The Law Offices of Fransen & Molinaro - Loan Modification Forum

phinancer · 08-18-2008, 08:14 AM

Hi:

I'm brand new to this forum and actually found it while 'Googling' the phrase "short-refi". At any rate, here's my story.

November 2005 I bought a condo in a Downtown San Diego mid rise with my fiancee. We got a loan through some company and now it is with HomEq in Sacramento, CA. The purchase price was $700K and we both put zero down, although we did pay for our closing costs in cash. Both her and I had and still do have excellent credit, so getting a zero down loan at that time was easy. We didn't have to show any tax returns, just bank statements and an application. The loan was approved almost instantly, based on our credit history and our dual incomes: I'm an accountant and she's a Pharmacist.

As luck would have it, as soon as we closed on the house, our relationship began to deteriorate. She was supposed to get a residency in San Diego, but was offered a more "glamorous" position in Los Angeles. So much for us starting our lives in San Diego, within a month we were planning her move from San Diego to LA. I ended up putting approximately $50K extra into the house after it closed, installing bathroom fixtures, putting in a artistic niche, custom window coverings, mounting a plasma television on the wall, etc. I was still holding onto the dream that her and I would eventually move back to SD and live out our lives in this property.

Well, that never happened. Once she moved to LA, we called off the engagement and I was left making the mortgage payments, $400/month HOA, property tax and insurance. Fast forward three years, and I have paid over $200K out of pocket (not including the tax deductions that I received from expensing the interest). Her credit has benefited from my timely payments and that is the other part of my frustration. Needless to say, I am happy that we are no longer together (I learned a valuable lesson, perhaps costly is a better word), but am angry that she didn't hold up her end of the bargain: paying her 50% share of the debt.

Regardless of her claims that she can't afford to help out with any of the costs, she abandoned her financial responsibility and let me to hang out to dry.

I have contacted HomEq and told them my story by filling out the "Short Sale" paperwork and submitting it via fax to the Loss Mitigation Department. I tried to appeal to their conscience, explaining that my ex-fiancee abandoned the house and left me to cover the expenses.

HomEq said that they would allow me to short-refi if I could find a bank to help me. They originally offered their marketing partner, First Metropolitan Mortgage, but I was quickly turned down because I have other houses with other mortgages.

I am self-employed and run a lot of expenses through my business, including food, gas, and some entertainment (as it is pertinent).

I have drained my savings and am living paycheck to paycheck to pay for this San Diego pipedream.

I was hoping that HomEq might drop my interest rate, but they continue to say it's low (6.75% fixed for 30 years on the first)+(9% fixed for 30 years on the second). I then was hoping that they would allow a short re-fi, but I don't have the income to support my expenses. I am deliberating on whether or not I should attempt a short sale...Downtown SD properties are too many and too alike. IMO, I am stuck and will have to continue paying as agreed.

Does anyone have any advice?

Thank you,

Phinancer

schwefls · 08-18-2008, 08:32 AM

Hi Phinancer welcome to our forum:

I wanted to stop in and say hello. SHortly someone will be reaching out to you with some advice/suggestions. In the interim please hang in there.

Moe Bedard · 08-18-2008, 11:59 AM

Hi Phinancer,

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

It sounds like you might have another opportunity for a short payoff with Homeq and you would be ahead of the curve because they are already willing to work with you on that.................what you would need to do is to just sit tight until October 1st, so not much longer, and see if the new FHA program could assist you.................

Here is the info............

FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS

Please keep us updated on your progress.............

phinancer · 08-18-2008, 02:06 PM

Thanks for the reply. I read the fact sheet and I think that i'm SOL.

I own a second home and it looks as if that is a deal breaker. I'm trying to re-work my loan because my ex-fiancee bailed and left me with the mortgage

I am putting together tax returns, pay stubs and bank statements (along with a hardship letter) and will be faxing it over to HomEq today.

Not sure if it matters, but after reading your forum, more specifically the NY Times story about CountryWide and Mr. Bailey, I felt empowered to write my District Representative in Congress. Essentially, I re-worked my hardship letter, explaining that I love my house and my neighborhood and that I don't want to become another statistic.

Does anyone have any experience with a successful loan modification, With HomEq or otherwise? Is it the rate that they help to adjust? Do they adjust the first and second?

Dan Bailey · 08-18-2008, 02:18 PM

Hi Phinancer...good luck with your process!! (I can relate to the ex bailing...believe it or not, 12 years ago I had the house almost paid off, but had to re-finance to give her "her share" of the house , even though she never paid a dime towards any bills or mortgage-her name was on it too.)
I found loansafe by googling "hardship letter" myself.
Follow ***, Moes and Andrews advice and hopefully things will take a turn for the better!

Moe Bedard · 08-18-2008, 02:20 PM

We have homeq success stories...........but the issue that you might run into is that you have a 6.75% fixed rate..........so they might not be able to work that..........but it won't hurt to try.............

Send your hardship letter in the body of an email along with your loan number and contact info to each of the addresses below..........also use the contact number below to get started on trying to modify..........

HomeQ
Loss Mitigation
PH 1-877-867-7378
Fax 1-866-577-1227

phinancer · 08-18-2008, 02:28 PM

Ok, sounds good. I will get those emails out immediately.

