Ohhhhh Eff. Need Mortgage Help

[Rson]

I have fallen behind and my mortgage company is pretty pissed, they want a exorbinant amount to be reinstated and I do not have it.

1: Has anyone used a Mortgage rescue Company? Thoughts on it?

2: I really don't want to resort to the big "B" but I cannot in good faith lie down on this.

My hand is being forced.

Oh wise people of the forum help.

[gardener]

Have you tried to negotiate with them on the extra fees? Can you/will they accept a modification to your loan (you'll have to provide copius amounts of documentation just like for a new loan)? The government is really big right now on mortgage companies modifying deliquent home loans but that doesn't mean all lenders are doing it nor does a loan mod necessarily mean you'll be better off. Freddie Mac and Fannie Mae loans seem to have the most success in that process, possibly because they're government backed and quite frankly, the gov't already has more foreclosed properties than they want to keep up with.
Have you asked if a short sale is possible? That means you'd have to find a buyer and sell it for a possible loss but still better than losing it altogether... Your credit will get smacked either way.

Many "mortgage rescue" companies are little more than legal scams so I wouldn't do it but you may look at it differently than I do.

As to the b/k, it won't help in the long run as all the filing will do is forestall the procedure until the mortgage company can get the property released from the b/k trustee at which point they can move forward again on their filings. Anyone who tells you differently knows not of what they speak...

Good luck on the problem and hope it works out ok for you.

[L Stegall]

Originally Posted by gardener

Have you tried to negotiate with them on the extra fees? Can you/will they accept a modification to your loan (you'll have to provide copius amounts of documentation just like for a new loan)? The government is really big right now on mortgage companies modifying deliquent home loans but that doesn't mean all lenders are doing it nor does a loan mod necessarily mean you'll be better off. Freddie Mac and Fannie Mae loans seem to have the most success in that process, possibly because they're government backed and quite frankly, the gov't already has more foreclosed properties than they want to keep up with.
Have you asked if a short sale is possible? That means you'd have to find a buyer and sell it for a possible loss but still better than losing it altogether... Your credit will get smacked either way.

Many "mortgage rescue" companies are little more than legal scams so I wouldn't do it but you may look at it differently than I do.

As to the b/k, it won't help in the long run as all the filing will do is forestall the procedure until the mortgage company can get the property released from the b/k trustee at which point they can move forward again on their filings. Anyone who tells you differently knows not of what they speak...

Good luck on the problem and hope it works out ok for you.

I disagree about the possibility of filing bankruptcy. If you filed a Chapter 13, you would have time to work out your arreage, but it is dependent on keeping current with your payments. I think it really makes sense to talk to a good bankruptcy lawyer about your options (and I don't mean the BR mills that churn out tons of cases at a time). I have a friend who is a bankruptcy lawyer in Ft. Worth - it is definitely worth a consulation. I worked with him years ago at a firm in Dallas and smart, hardworking and ethical describe him to a T. I would be very wary of the "mortgage rescue" companies. Many fly-by-night companies around to separate you from more of your hard earned cash.

[gardener]

While I definitely agree with Lisa that it's worth a consultation with a good attorney, at some point many mortgage companies won't accept "current" payments if the loan is X number of payments behind. At that point, while not accepting any payments seems counterproductive to getting a loan back on track, it becomes a matter of you versus them in trying to work things out.
Even with a loan mod, you still have to come up with some amount of cash to get the loan "current" and that is where the homeowner usually comes up short. My thinking is that if you had the cash to start with you wouldn't be behind but it is what it is...

I work the back side of the foreclosure process (asset disposition) so I see lots of asset files and lots of assets cross my desk..
At any rate, the worst thing you can do is not talk to your mortgage company at all. Yes, they're obnoxious buggers but if you don't call or reply, they'll ride the process through even faster.

Sorry... went OT there but I see this stuff every day and read many of the servicing files just for background info so see what many do before a sale date. Most do little to nothing although not saying the OP is guilty of the same.

[David Whatley]

Who is the lender? You may have th threatin BK to get them to listen. Try to speak to a manager, get names numbers and times you call. Also send a certified letter. They WILL work with you.

[Imagebuffet]

Originally Posted by David Whatley

Who is the lender? You may have th threatin BK to get them to listen. Try to speak to a manager, get names numbers and times you call. Also send a certified letter. They WILL work with you.

Are you sure about that? I've heard that some mortgage companies seem to find foreclosure to their benefit.

[SJHester]

PM sent

[Cajungaltx]

Sorry your dealing with this.

Our mortgage company is Wells Fargo. Three years ago when I was getting ready to go on maternity leave - my hr person had told me that I would be getting 60% of my salary plus average commission check. That would cover all the bills.

Two weeks before my maternity leave started - she realized it was 60% of only my salary which was an ENTIRELY different story... I was going to be on maternity leave for 8 weeks... I knew I couldn't make 2 payments and called WF to take it off autopay and to make arrangements.

They told me they couldn't do anything until it was actually late. So I let it miss one payment and it took almost 90 days for them to get the loan modification paperwork taken care of for us.

We didn't have to do anything other than make the next payment.

It was frustrating and scary... But they worked with us to get it back on target...




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[Rson]

Lender is HSBC, and they won't budge on a agreement. They want X to make it current. Anyone have a good lawyer to help go into mediation? All I need is time, I have $ coming in a few months.

[JohnT]

Originally Posted by Rson

Lender is HSBC, and they won't budge on a agreement. They want X to make it current. Anyone have a good lawyer to help go into mediation? All I need is time, I have $ coming in a few months.

I have a friend who went through the same thing, and he hired a lawyer. I'll get his name and number tomorrow and email it.

[Rson]

Muah, thanks John.

[Rson]

anyone know a good lawyer

[SCone]

yes.... sent you a PM...

[TxTowman]

I hope you get this resolved, otherwise I have an old van you can stay in till you get on your feet.

Sid

[Cope]

Originally Posted by Cajungaltx

Sorry your dealing with this.

Our mortgage company is Wells Fargo. Three years ago when I was getting ready to go on maternity leave - my hr person had told me that I would be getting 60% of my salary plus average commission check. That would cover all the bills.

Two weeks before my maternity leave started - she realized it was 60% of only my salary which was an ENTIRELY different story... I was going to be on maternity leave for 8 weeks... I knew I couldn't make 2 payments and called WF to take it off autopay and to make arrangements.

They told me they couldn't do anything until it was actually late. So I let it miss one payment and it took almost 90 days for them to get the loan modification paperwork taken care of for us.

We didn't have to do anything other than make the next payment.

It was frustrating and scary... But they worked with us to get it back on target...




Sent from my iPhone using Tapatalk

I wonder where the mortgage companies find the morons in "customer service"? Back in 1997, I was laid off. I called my mortgage company and told them I was out of work, but wanted to work out something. The idiot on the other end of the line suggested that I let the house go back to them! I told her I wasn't going to be out of work forever, and wanted to keep the house. She then told me I could pay 50% of the payment each month, and would not be considered behind on the payment. I was working six weeks later and caught right up, but I have never forgotten their original advice.