How it works and more - Loan Modification Forum

Borborg · 09-22-2008, 06:55 AM

I have a question that I asked my wife and she didn't know the answer either. Here is what I need to know. I have a home loan and I owe about $84,000 and I have another personal loan that is $28,000. I have been out of work for over a year and that is because I have become diabled. We make the home loan with somewhat no problem but the personal loan is becomming the problem. I am still trying to get social security the lawyers are working on it. The personal loan is though a credit union and what I want to know is if they forclose on the loan what happens to the home loan company. Do they not be able to get the house?

What I would like to do is get the house and personal loan as one payment that does not exceed $750.00 a month. But my credit score is junk. Any ideas would be helpful. I looked at NACA but not sure I can go that way. I live in michigan.

Dan Bailey · 09-22-2008, 07:00 AM

Borborg,
Welcome to the forum and thank you for joining. *** or Moe will be by as soon as they can to give you some answers to your questions. Good Luck!

Borborg · 09-22-2008, 07:21 AM

Thanks danbailey I have been doing the best we can here. And I just believe there must be someway to get things worked out here. I have seen a lot of positive things here. and god knows there is a lot of help needed.

Moe Bedard · 09-22-2008, 08:45 AM

Hi Borborg,

Welcome to the forum and thank you for joining..............

Who is the lender?
Is the personal loan secured by a lien on the property?

Borborg · 09-22-2008, 09:41 AM

I Hate To Say It But The Home Loan Is Greentree (not Good) And The Second Is A Credit Union And The Lien Is The House I'm Pretty Sure.

Moe Bedard · 09-22-2008, 01:06 PM

If it is not a personal loan but a second lien on the property, if you default on the second, they can start the foreclosure process even if you are current on the first and foreclose.

In order to put a first and a second together into one payment, you would need to refinance them together into a new loan.

You might want to give Green Tree a call and see what options the investor has on the loan.

Green Tree
Loss Mitigation
1 (877) 816-9125

Please keep us posted on your progress.........

Borborg · 09-22-2008, 01:33 PM

Ok what would happen to greentree would they just lose out or would I be liable to them

Moe Bedard · 09-22-2008, 02:23 PM

If the second forecloses, Green Tree doesn't lose out.............the second could buy them out and then foreclose.........but you will need to check that with an attorney that is familiar with the foreclosure laws in your state as they are different in each state.

Borborg · 09-23-2008, 06:59 AM

Ok what is Greentree to anyone here? Is it worth trying to deal with them? I mean to get both loans as one puts me about $118,000 and with the value down now might not have enough. And the percentage rate would have to be lower in order to keep the monthly payment at $750. I am looking at NACA but haven't heard from them and with me in Michigan they don't have a workshop here.

Borborg · 09-23-2008, 07:23 AM

Ok just spoke to Greentree (because they just called to make sure the payment is still on for friday like they always call) and they are not taking any refinancing and haven't for 2 years now. So in order to do anything I have to go with someone else if possible. I just can't get over how companys want someone to make large percentages that are low income and the ones that can make it get lower. I understand the reward part but the being able to is just out of sight.

Borborg · 09-24-2008, 09:25 AM

can i possibly deal with the NACA people. I seen the thing about them here and I have been trying to get them to e-mail me or call me but nothing as of now. Do they work one on one or do they work as a whole community. They have no office here in michigan. HELP???

Moe Bedard · 09-24-2008, 09:32 AM

You can work with HOPE..........they are non profit too...........1-888-995-HOPE

Borborg · 09-24-2008, 10:20 AM

Is Hope just a credit counseling deal??

Moe Bedard · 09-24-2008, 10:33 AM

no...........they help with loan modifications too......

09-22-2008, 06:55 AM	#1 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	How it works and more I have a question that I asked my wife and she didn't know the answer either. Here is what I need to know. I have a home loan and I owe about $84,000 and I have another personal loan that is $28,000. I have been out of work for over a year and that is because I have become diabled. We make the home loan with somewhat no problem but the personal loan is becomming the problem. I am still trying to get social security the lawyers are working on it. The personal loan is though a credit union and what I want to know is if they forclose on the loan what happens to the home loan company. Do they not be able to get the house? What I would like to do is get the house and personal loan as one payment that does not exceed $750.00 a month. But my credit score is junk. Any ideas would be helpful. I looked at NACA but not sure I can go that way. I live in michigan.

09-22-2008, 07:00 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Borborg, Welcome to the forum and thank you for joining. * or Moe will be by as soon as they can to give you some answers to your questions. Good Luck! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.**

09-22-2008, 07:21 AM	#3 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Thanks danbailey I have been doing the best we can here. And I just believe there must be someway to get things worked out here. I have seen a lot of positive things here. and god knows there is a lot of help needed.

09-22-2008, 08:45 AM	#4 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Hi Borborg, Welcome to the forum and thank you for joining.............. Who is the lender? Is the personal loan secured by a lien on the property? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

09-22-2008, 09:41 AM	#5 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more I Hate To Say It But The Home Loan Is Greentree (not Good) And The Second Is A Credit Union And The Lien Is The House I'm Pretty Sure.

09-22-2008, 01:06 PM	#6 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more If it is not a personal loan but a second lien on the property, if you default on the second, they can start the foreclosure process even if you are current on the first and foreclose. In order to put a first and a second together into one payment, you would need to refinance them together into a new loan. You might want to give Green Tree a call and see what options the investor has on the loan. Green Tree Loss Mitigation 1 (877) 816-9125 Please keep us posted on your progress......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

09-22-2008, 01:33 PM	#7 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Ok what would happen to greentree would they just lose out or would I be liable to them

09-22-2008, 02:23 PM	#8 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more If the second forecloses, Green Tree doesn't lose out.............the second could buy them out and then foreclose.........but you will need to check that with an attorney that is familiar with the foreclosure laws in your state as they are different in each state. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

09-23-2008, 06:59 AM	#9 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Ok what is Greentree to anyone here? Is it worth trying to deal with them? I mean to get both loans as one puts me about $118,000 and with the value down now might not have enough. And the percentage rate would have to be lower in order to keep the monthly payment at $750. I am looking at NACA but haven't heard from them and with me in Michigan they don't have a workshop here.

09-23-2008, 07:23 AM	#10 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Ok just spoke to Greentree (because they just called to make sure the payment is still on for friday like they always call) and they are not taking any refinancing and haven't for 2 years now. So in order to do anything I have to go with someone else if possible. I just can't get over how companys want someone to make large percentages that are low income and the ones that can make it get lower. I understand the reward part but the being able to is just out of sight.

09-24-2008, 09:25 AM	#11 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more can i possibly deal with the NACA people. I seen the thing about them here and I have been trying to get them to e-mail me or call me but nothing as of now. Do they work one on one or do they work as a whole community. They have no office here in michigan. HELP???

09-24-2008, 09:32 AM	#12 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more You can work with HOPE..........they are non profit too...........1-888-995-HOPE __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

09-24-2008, 10:20 AM	#13 (permalink)
Borborg Member Join Date: Sep 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more Is Hope just a credit counseling deal??

09-24-2008, 10:33 AM	#14 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How it works and more no...........they help with loan modifications too...... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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