MORTGAGE LENDER PHONE CALLS THAT REMIND ME I AM IN FORECLOSURE

inThe phone does not stop ringing. Isn't it funny how we know who is calling and why they are calling, so we avoid at all cost answering the phone. Has this happened to you? I know it has happened to me. The mortgage lender is calling because you are behind on your mortgage payments, and you are in default. The foreclosure process has started on your home. What an awful feeling that you will do almost anything to avoid. Thousands of homeowners have gone through this situation and thousands are currently going through this situation. What to do? Well I suggest that you take the bull by the horns and speak to your lender, or obtain the services of someone to help you and for that person to call your lender. To do nothing is not an option.

Lenders are tough and yes they want to be paid. I have noticed lately that many lenders are having their personal take a much more human approach when speaking to a distressed homeowner. They will offer modification counseling and mortgage counseling and they will try and help you out, but you as the homeowner need to meet them half way. That is difficult when there is not enough money coming in and you are so far behind on your house payments and other bills that it is impossible to catch up.
I just got off the phone with a short sale closer from a bank. She let me know that the "Approved Short Sale" that we had negotiated has some problems. Mainly there is not enough money on their approval to satisfy the investor. Now at this point you may ask why if the sale was approved, did they just come up with this information about being $12,600 short to pay the investor. I ask myself!
Well turns out that the first negotiator forgot to add in the pay off for the 2nd loan and forgot to add in relief money to the seller on a HAFA short sale and over paid some board of equalization tax liens for the borrower. What do we do now?
I will let you know what is happening on my next blogg if I figured it out by then.
In the mean time stay well and I can help or counsel please send me an email.

DivaGirlsshortsales@gmail.com

"Ask the Diva, She knows"

MY LOAN IS IN DEFAULT, HOW DO I START A MORTGAGE MODIFICATION?

First of all, you do not have to be in default, which means, behind on your loan payments to start a loan modification. Generally, most homeowners do wait to try a loan modification when they are already behind on their mortgage payments. I have even heard real estate agents give that kind of advise. Stop making your mortgage payments in order to help your modification. Nonsense! If you as a homeowner are in a position to continue to make payments, do it!. If you are not, then naturally you will fall behind, but you must initiate the loan modification process as soon as possible.
Contact your lender to find out what you will need for the modification process.
Generally, most lenders require:
3 months bank statements from everyone contributing to the household
last 2 paystubs from everyone contributing to the household
rental agreements from additional people in the household that will be contributing to the monthly payment
last 2 years federal tax returns from everyone contriubuting to the household
The IRS 4506T form

These are just the basic documents that they will require. They may ask you for more. Be prepared.
Make sure write down the telephone numbers that you call and for which department they connect to.
Make a log to write down the day, time, date and person that you speak to.
This very important, especially when the lender agents give you incorrect information. You will have a way to back up what your conversation was.
Please remember that loan modification is a long drawn out process that does not always have a happy ending, no matter how much you may cooperate with the lender. They are always looking at their bottom dollar.
From the most recent loan modifications that I have helped families with, I am seeing a trend that is something to think about. I have not seen any lending institution lower the loan amount even when the property is no longer worth what is owed on the property. Let's say you owe $500,000 plus $20,000 in back mortgage payments, plus $3,000 in late payments. The property is worth $350,000 at the most. The lender will not lower the amount owed to $350,000 nor will they waive the $20,000 in back payments. What they will do is waive the late payment charge, and the $150,000 extra mortage plus the $20,000 back payments, they will set aside and not charge you interest for 30 years. At 30 years they will charge you deferred interest plus the $150,000 plus the $20,000 making a total of over $400,000 that you will owe them again. You may have paid off the original $350,000 in 30 years, but now you have another debt of $400,000. Tell me is this scary or not?
I just saw it happen with one of my clients. If the client sells the house in the next 30 years, ALL THE MONIES IS DUE AND PAYABLE.
This is only one example of many.
In this case what is better, a short sale to reestablish credit in 2-4 years, or be saddled with a very bad loan? Only the homeowner can decide.
I am here to help. Feel free to contact me.

"Ask The Diva, She Knows"

Don't Just Give Up

Follow @MariluNieto1


Don't just give up.  Easy words to say but not easy to follow through when you have a foreclosure threatening your home, family life, peace of mind, stability and many other things that make up ones life.
I have been working with families living under the threat of foreclosure for four plus years now and the situation is always the same. The bank refused to modify the loan so there is no way out except foreclosure.  In some cases this maybe true, but in other cases, it definitely is not. 
First and foremost, never pay someone or some company upfront to initiate a loan modification. You either do it yourself or you find someone on some company that will honestly help you without money upfront.  When you structure your modification, make sure you give the bank exactly what they want to see.  The information you give them has to be supported by cold hard facts, for example pay check stubs, bank deposits, rental agreements just to name a few documents.
Even though the bank may think they know what they are doing, believe me, the right hand does not know what the left hand is doing. You can ask an agent a question today and get an answer, re ask the same question in a day or two and get a totally different answer, and they will say, "Well, I don't know who would say something like that to you". They are not organized and whats more, they care very little about the consumer. IT IS WHAT IT IS.

My intention with these words is to help as many people as possible. I have been through the same. I modified my home loan and had a tough time doing it.  Persistence is the key until there is no other way except to lose your home. I then recommend you short sale your house. This will allow you some added time in your home and a chance to save some money to help your move and to start again.
Please let me know what you think and what your experience has been.

"Ask the Diva, She Knows"