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stop foreclosure

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Posts posted by stop foreclosure

  1. Dealing with the Loss mit. reps can be stressful at best. Yet trying to find solid help obtaining a loan modification may be even harder. So many of these for profit companies who charge 3-5 thousand dollars seem to be useless.

    Individual law firms that actually do the work can be quite effective but often are to expensive for Homeowners.

    I have found some great resources on the web that either have great info or who can offer solid help that is free or at least affordable....

    Hope 'N Housing Org..

    -A nonprofit group that can stop foreclosure through loan modification or other foreclosure prevention services they offer Homeowners who are at risk of losing their home. They have solid contacts and reputation through out the lending industry



    Loan Safe Org

    This is a great site that offers free advice and is actively managed by some very passionate people who really seem to care. Great place to check out if you wish to do-it-yourself or hire an attorney as they will give you a referral



    This is a great place to obtain info and a good idea to just check it out if you are thinking about buying or selling a house


    Other resources on the web worth visiting...

    Stop Foreclosure Blog

    Foreclosure Hope

  2. Nail their a$$, if another letter comes without validation from another flunky of theirs sue em. The AG of SC is now been embarassed enough about them to do something. He does have to support the SC Dept. of Consumer Affairs complaints....., I have been chirping on this for awhile, they have to take action as it is written in SC law.

    Please all involved with LVNC/Sherman/Resurgent or any CA flunky, send a complaint to the SC Dept. of Consumer Affairs, I don't think they know how much pwoer they have....

    -How involved is the Validation letter. I was reading somewhere that it was very basic. Does a more elaborate Validation Letter do the same as a very simple one? Is there a good web resource for templates? Thanks

  3. This is JMHO....

    The interest on the HELOC would be less than your cards to begin with...

    And having an asset like a house allows creditors to possibly put a lean on your property...which when it got high enough from the JDB's they could take your home.

    I have been in your shoes....and got out of them...I fif anything I could to make an extra buck...I babysat kids after work, I sold stuff on Ebay, I sold stuff for other people on Ebay...I worked doing whatever I could...and now...I Love being debt free

    It will be worth it in the end.

    Good Luck:rolleyes:

    Agreed. Everyone has to reach a changing point where they have to decide that they will take action. I think of it in three questions to help. IF, WHEN, and WHO. The first question is important to tackle first... IF you are going to do something.. people worry about when they will do something, or who they will go with before they actually decide if they are going to do something. This can be stressful and a waste of time. Once you have decided IF you are going to do something, then you need to decide WHEN. Again when people worry about who they are going to use, or if they are going to do it themselves before they decide when, they will be spinning their wheels. In this market so many things are changing on the daily, you must decide when you are ready to do something, then focus on WHO you will be using to get it done. I think that this may help people who are confused as to where to start when they realize that they have reached a changing point. A point when their debt is no longer manageable.

  4. As a 15 year veteran of the mortgage industry, I can tell you 100% that these programs ARE ONLY GOOD FOR THE MODIFICATION COMPANIES. They basically advocate you paying them your payment while you intentionally miss payments if you are not late. If you are already late, they still want the fee, typically equal to anywhere between 1 and 2x your monthly payment.

    You can do all of this yourself. I modified my own loan with WF, and while it was a pain, it took a few letters, calls, etc. over 60 days. My rate went from 6.5% to 4.5% and they extended my term to 480 months. I paid absolutely nothing.

    If you are late -- call your mortgage company. Be persistent..and get someone on the phone. Your goal is to talk to a negotiator who can help you with yoru loan. You don't want to waste your time with the first rep you get on the phone. Their job is to try and do a simple extension where they roll your late balance into your loan and "catch you up". They do not have authority to truly modify your balance or terms. You must try and get to the actual negotiator.


    This is true about the first few lines of Lender Defense. The will make you wait on hold, and will give you the run around. In fact some of these "Customer Service Agents" are paid based on the length of their call time (the shorter being the better), and how often they transfer the call upward to a manager (the fewer times the better). I don't think it is much customer service at all. Too many people are getting disenchanted with their inability to pass these reps. Also some systems have very calculated menus to keep you going around and about with out talking to anyone. A good trick is to keep pressing zero. Or try to press pound, then zero, or a star in there. You would be surprised, and I have experienced some hold times where pressing zero over and over and over and over, eventually sent me to someone I could talk to. Also, as I am sure you have heard many times before, always ask for the name and employee number of the people you talk to as well as their extension. They may be less likely to be nasty to you if they know that you may be able to point a complaint finger their way.

