Hope for Homeowners/Emigrant-Question

[joe1212]

Hello, I am new here and had a question about Emigrant savings. We are 3 payments behind with a rate of 11.5%. We would like to lower the rate to make it more manageable. The house is worth 525,000 and we owe about 300,000, so the LTV is about 58%. I was wondering what our options are. We are with Emigrant and I heard about hope for Homeowners. Can this help? Right now we would have to state income because we are not working on the books. Is there anything we can do? Thank you very much

[Moe Bedard]

Hi joe1212,


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

Have you asked Emigrant if your investor has any modification options on your loan?

For the H4H program through FHA you would need to qualify according to FHA guidelines and that requires proof of income.

[joe1212]

I spoke to a woman a back in June when we started having trouble and she was rude. I asked is they could help us out and let us put the 2 payments that we were behind at the time, on the end of the loan and she said that they don't do anything like that. What do you think I should call them and say? We got a letter today saying that if we don't make a payment they will start foreclosure. Wouldn't they rather work with us rather than foreclose? Thanks for your help.

[joe1212]

I have Emigrant mortgage and they are unwilling to give us a loan modification because they say that we got cash out when we re-fied with them in 10/07. The rate is 11.375, but jumps to 14 if we are late. I would like to know if they are lying to me. Can a loan mod company get it done? Are there any reputable, honest loan mod companies out there? Has anyone had any success with Emigrant? Thanks for your help.

[Moe Bedard]

I have not had any experience with them, nor has anyone on the forum. That sounds like a hard money loan and a very high rate. Many hard money lenders violate federal laws such as the Truth in Lending Act (TILA) or RESPA when they originate these loans. It may pay to have a good lawyer take a look at your mortgage documents. If your mortgage is predatory, then now you may put them on the defense.

Don't just use any loan mod company. Use a law firm who is experienced in both real estate and mortgage law.

What state are you in?

[Moe Bedard]

Got your email. (FYI, when you get an email it is just an alert that you have a new reply here).

I don't know of any good attorneys in NJ. But you can search your states bar New Jersey State Bar Association , or NJ legal aid Legal Services of New Jersey, I found this firm, they seem to have experience Capone & Keefe - Bankrupcy Lawyers NJ.

I think your lender is a hard money lender and it may pay to have those loan documents examined.