Loan modifications, refi's...

Have we had a thread lately with any current information on reputable lenders and/or government mortgage programs? Do we have a group where that kind of information would be posted?

Over the past month, at least here in California, there has been a huge new batch of loan modification and refi ads on television and radio. Banks, lawyers, debt consolidators, government agencies, all have new ads that sound just like the old ads. Interest rates at an all time low. Lower your monthly mortgage payment by x amount of dollars. Etc.

At this point, I have no idea who to trust. Who is reputable? Who is not? Who has the best offers? What government offers are actually government offers?

There have been news reports about the high number of scams going on. But of course, they haven't bothered to report who or what to look out for.

I would love a lower my mortgage payment, especially since we've lost pretty much all the equity in our home. But I don't want to increase the balance with fees or penalties and I don't want to get caught in a scam.

I imagine I'm not the only one who is leery of lenders right now. It would be great to have some solid information if anyone has it to offer.

Edit: to fix sloppy writing

Ask for that dept or the retention dept and talk to them. You can do the same negotiating as any of the "pay to negotiate for you" folks, and it'll be free.

to modify loans? And are there just a select few who will, or will most banks? We've never had a late payment, so I'm afraid we wouldn't qualify for a modification, but the ads I'm hearing say otherwise. That just seems kind of odd to me.

If they have a chance of losing you to another lender, or going into foreclosure, they can be talked into it. They've got a glut of non-performing paper so they need to hang onto performing loans.

I'm in the title/closing business, and in Florida it is happening quite a bit. Thankfully.

since November. I am also very wary of scams since I've been taken by the best (bank of america). Today I called my state senator's office and asked for their help. It would be great to have a group dedicated to home loans. It is hard to know if anyone has even been able to get the Homeowner Financial Stability Act's help yet from their lender. The banks are certainly very quiet about the whole thing. We need a place where we can share information. Great idea:)

I'm so sorry you are needing to deal with them at all. They are crooks.

A home loan group would be great. I'm surprised one hasn't been started. I can't imagine that there aren't many, many members who could benefit from such a group. Maybe, if enough people respond to this thread, we could get one going.

we gave them to help with mortgages. The government will have to get tough and mandate that they create the new mortgages. It would be great to have a group for this problem.

I don't understand it. I called my mortgage company in Feb and told them I was losing 1/2 of my income in April. they said too bad we can't do anything for you unless you're behind. I saw television ads saying call and get help before you have a problem and get behind, yet you can't get help until you do. I called several agencies and left messages and no return calls. Out of desperation, I finally called my State Representative and he gave me a person to call from HUD. The HUD guy gave me a couple of numbers for a couple of other agencies to assist homeowners. By this time. a foreclosure prevention specialist from the county finally called me back and we set up a meeting. I had my hardship letter written, my income verification, my letter saying how much money I was going to lose, My pension 1099, income tax return from 2007 and my husbands death certificate. We faxed them all to my mortgage company. I got a letter this past Saturday from the mortgage company saying that my case has been suspended because they hadn't received my info. I sent it to them again Monday and am waiting to hear from them again.

Today the housing counselor called and told me that he was going to call my mortgage company and speak with them and get back to me. I haven't heard anything yet. When I spoke to my Mortgage company on Monday to find out what they needed from me, the gave me the number to HUD. At this point I am ready to give up. I've found a foreclosed home and have placed an offer, I'll find out Friday if it has been accepted. I have some savings that I am not going to spend trying to save this home. I'll pay cash (under 20,000) for a foreclosure and walk away from this one. However, if my luck keep going like it has, my mortgage company will finally decide to work with me and I'll be the owner of two homes. Oh, the irony.

I don't know why these mortgage companies won't work with people to save their homes. the house I am looking at was owed 137,000 when it was repossessed. It was listed by the bank for 29,900 and I offered 17,500. It doesn't make sense to me. The banks have to pay to maintain these homes, the taxes, etc. and they sell them for a fraction of what is owed, yet won't work with the owner to keep them in the home. It's crazy.

But here's a link and maybe you can get somewhere from there. Also try HUD.gov and google "foreclosure prevention counselors". They should be free and they should be local in your area. Do not pay anyone to help you, many of these are scams. I hope you have better luck getting help than I have.


http://www.makinghomeaffordable.gov/modification_yes.html

what these banks are doing. They are not profiting from their business. But they ARE causing you pain and suffering. There is something very sinister about bankers who'd rather take a huge loss than help out a customer.

Edit: to say I'm sorry for all that you're going through. I hope it works out for the very best.

it's entirely up to them whether or not they decide to help.

were headed in that direction at one point. Actually, every time Pres Obama has been vocal about the problem I've hoped to see him follow up with something concrete. But I don't see many indicators that it will happen.

Most are refi'ing out of ARMs or out of higher rates.

my house is no longer worth what I owe. My mortgage company told me that.