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Sometimes Few Answers for Homeowners Seeking Help, Maybe True, But it Depends Who You Ask

If your lender tells you the only way to modify your loan is if you stop making the mortgage payment, do a little more research. We may have another option.

A number of years ago, I did an FHA mortgage for a client. This morning I got a call from Fred, saying “I need your help, I don’t want to lose my house.” He told me that he has spoken to Bank America, they service the mortgage. They told him the only way they can modify the mortgage is if he stops making the mortgage payments. Every time I hear that, it makes me crazy.

Over the last few years, he lost his job a few times, but found new employment, his credit was marginal, but sufficient to get him refinanced from his 7.25% rate, into an FHA streamline loan. The lenders want to know if the mortgage's been current over the last 12 months, which it has. Also, they want to know the credit scores, which works, but they don’t want to know about any of the other obligations or that history.

Fred’s payment will go from $1,413 per month to $1,106. To Fred, he feels like he won the lottery. There are a lot of Fred’s out there in the world, many of which seek help and so often in the wrong places.  

Number of Homeowners Seeking Help in 2012 Up 34%

By: Amilda Dymi

"MortgageKeeper Referral Services reports hundreds of thousands of struggling homeowners continue to seek foreclosure prevention assistance online."

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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