Posted on: 17th Jul, 2009 07:36 pm
Hi, currently working with a loan mod company. Paid 2500 to Debt Barters, very slow to contact me after I sent required down payment & documents. finally someone did contact me and they said I should be getting a offer. The lender sent one shortly after I recvd notice filed with County. I got very concerned and tried to contact them. they were unavailable for 2 weeks then someone called & said they took over for them and he was reviewing the file. I forwarded the loan mod offer to him. By the time he got back to me & he explained that it was a decent offer for this lender it was expired and he could not get it reactivated. He said that they would resubmit but needed new documents. Most lenders send out a new offer. I sent them to him. Then I did not hear from him for 2 weeks. Fortunately I sent the new requirements to the company that he was working for and they responded that they were sending them to the lender. On 7/7 the lawyer called me and said that he did have the paperwork and it was sent to lender and is be reviewed. And if I got the sale date to call asap.
That showed up on my door yesterday, i quickly faxed and called them. the processor called back and said she thought I already got the loan mod. As she looked at the file she saw it expired and called lender. They said they didn't see anything in process and would need 20 days to do another offer. Well the sale was 20 days from yesterday.
After for she asked for June bank statements, I faxed and then found our that they weren't sent until today and she didn't return my call.I'm still in contact with the other guy that took my file over from DB but he is doing this as a favor because he is on family leave his gf has cancer.
I'm besides myself, don't know what to do. Should I get another company involved? Can a new company get the sale date delayed till we can negotiate with the lender?
I'm sure I sound pretty stupid to have let this happen but I believed they would get it done and they did get the 1st offer. Who knew they wouldn't follow thru with the 2nd. Besides this company successfully got 3 people I know lower interest and money off principle. Otherwise I wouldn't had chose them.
I did try to negotiate with lender 1st and they didn't offer anything except a very high repayment plan. So then I figured I should try this company.
If anyone can offer some advise I'd really appreciate it.
That showed up on my door yesterday, i quickly faxed and called them. the processor called back and said she thought I already got the loan mod. As she looked at the file she saw it expired and called lender. They said they didn't see anything in process and would need 20 days to do another offer. Well the sale was 20 days from yesterday.
After for she asked for June bank statements, I faxed and then found our that they weren't sent until today and she didn't return my call.I'm still in contact with the other guy that took my file over from DB but he is doing this as a favor because he is on family leave his gf has cancer.
I'm besides myself, don't know what to do. Should I get another company involved? Can a new company get the sale date delayed till we can negotiate with the lender?
I'm sure I sound pretty stupid to have let this happen but I believed they would get it done and they did get the 1st offer. Who knew they wouldn't follow thru with the 2nd. Besides this company successfully got 3 people I know lower interest and money off principle. Otherwise I wouldn't had chose them.
I did try to negotiate with lender 1st and they didn't offer anything except a very high repayment plan. So then I figured I should try this company.
If anyone can offer some advise I'd really appreciate it.
Hi,
I do understand how difficult this situation is for you. You have been trying your best to get things back on track, so you can get the loan modified and stop the foreclosure. I hope things change for better in the days to come.
What I understand from what you've mentioned is the foreclosure sale of your house is scheduled to take place in the next 19-20 days time, right? Well, in such a situation, I don't think you should go to some other company because the time available to you is very little. I think if you can, you should make some payment towards the loan and convince the lender to delay the sale and modify the loan. This will buy you some time and help you postpone the sale of the house. You can also ask the lender to extend the term of the loan. This will reduce your monthly mortgage payments.
Once you have convinced your lender to delay the sale, you can ask them if they are participating in the Home Affordable Modification program launched by the Obama administration. If your loan is owned by Fannie Mae or Freddie Mac, you have the chance to qualify for the modification program.
But at the moment, your primary concern is to stop the sale of the house. To do that, as I've said, you ought to show the lender that you are eager to pay off the loan and you've been trying your best to make the payments. This is why, if you make some payments towards the loan, the lender is likely to reschedule the sale and allow you some more time to arrange for the rest of the payments.
I do understand how difficult this situation is for you. You have been trying your best to get things back on track, so you can get the loan modified and stop the foreclosure. I hope things change for better in the days to come.
What I understand from what you've mentioned is the foreclosure sale of your house is scheduled to take place in the next 19-20 days time, right? Well, in such a situation, I don't think you should go to some other company because the time available to you is very little. I think if you can, you should make some payment towards the loan and convince the lender to delay the sale and modify the loan. This will buy you some time and help you postpone the sale of the house. You can also ask the lender to extend the term of the loan. This will reduce your monthly mortgage payments.
Once you have convinced your lender to delay the sale, you can ask them if they are participating in the Home Affordable Modification program launched by the Obama administration. If your loan is owned by Fannie Mae or Freddie Mac, you have the chance to qualify for the modification program.
But at the moment, your primary concern is to stop the sale of the house. To do that, as I've said, you ought to show the lender that you are eager to pay off the loan and you've been trying your best to make the payments. This is why, if you make some payments towards the loan, the lender is likely to reschedule the sale and allow you some more time to arrange for the rest of the payments.
Trina,
Savior70 has good advice. However if the lender does not want to postpone the sale date after you contact them , we CAN get it postponed for you. 877-717-6759. We are Financial Relief Solutions. Google us on the web.
Savior70 has good advice. However if the lender does not want to postpone the sale date after you contact them , we CAN get it postponed for you. 877-717-6759. We are Financial Relief Solutions. Google us on the web.
Thank you so much for your advice. I dont know if they will accept money at this point. But I will try & give you an update. I appreciate your time on this I'm new to this.
Thx, Trina
Thx, Trina
Don't go with a modification service. You should run not walk to a lawyer that is an active bar member that specializes in loan mods. Hire that lawyer and follow that lawyer's advice. Do not spend even one more second being run around by a loan mod service. Most are frauds, all are under qualified in comparison to a bar certified lawyer. File chapter 13 the day before your sale date if you are not successful in getting a mod prior to that date. Let the trustee help you save your house at that point.
I know this is a late post but I agree with Modcustomer. DO NOT WORK WITH LOAN MODIFICATION COMPANIES! We got involved with Hope Now Modifications. We lost $2800 (I don't expect to ever see it) and they were indicted by the FTC and the Attorney General's office in NJ. It was a mess and we were frightened we would lose our home. My friend who is an attorney (and handles forclosures) said it was a lesson learned and that we would probably never see that money again. Call you mortgage company and explain what happened and deal with them. We did, suspended our foreclosure and got a loan modification. There are a lot of companies praying on people in this economy. The banks don't need to, nor do they want to, work with a 3rd party company. Speak with them first and if that doesn't work talk to a lawyer or your state representatives. There are too many scams out there.
I would agree.
If some oen asks you money upfront to get the modification doen then thats not a good idea. Probably if they agree to get paid only after the modification is doen then, thats not a bad idea
If some oen asks you money upfront to get the modification doen then thats not a good idea. Probably if they agree to get paid only after the modification is doen then, thats not a bad idea