Info About Domai Name Blog

There are two ways to confront foreclosure and lenders: A.) The politically correct and systematic way to negotiate and help out the “lender;” and B.) A tactical strategy if the prior fails that may put the homeowner in a stronger position to get the lender’s attention and willingness to negotiate so the homeowner gets some sort of mortgage relief.

A. To Avoid Foreclosure – Reach out and ask for help! is the Motto

Having personally talked to Mike Cox, the Attorney General of Michigan, at the DeltaPlex in Grand Rapids, Michigan during the February’s Homeowner’s Foreclosure Workshop of 2008, he assured me that the lenders were reaching out and doing their best to help people facing foreclosure. To confirm his statement, he gestured and pointed to about 28 tables representing about 16 service providers or mortgage lenders talking to homeowner’s in foreclosure. Many homeowners came to this event hoping to find a solution to their home situtation. One could see people waiting in line sometimes 2 to 10 deep. Others were filling-out cards to have a lender contact them personally the next day or so and especially if their lender was not present. Various HUD counselors and Government Agencies such as Fannie Mae, IRS & Taxpayer Advocate, and MSU College of Law Tax Clinic were also there to assist homeowners. Listed below were the Loan Servicers who came to this event:

Carrington Mtg Services, LLC; Chase; CITI; Countrwide; EMC Mortgage Corporation; Fifth Third; Flagstar; GMAC; Home Loan Services; The Huntington National Bank; LaSalle Bank; LaSalle Bank Consumer Lending; National City Mortgage Co.; Option One Mortgage; Saxon Mortgage Services, Inc.; Washington Mutual Bank; Wells Fargo; and Wilshire Credit Corporation.Note: A lender provides the funds for your mortgage. A servicer collects mortgage payments, and may not be the same as your lender. The message was clear that in avoiding foreclosure — Nothing is worse than doing nothing — reach out and ask for help! If you are unable to talk to your mortgage company, then it is advised to take action and talk to an experienced counselor to consider the best plan of action for your personal financial situation. One can contact the Homeownership Preservation Foundation at 1-888-995-HOPE; HUD at 1 800 569-4287 or visit www.hud.gov.; or call/visit www.foreclosureinfo.bravehost.com
1 800 826-1929. If you are facing foreclosure or are in foreclosure, you need to understand your options, and a homeownership counselor or loss mitigation specialist can help you understand the options available to you to help you keep your home or to move on with your life and future. Foreclosure Prevention Institute, LLC can explain forbearance, repayment plan, loan modification, Short Sale, Preforeclosure Sale or Deed-in-Lieu of Foreclosure, and Cash for Keys to you.B. When Reaching-Out Fails, then What? Talking to homeowners at this event, some were happy with the day’s results and others were not. Some were either frustrated or felt as if they were at a dead end as they sought relief from lenders. Although mortgage servicing companies are attempting to be pro-active and are making progress on modifying loans, the industry itself is overwhelmed. Many of the reps are swamped with rework loan requests; are new & inexperienced; and/or have no decision-making authority. The whole ”Hope” program is also voluntary and is designed to favor the lender. Call backs from lenders is like winning the lottery, and waiting to talk to the loss mitigation department may, from my experience, be a 45 min. to a 3 hour wait to only then be disconnected. Home buyers/investors wanting a short sale (lenders agreeing to accept less than they are owed to avoid foreclosure) are to some extent giving-up too, or are just submitting packages and waiting like the homeowner in hopes that a loan officer or rep. who cares will respond. Ultimately, the consumer has to realize that getting out of a ”bad” loan was never meant to be easy. Is there anything else that can be done? Yes, if one believes his/her loan is fraudulent; is being foreclosed upon by a servicing provider who is not the mortgage note holder; believes the lender broke their promise of a loan modification; needs more time to delay eviction, the foreclosure, or for a work-out solution; etc. — then one can consult a knowledgeable attorney and/or foreclosure loss mitigation consultant who understands the foreclosure process, RESPA laws (involving documents signed when getting a loan) and current foreclosure litigation. Certain correspondence to the lender can get the lender’s attention and bring the investor to the negotiation’s table. Persistence is the key. If you need help or want more information regarding foreclosure options or who to call for an attorney to obtain legal advice, then contact Foreclosure Prevention Institute, LLC (www.foreclosureinfo.bravehost.com). A plan of action including an appraisal of one’s home can be done. Sometimes, an appraisal of one’s home in addition to the homeowner’s financial situation and circumstances helps with the negotiation’s process.

Written by Janet Caldwell, Manager and Certified Loss Mitigation Consultant for Foreclosure Prevention Institute, LLC. For more information on this subject goto our blog at grandrapidshomeplace.com/real-estate or call Foreclosure Prevention Institute, LLC at 1800 826-1929.