Loan Modification | Foreclosure Prevention

Mark T asked:


I have a home loan with Bank of America will have some trouble once the interest rate adjusts up.

sapphire asked:



For any help.


loss mitigation

brwn_skn2luv asked:


I filed Bankruptcy Chapter 7 in April and received my letter of discharge in July. I have a high interest rate on both mortgages because I have a 80/20 two different loans, i have always paid both mortgage companies on time and in full and i am current with my mortgage. I have until 2011 before my mortgage changes over to an Adjustable Rate Mortgage and I want to avoid a possible high interest rate and wanted to know should i wait a while to even attempt to refinance, try to do it with the banks i am currently with or try other institutions?

Y S asked:


My parents have two properties that they refianced approximately 5 years ago. They are the adjustable rate type loans that give you four options to choose a payment. My parents do not know how to read and write and the person tricted them by telling them its a fixed rate. Know they are making payments but their equity is being eaten away. I want to get an attorney and remodify their loan. Is this possible and should I get an attorney. My parents are old and I am not sure if they can get it refianced or remodifiy the loan.

miky370 asked:


I have heard that over 40% of Adjustable Rate Mortgages currently on the books have had errors in the past when re-calculating at adjustment periods, and it is not funny that the errors always tend to favor the lender. I have been told that a company named “Mortgage Monitor Financial Services” analyzes your ARM for you, reviewing all adjustments that have been made to your ARM over its life. The company claims to have saved money for over 10,000 people.
Does anyone have had experience with the company ? Is it reliable?

Helpplzzzz asked:


Ok so this is what happened. Back in July of last year my home was to be foreclosed, however I decided to file Chapter 13 bankruptcy and kept my home. I got behind on my mortgage payments again due to medical reasons, and now my home is scheduled for auction on Feb. 10 of this year. I called my attorney today and he stated that we can do a loan modification to keep the home. He stated that I would have to come and fill out the paperwork for the modification. My question is what is a loan modification? How does the process work? Will my payments remain or lower? I know this is a lot of information however I am really confused as to how all this works. Will I be able to keep my home?

nazchee asked:


The Fed cut its federal funds rate three-quarters of a percentage point, and it also cut the discount rate three-quarters of a percentage point.
What does this all mean to a person such as myself with an ajustable mortage rate??
Do these cuts affect homeowners that have adjustable rates in terms of lowering monthly payments??

maria j asked:


In January 08, I called Countrywide to see how they can lower my interest rate from 7.25 to anything better. They told me they couldn’t do that but to do a Loan Modification instead. I trusted them enough to and did it. They sent my loan docs to me. But only reflected 2 months not the 3 months they promised. I was told not to make any payments as well. I couldn’t notarize them because they put my maiden name on the docs, not my married name. Duringr this entire time, 5 months passed and I was constantly promised they were in the process of sending me new docs. Never received them. I finally got a call back and was told I had to send in $100.00 for the name change. They are re-activating my modification but won’t fix my credit. Now my house is in forclosure and my credit in the toilet. How do I fix my credit with these lying dirt bags?

Kathy asked:


After nine months of attempting a loan modification with Countrywide, they only added extra fees and fines onto our loan. We are paying over $3,500 interest only a month for our little condo in a suburban town. We’d rather put the money into retirement fund or college savings. Our “starter loan” is now called a “subprime loan”. The loan in a nonrecourse loan, however, I think the HELOC is a recourse loan. We thought we were living the American Dream, turns out, it’s a nightmare.