Need help with loan

[Douglas]

Hi first timer: I am currently trying to negotiate with some lenders. I would be 29 days late call them to lower the rate to match the market and I fell for the yes we will but I need to collect your payment today. I paid and when i called back to get the rate changed they said they did not have to because i was not late???? "My question is do I do this myself or get an attorney or mitigation Co. involved??? and if you do who is good and who not???? My goal is to fix the rates so I do have to loose them. I live in the Chicago area but have property in FL. THANKS and Great forum by the way. Doug

[Moe Bedard]

Hi Doug,


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

It isn't as easy as just calling them up and asking them to lower your interest rate....the process can take anywhere from 45-150 days............you have to fill out a package, prove a hardship situation, and see if the investors on the loans are modifying..............some will not modify investment properties.

Who are these lenders?
What are the current interest rates?
One loan or two?
Are you paying interest only or PITI?
What caused the hardship and has it now passed?

[Douglas]

Hi: I have 5 rentals w/ WaMu, Countrywide and Emc. I have Int rates fron 6% to 9% and most are Int. only. The FL. market has lost so much value and the rental market has gone way down. I am also in the const. bus. which has suffered because this correction. I am now 60 days late and it seems my file may be on a different desk, but I dont want to borrow to pay on the promise that they will lower the rate again? Iam wondering if a Modification Co. (Gregory a.Paiva) May get better results??

[Moe Bedard]

Well you would have the muscle of an attorney's name behind you.........I would give them a call and see what they are able to do for you because for investment properties the modifications work a bit differently then they do on principle residences.........and they are harder to deal with.


Law Offices of Gregory A. Paiva & Associates
1325 Corona Pointe Court
Corona, California 92879
Telephone (888) 432-6634
Facsimile (951) 860-4763



Keep us posted on your progress.........

[Douglas]

Hi: I just foud out that Bank Of America ( A second mortgage on property) took my late payment out of a savings account without me knowing??? I called and they said they could take it from ANY account that my name was on. even if it was someone else's account with my name on it??? ???? have you heard of this???

[Moe Bedard]

I have not heard of that if you never signed an ACH agreement with them........

Now might be a good time to call Greg's office.........

[faith]

Good morning,
I am sorry for what BA has done to you. I've read complaints like this one in consumeraffair.com. If your lender is BA and you bank with BA and your mortgage payments are late unfortunately they can do that. I don't know if that is legal but they can do that.

I think you should close all your accounts and open an account with credit union or a local bank in your area not associated with your mortgage.
Withdraw your money daily to the max and then close it once it'z down to zero.

Good luck and take care.
God bless.

Faith

[Douglas]

Hi: Trying to decide if Paiva is the answer for mitigation help or myself??? I am getting no results and the end of the month will be 4 Mo. late. They say after that it is too late for help?? Ist it true??????? Thanks

[Moe Bedard]

Douglas,


I think you already answered you own question here...........
I provided the contact for Greg's office above in the thread in July...........

Who is telling you that after 4 months it is too late to do anything?

[Douglas]

Hi: I am working with a Tony from Gregs office and I am still waiting for a estimate of costs and how it works?? I had 2 mort. Co. ( EMC & Wamu) tell me that if it goes past 4 Mo. late it goes into foreclosure it gets a lot worse? and the modification will not work??? Thanks for your help, I think this is a great resource for people!!!!! Doug

[Moe Bedard]

Doug,


You are in good hands with Greg's office if you decide to use their assistance...........and even if you were to go into pre-foreclosure it still wouldn't be too late to modify your loans...............

[Douglas]

Hi ***: I have seen the articles about what states can follow you for walking away. I live in IL. and have property in FL. How does that work?Everyone says something different, Just stop paying, they cant take your money from your accounts? (What little is left).other people say they will talk everything they can find? and it will never go away? I am trying to negotiate with the lenders but getting nowhere/ I am now talking and considering Paiva Dont know if i can borrow again to pay them or not? Thanks for all you are doing for everyone,I think its great!!!! Doug

[Douglas]

Hi: I saw a new Loan Mod. Company today on the site?? Are you still recomending Paiva & ass. for mods. and help. I am about to let them talk over for me. PLEASE advise. Thanks Doug

[Moe Bedard]

Douglas,


We have two...........
Here is the contact info for Paiva.......
Free Foreclosure Help, Stop Foreclosure, Short Sales - Loan Safe