US Loan Modifier

Venus, you said in your original post "I did receive a foreclosure notice in February but it was stalled because of the loan mod." Here's what's been going on - you were unable to make payments because of a hardship of some sort, the bank sent a foreclosure notice they were going to sell your home. You hired a company to help negotiate a loan modification to lower payments enough so you could afford it. The lender then based on the request to modify "rolled over" the sale date for 30 days (some lenders will only do 15 days). It still remains on the calender for sale, but extended while they review your paperwork. If they have not completed their review they will continue to "roll it over" another 30 days, until their review is complete. If they decide a loan modification won't work they already have taken the necessary steps to continue with the foreclose and this time they don't "rollover" the sale and it gets sold. Often times with just a classified ad in the paper showing when-where-time the sale is held. Please don't be mad at me, this is horrible news and I'm not (not, not, not) on the side of the lenders. You can try and talk with the new owners to find out their intentions with the property. I've seen some that are willing to rent back to you, but most will want you to move within 30-60 days. There is a process that is known as "cash for keys" and what that means is they will pay you to move out peacefully leaving the house in good shape. This money can help with any move or security deposits on a new place. Most of the offers for "cash for keys" usually amount to one or two months of rent/mortgage payments, so it never hurts to bring it up, and believe me if they are an investor they've heard about "cash for keys". It actually saves them money in clean up costs. Good luck with everything, and again I hope I gave you useful information.

tommyleo The lien is on the home, the entire home, the entire home is at risk. It doesn't matter how many people signed or didn't sign on the note, the important part is that someone signed a note and put a mortgage secured by the property. All of it. Hope this helps

Hi gwenny Here's my take on your situation: Wells Fargo can do a "write-off" on their books, however it is just a paper loss, not a re-convey of your loan. What that means, is there still would be a 2nd mortgage on your home. They could also do a "write-off" and sell the note perhaps to that mystery attorney that sent the letter. No news is not good news in my opinion. What is happening is, nothing is being paid on the 2nd lien and it may come back to haunt you big time. If you don't have much equity in the home they could sit back for years and start foreclosure when they can make more money. When it make sense financially for them. If you try and sell or refinance your home now or in the future you will have to pay that mortgage off. Believe me it didn't go away, you didn't just get $90,000 in free money, they will collect in the future with penalties and interest. I'm sure that's not what you wanted to here. I don't know if you tried this already, and perhaps it would have been a good time when they denied your request for a loan mod but, did you ask them for a buyout? Many lenders will settle for pennies on the dollar and for the amount you owe I'd expect to a good request from you would be around $8,000 - $9,000. If they agree to a buyout they would re-convey their note and no longer would you have a 2nd lien. Legally! I hope I answered your questions, good luck

Hey NaturalLove Lenders are always losing documentation and always wanting updates throughout the process, so hang in there and fax it again. Once you complete the modification you can request they correct their reporting to the agencies, and if you make progress make sure to get it in writing for later years just in case, and it happens, it shows up again. One concern I had, is that you no longer are living at the property, it could void the agreement cause it is probably a requirement that it remain your primary resident. Be careful! :unsure:

There are other programs that most if not all lenders have, HAMP is not the only one. The fact that you are not currently living in the home doesn't mean you don't qualify for a rental/investment property. You could rent the property on a month to month basis to someone and apply for a loan modification to get the payments lowered. There are lots of different avenues to consider, one may need to look outside the box, HAMP box. Keep in mind lender's were making loan modifications long before Obama took office, they've been doing mods since the mortgages were first invented, it's called "loss mitigation" and the larger lenders have complete departments to handle it.

cruzer it sounds like you have already been approved for the program!!! That's the good news. Bad news is, you don't want to mess anything up, so make sure your payment is mailed in early. Make sure you give plenty of time for the post office to deliver, don't forget about days they don't deliver like holidays and weekends for some businesses that may be closed. The lender may require 24-48 hrs to post the payment to your account. They probably want the paperwork notarized, so go down to your bank and they will typically do it for free because you bank with them. If it is possible your check could bounce because of automatic payments/withdrawals and money is tight, get a cashier's check or money order. You don't want a bounced check to happen it will void your agreement, if you need to, let something else bounce not your mortgage payment. Your other questions I don't think you need to worry about at this point because you've been approved, congratulation!

Judes, I can't comment on what happened with your loan starting out, but what is currently going on is very typical around the country. One person said to do a streamline which I think you already tried and may not work at this point, and yes they will pull a credit report because they have a " score" requirement. Lender's will take their sweet time on a short sale and many homeowners have lost potential buyers because of the wait. You should try and negotiate with your lender on what they are will to accept, then list the property for that price. If you get an offer that is somewhat lower it will be reviewed much sooner because all the "up-front" work is done. Don't know if you tried a loan modification but you have the basics, loss of income causing your financial situation to worsen. The lender won't like the fact you moved out of the property, so that would be something to overcome, but not impossible. Hope that helps

Hi Joe, The second lien holder can foreclose and will if they think there's equity in the home. If there isn't enough equity because of values dropping, then they may hold off and just send letters or call. If your 2nd mortgage has become "unsecured" from lost value in the home, you may be able to negotiate a buyout for pennies on the dollar. If they don't do anything now, and just sit and wait for the market to recover, they will at some point start perusing what is owed to them even if it takes years. Hope that helps, good luck.

The post before this one made by shubbardman is good advice. The only thing I wanted to add is that it will be more difficult to qualify on the next home because the loan qualifications have changed since you purchased your current home. One more thing, do get it in writing ,not verbal, on how the lender is going to report to the credit agencies and then hang on to the paperwork. I've seen issues on credit reports that have had to go back and get removed and if the person didn't have it in writing they would have to go back and fight with the creditor again. good luck,

Hi Venus, The first thing is to contact NACA to check the status of the loan modification, which you said you are doing. I'm not sure what you meant by saying "trying" which to me says you are having difficulty. I usually recommend contacting the company who is working on your behalf every week, or two at the most. If you are not using a service and have gone direct to your lender then you need to contact them directly every week or two. Back to your situation, in most states, if they have already filed a foreclosure notice then subsequently put the sale date on hold they are not required to "re-notify" you once again. Typically they need to have a good reason to postpone a sale date, which means in your case a possible loan modification that NACA might have filed on your behalf. Unfortunately, if they are not required to "re-notify" they could have sold the property without any further contact with you. I have seen cases where the only information homeowners have gotten is when the new owners are knocking on the door wanting into their new property. Good Luck