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Originally Posted by Lazaro  Hello everyone, |
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Originally Posted by Lazaro I am currently helping my mother through a very tough time. Unfortunately my father recently passed away and my mother's salary was cut by 1/4 leaving her in a very tough position financially since my father was the bread winner in the house. I think a loan modification may be a possible solution. However, I'm confused, should we try the process ourselves or go through a lawyer which might find us a better modification? She is current in her mortgage and her bank is Flagstar Bank, lawyers are charging around $2500 for a modification in FL. Thank you in advance for your responses. |
Lazaro, Hello and welcome to this forum, I am sorry to hear about your father's passing, please accept my deepest sympathy to you and your mother. In order to be qualified for a loan modification the client must demonstrate the inability to meet current financial obligations in order to qualify for Loan Modification. In your mother’s case, I can see that she meets the criteria of the new guidelines for Home Affordable Mortgage Program.
What Counts as a Hardship?
A hardship can be anything that has affected your ability to make your mortgage payment. Some examples of hardships include: - Your interest rate jumped upward—Payment Shock - Illness (especially ongoing illness) - Reduced Income - Failed Business - Death in the family - Divorce - Medical Bills - Loss of a scholarship
Many other factors can be considered hardships. It is critical to the success of your request for a modification that your lender understands the hardship you are facing and the impact it is having on your ability or makes your mortgage payment. Having the right advocate making this argument for you can be the difference between success and failure of your modification request.
New guidelines for loan modification:
Behind on Mortgage Payments,
In Foreclosure (Nod or Lis Pendens)
Has an ARM That Has Adjusted Higher or will Adjust Higher Within The Next Month or MAXIMUM Two Month
Has a legitimate hardship
Reduced income
Reduced hours
Pay cut at work
Loss of employment
On disability / worker's comp
Divorce / Separation
Excessive medical bills
Back taxes that are currently going paid back
Failed business
You have to write a financial hardship explaining why your mother is no not able to pay the mortgage. You can also try NACA as what SILLY WORLD has suggested because they have help a lot of people in this forum and it’s free. They also provide a PRO BONO Lawyer ask them if they can help you. Information and links for NACA https://www.naca.com/refinance/refinanceTenStep.jsp You can also write your Senator and Congressman to ask for their help, NACA suggested to do this because they have a lot of success rate when their members write letters to their Senators or Congressman, One particular member that I knew of, got a call from Senator Kerry and told him that he is already called his lender, his lender called him that Senator Kerry called the lenders and they expedited the process and his loan modification was approved. NACA’s Politician search link and write to your Senator and Congressman you will get their attention when a politician is calling in your behalf. https://www.naca.com/members/publicPoliticianList.jsp NACA Member Services is always available via email at >> memberservices@naca.com ;
savethedream@naca.comor by
calling 1-888-302-6222 or 1-888-404-6222.
I have read the posts of some members here that they have hired a lawyer and their lender did not approve the loan modifications, he received a foreclosure notice and they tried to call their lawyers but for some reason unable to reach them. You have to be careful in hiring a lawyer, make sure you check their license in the State BAR Association to check if the lawyer is license to practice or not. You can do it yourself, all you need to have is boldness, persistence, courageous, patient. Call, call, fax, email the lender and their representative, and you can get a response doing that. I did my short sale without a lawyer. I used my common sense, if the lender find out that I hired a lawyer which would caused me around $3000, they will think that I can afford to pay the mortgage. So I used that $3000 to negotiate with my lender instead of paying a lawyer. I told my negotiator that I was planning to hire a lawyer to do the negotiation for me but instead of paying a lawyer, I would like to use that $3000 to be applied to the deficiency judgment and the trick worked. They have accepted the Short Sale, they bought out the 2nd mortgage for $14k and they have forgiven the balance owed. Thank God and praise God for his goodness. Thank God for the real estate agent that I carefully hired and thank God for Moe and others who gave me advice on how to handle short salev with my lender. I was able to get a letter from my lender stating they will not pursue any deficiency judgment against me and the credit bureau stated paid as agreed in less than full balance. And the lender let me kept my $3000. I hope this helps and if some way or another the postings are too strong, please forgive us, we are just excited to help you and give you encouragement. May God bless you and your mother and make his face shine upon. May he comfort you and your family and give you favor from your bank, your negotiator, investor and everyone you meet. May he provide all your need according to his riches in glory in Christ our Lord. .
Thank you.
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