what happens is you must "walk away" I would not do that at all. You can Avoid Foreclosure by doing a short sale on your property. This will give you time in your home for about 4 to 6 months without paying your mortgage on either loan and save money to move to your next home. I do not cover your area in WA but I know I can get you a referral to someone that is educated in the short sale process. Educated Real Estate Agents are the best to work with when conducting a short sale and I would refer you to someone who works with our Mentors and Programs...there is no cost to you to do a short sale. What this does is Avoid Foreclosure and saves your credit and gives you the time you need to save for your future home. Yes, you credit does get a bit messed up due to late payments...but nothing compared to what the Foreclosure mark does...you can get more information from my short sale website... (LehighValleyShortSales (dot) com) and just email me there if you want me to get you a local short sale expert to talk to you for free. You have nothing to loose.

tlievers · Joined: 27 Jan 2009 Posts: 5 3.09 Dollars($)

What a roller coaster ride in this mess....I have learned over the last two years that I should have never done the "wonderful" perfect loan that was really a 80/20 which at the time I had no idea what it was..and that you cannot trust anyone..there are crooks in every form I have learned. I have learned if your nice and trusting the vultures swoop down on you. On another note our 1st loan with PennyMac had lied to us in the beginning, they told us they would remodifiy us and wrap up the 2nd into the first and they would take care of everything. They did not and we trusted them. The second had been sold many times and is now bought by a collection agency that is unwilling to settle, ....we are underwater in our house badly and the payments are much to high for us now. We have come to a point where we were thinking of short sale, but that wont do anything for the 80/20 loan as the 80 gets the money first and then the 20 comes after you for collections. Short sale wont get rid of both loans. I went and talked to a lawyer about it all, we have decided like thousands of other people that were in the same loans to file chapter 7. We have nothing to lose and everything to gain. We have already lost our credit, all our savings and much more. Half my neighborhood is empty and they say things are getting better. Not in the real world with real people in the middle class of the world. The new stimulus loans etc. only catered to people that were only a little underwater, not the rest of us. And only to freddie/and fannie loans...thanks alot . So for us like many others there is no help really, just only one option to walk away and start over and never trust anyone again. I don't even think I want to own again, as anything you own you really never do. So my advice to others out there, really take a look at what you have and what you can do. Talk to a lawyer about it. Things are changing constantly and rapidly, and you have to look out for you. I wonder if congress really knows how bad it is for us people in the working world.?

jameshogg · Posted: Fri Sep 18, 2009 1:18 am Post subject:

Hi tlievers,

I can understand the trouble that you are going through. It's really sad to know that your lenders did not keep their words and as a result you are suffering today. If both the lenders agree, then it's better if you could short sale the property. This will at least help you in getting rid of the property. But again, it's true that both the loans won't be paid off by a short sale. You will have to negotiate with the second lender so that he forgives the dues or reduces the amount by some extent so that it becomes affordable for you to pay off the loan.

Thanks

Guest

Hi Tlievers,
First thing to do is apply for the HAMP program for your first. You should qualify. Then you will be protected from the second collectors. You could declare chapter 13 to strip the loan entirely.

tlievers · Joined: 27 Jan 2009 Posts: 5 3.09 Dollars($)

Thanks everyone for your recommendations, information and support. We are in the process of being foreclosed on. Neither the 80/20 loans will work with us and say we dont qualify because we are too far underwater in our home. We went to a lawyer and we are now filing chapter 7 and starting a new fresh life. And will never get another loan, credit card etc again. Hard lesson learned but my children have learned from this is the only good thing about it as we have set an example for them. sad but true. I will be happy when some day none of us will have to go through this and life on earth will be heavenly. Good luck to all of you that are in the same boat as we, but there is light at the end of the tunnel. You may not find it right away as we found out but you will find which tunnel is for you. Merry christmas all.

jameshogg · Posted: Sun Dec 13, 2009 11:35 pm Post subject:

Hey tlievers,

As your are start your life afresh, I wish you all the best Smile

. And of course, Merry Christmas to you too.

Guest

In early 2008 I was offered a loan modification by Aurora (do you feel my pain?). After making required payments for 3 months everything went into limbo. I kept calling them to find out my status and everybody I talked to gave me a different story. By June I was getting worried so I called and was put into contact with the main man in charge of modifications. I had a first and second with them and he assured me that they would combine both into one manageable monthly payment. I started getting statements from Aurora with a new lower payment amount. After 3 months I got a call from an obscure company named Faslo Solutions. They said I was in default by 9 months on my second. It seems that the butthead that modified my loan at Aurora hurried through the first and didn't want to be bothered with the second and shoveled it off to Faslo Solutions who deals strictly with default loans. I called him again and he told me there was nothing he could do because it was out of their hands. After fighting with Aurora and Faslo for over a year I finally got a settlement offer from Faslo. They cut the loan amount by 25% at 0% interest for 10 years. The only thing that makes me angry about this setup is there are absolutely no monthly statements and your loan is reported as being in default for the length of the 10 years. The only recourse would be to pay it off and get it set in stone. I hope not too many other of you out there has had to deal with either of these companies. Sign me as frustrated as hell!

Guest

Faslo ripped us off for $2000.00 They collected money while we were in bankruptcy. They contacted us saying were were behid on the 2nd mortgage that was supposed to be wiped out in the bankruptcy. This is not legal to begin with. They are in contempt of cort but nothing happens to them

Guest

First thing you need to do is check to see if Faslo has even recorded that second in your county..I'm betting they haven't.They have NO status without it.For the person who did the refi..if the property was transferred to Faslo during the time of the refi and THEY(Faslo) did not record their position ..you owe them nothing.One of the sad things I've been learning the last few years is how deficient these lenders have been with their recording obligations.

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1st loan modified, 2nd loan sold...help please