Talk to MeJudy, July 24, 2011
It looks like your in a no win situation, because your losing groune (Losing any equity) on the 1st and the 2nd is still a big problem if you can't pay it off when the balloon matures. What I don't know is how far upside down are you in your house. In other words, what is the house appraised at today? and how much do you owe?
July 26, 2011
1. house is not in forclouse
2. payments not overdue
3. House value declined.
4. 100 % fincanced 2 mortgages
5. Can't refinance 2ncd and is 15 year ballon. Predatorory lending.
Foresica Audit?
Judy, July 16, 2011
A forensic audit would help if you thought your loan was fraudulent such as to prove predatory lending. With a forensic audit you could then have an attorney try to negotiate with your lender for a principal reduction, loan modification or if you wanted to sell your home you might be able the bank to accept a short sale. Where are you located?
July 23, 2011
Thank you for taking the time to respond to my question.
Sincerely,
Sharon T.
Grace Haven Counseling & Retreat Center, August 24, 2010
does a spouse's income qualify unemployed homeowner for the program?
kathy, August 18, 2010
Usually it does. In modifying loans, lenders will consider a spouse's income or even a companion's income if they are willing to commit to assisting with the mortgage payment. One wants to build as much income as possible to support the loan. However, they do have income to debt ratios to consider. So you want some positive cash flow, but not a lot. One needs to show some sort of hardship.
August 23, 2010
Member since December 2007
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Foreclosure Prevention Institute, LLC
Just attended GRAR Bar Divani Technology Workshop to help sellers market their home and buyers to find their special property.
Last updated 2011-09-27 14:32:59.479077
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We at Foreclosure Prevention Institute really wanted to assist and talk to people who were facing preforeclosure, foreclosure, and/or who needed assistance in dealing with their mortgage lender, mortgage servicing company, creditor, or credit card company. My staff and I have over 32+ years experience in the real estate industry -- our niche being the foreclosure market, forensic loan modifications and credit settlements/repair. Thus, our company takes head on the mortgage companies, attorneys, and credit card companies or collection agencies. We cannot offer legal advice (for we are not attorneys),but do refer our clients to a team of attorneys who fight for you and will negotiate with your lender's attorney(s ) and in addition we know how to "fight" through years of direct experience so that homeowners are more informed, can reduce their financial loss, and move on with their productive lives and dreams. Our team consists of experienced Loss Mitigator/Consultants, Real Estate Brokers, Appraisers, Attorneys, and Loan Officers., and have saved many homes from foreclosure.
We were one of the first companies established in Michigan to prevent foreclosure. Our Institute precedes the Federal Government established "HOPE." We now do Principal Balance Mortgage Reductions, Forensic Audits of Mortgages, Appraisals, and Forensic Loan Modifications with a 97% success rate. In addition, we provide Debt Settlement and Credit Solutions/Repair/Restoration to help people reduce debt by over 50% and get out of debt for good to lead prosperous lives. We also have a new program for individuals in the real estate industry who would like to join our team. For help or more information call 1.800.826-1929.
The growing communities and neighborhoods in Western Michigan and the Greater Grand Rapids Area. Although our population is large, we still retain a somewhat small town atmosphere and mid-western values. Real Estate is affordable and education is highly valued. People are fairly conservative and optomistic. When times get rough, the whole community pulls together to help those in need. Our business was specifically interested in helping people save their homes and credit when facing: Preforeclosures Foreclosures Huge debt and needing Loss Mitigation Services such as: Principal Balance Reductioni Short Sales Loan Modifications Deed in Lieus / Cash for Keys Refinancing Sales and Purchases of Real Estate Properties Commercial and Residential Appraisals Debt Settlement Credit Repair Mortgage Acceleration and MLM/Affiliate Marketing to gain financial freedom and peace of mind.
Janet Caldwell, David Brigle
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David Brigle Retired State & Staff Appraiser Previous Owner of a Mortgage Company Previous Real Estate Agent Advocate Managing Member |
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MA - I have been offered help to refinance first - at a lower rate for the cost of what I have paid off so far. (further in debt) and they won't touch the 2nd which is interest only/ballon.