    Like most of anything in this financial world, there are ways to do it yourself. Sometimes the problem is the difficulty in having the time to actually jump through all the hoops to get in front of the right person. Then the patience to do it day in and day out until you get the results you are looking for.

    Kudos to those who have the drive to push through the red tape and make something happen. I say you always go down with a fight, and when you fall down

  5. I disputed it on my CR (all three) and they are completely gone. It was a shot in the dark on my part in disputing them. Now they are gone.

    Glad to hear. Are there instances where they might pop back up? How long did it take for them to all disappear? I am excited to continue to read up on and learn more about such disputing success stories. Thanks for sharing.

  6. My broker gave me a few free trades which I have been thinking about taking advantage of. The problem is figuring out which stocks to go with.

    Not having a broker, and trading on my own, I have enjoyed the game. I was approached by a friend with an investment in a pink slip company that is offering stock at half of what it is traded but it is restricted for a year. Because of the low relative cost of the stock to what it is trading, it might as well be a free trade....The company turns algae into oil, but I am not very familiar with the space. I would think that it could be a good investment, but not too familiar with restricted stock. Would it be better to buy more of this stock at a 50% discount or look into a non-restricted that would be more expensive?

  7. That seems to be quite a "glass is half empty" way to look at things. :? I would like to think that there is help out there. I have talked with a few companies but was just curious to get a cut and dry list of options. I will search through the posts, and check out the do it yourself. Are there any particular threads that you would suggest I start at... There just seem to be quite a few to dig through.


  8. If I am not mistaken (and I surely will do some more research) when the original lien holder sells the second to a collection agency, that collection agency becomes the new lien holder, and they have the option to go after the debt as a secured debt against the house, or as an unsecured debt against the borrower. The property can still be sold if the new collection agency chooses to pursue the debt as an unsecured debt. With homes that are severely upside down, it may make more sense for the collector to try to try and collect from the individual. I will have to check on how the title is transferred, as this is a good point, anyone else welcome to help here as well. The individual should always try to use the short sale to negotiate and settle the collection of a second by including it in the payoff. And on that note, there are many other elements that can be included in a short sale if they (seller) can get the buyer to agree. I will post more on this later.

  9. I would like to share an insight as to a second mortgage holder's options in CA when there is not enough equity to secure the loan. True are those posts in reference to their ability to foreclose; however selling the note and right to collect on the original balance is more and more common. It comes down to the core concept of "a bird in the hand is worth 2 in the bush" for the lender. Selling it off to a collection company enables the original lender to get their "bird," though it is most likely a Finch as opposed to the original falcon that they gave to the homeowner. Beware because that Finch may grow into a vulture.

    Once the second mortgage (Finch) is sold (for 2.5-5% of the initial second mortgage), the collection company will contact the borrower (after some time) and inform them of a new entity (vulture) trying to collect the debt. People who are looking into a short sale option need to be very careful of this! When the second is sold, it literally disappears from the Customer Service computer screen, and as far as they know you only have a first mortgage. Though when the final numbers are worked up, there will be a few extra thousand dollars (i.e. 2K for a 70K loan), and this is the amount that your initial lender sold to a collection agency. So the danger in this is that even if you close on the short sale, you may be contacted by this collection agency in a few months, and they will be trying to collect the full amount (of the second) even after your short sale is done and done.

    Therefore, the collection agency now has the ability to collect on the debt as a secured debt or as an unsecured debt.

    Key thing to remember: A home owner who goes a short sale route, needs to have his realtor / negotiator determine if the second will be part of the deal... this means they will need to track down who bought the 2nd loan, and make an offer on a settlement and present this to the 1st mortgage lender who also need to put their stamp of approval on it (because the more money that the new second holder gets, the less the first gets). They (the collection company) usually want 10%, and negotiation with the new second mortgage holder may take time, but this is time well spent.

    What a great deal for the company who bought the debt, they pay 2.5-5% and either get 10% at the short sale, or attempt to get a heck of a lot more from the home owner going after as much as they can through unsecured collection efforts.

  10. Pro's

    • Online system is a plus for sure
    • They are everywhere
    • Great reward programs


    • Big corporate institution so no special treatment unless you deserve it on paper
    • They are the nickle and dime ya champs
    • Hard to get a loan!
    • Customer service has taken a nose dive as of late

  11. Hello there

    2nd mortgages can really be a pain in the butt especially since they tend to have higher interest rates. Their is a bright side however if u are having problems with a second mortgage.

    Given today's current economic condition the lenders are becoming more and more aggressive with loan modifications. It is a s easy as it will:D ever probably be to combine that 2nd mortgage with the first and reduce the interest rate on the 2nd and in many cases the first as well.

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