Although I have a good rate, the loan was underwritten based on the incomes of two people. That I alone am servicing the mortgage is not their fault, however it is my reality. If I were to default, they would take a bath on my property. It's in Downtown San Diego in a mid-rise. With the amount of standing inventory, short-sales and bank owned foreclosures in that area, hopefully they will try to negotiate.

My thoughts are: I'm responsible and willing to stay put, but are they willing to be flexible in any way? Albeit the rate is low(er), having to cash flow that payment each month by myself is killing me.

Thanks again. I'll keep you posted.

phinancer · 08-25-2008, 03:18 PM

***:

I have so much to write, but so little time today. I wanted to write about my experience with HomEq in Sacramento. If you recall, I bought a mid-rise condo with my ex-fiancee. She bailed almost as soon as we closed on the house and I was/am stuck with the payments. The purchase price was $700K and the values have surely dropped down into the 400s. The condo is in the heart of the Downtown San Diego condo implosion.
After reading your forum, I mustered the courage and called HomEq. Next step was to fill out the Hardship Packet and write a Hardship Letter. I completed both with a sense of urgency like no other. HomEq received the paperwork and called me to chat within two weeks of receipt of my packet.
Today, I received the Loan Modification documents. They re-set my interest rate to 5% on the first and .05% on the 2nd. The loan mods are good for five years and there is no penalty if I can sell/re-finance the house within the alloted time. If I have done nothing during the 5 year period to change my mortgage situation, the loan will re-set to the original rates of 6.78% and 9.1%, respectively. Per the Loan Mod cover sheet, I have ten days to sign, get my ex to sign, and mail it to them before the offer expires.
Needless to say, I am going through with it. I read it over and it's Kosher. It lowers my payment $1600/month. Isn't that amazing?
I just wanted to tell everyone my story and let them know that lenders/servicers are willing to play ball.
One very important lesson that I've learned is that the lender/servicer will bend and tweak the figures and numbers on your income statement so as long as you can demonstrate sufficient income. I can't comment on the exact percentages of debt to income that they set as their ceiling/threshhold, but I showed them that I was short approximately $2000/month and they still proceeded. In the meantime, I have sold my car ($1K/month) and have minimized expenses to curtail spending. I figure that I owe my lender/myself that much.

Moe Bedard · 08-25-2008, 03:36 PM

phinancer,

That is great news........I am so happy for you!!!!..............I told you that it wouldn't hurt to try.........and it is the investor on your loan that was willing to work on it........some don't have that opportunity because the investor is not open to giving options..........it isn't up to the servicer/lender.......so I am happy that your investor was able to work with you..............

As far as the financials go..........that is why I am always telling members to call in and go over their financials with the servicers.........because........if you can show that you can pay.........they will work on the numbers with you....certain times there are things that you wouldn't have to show.......

Now go get your ex to sign on the dotted line and send those bad boyz off....

schwefls · 08-25-2008, 05:10 PM

phinancer congratulations, kudos to you, party hardy, you deserve it.

phinancer · 10-23-2008, 10:31 AM

With much help from Loan Safe, I was successful in getting a modification on my home loan, which is serviced by HomEq in Sacramento. I believe US Bank is the investor.

The home loan is for my condo (owner occupied) in Downtown San Diego, CA. I had purchased the property in October 2005 for $710,000. The property has depreciated like crazy and is currently "worth" less than half of the original purchase price.

My question to the forum is, do you think it wise for me to contact the investor through certified mail and ask them for a principal reduction? I'm no real estate expert, but I imagine that it will be years before my condo rises back up to the original sale price. By that time, I will have already paid for the property in interest payments to the lender.

I guess I am curious about whether or not anyone has success with lenders regarding a principal modification. I have never made a payment late and was helped considerably by HomEq while my loan was current. (I hate hearing how mortgage companies will not help people until their loan is past due)

Thanks again for all of your help

Moe Bedard · 10-23-2008, 11:15 AM

You would just need to ask the servicer if the investor is doing principle reductions..........I am not sure if you send something to the investor directly if they will even look at it.............they might send it back to the servicer...........but it doesn't hurt to try.........

phinancer · 10-23-2008, 11:27 AM

Thanks for the reply. I am curious if anyone has had luck with principal modifications.

Did you happen to move my post? I couldn't find it online...

Thanks,

Moe Bedard · 10-23-2008, 11:36 AM

We have seen some principle reductions on seconds so far...........

the post is here with the original story...........

phinancer · 03-05-2009, 11:57 AM

Hello everyone:

I have a condo in Downtown San Diego that has severely dropped in value.
My mortgage is through HomEq and the investor is US Bank.
My issue is that the loan was underwritten based off the income and guarantees of me and my fiancee. She has left me and has taken no responsibility for the mortgage, leaving me alone to cash flow the payment.
The purchase price was $700K and the condo now is worth approximately half.
At the end of this month I'll be 90 days past due. I've owned the house for 3 years and have never made a late payment until my world collapsed in January 2009.
I've tried to write to HomEq, but they have ignored my requests. Last year they modified my mortgage, but since I was delinquent with my property taxes, my payment actually went up. HomEq collections states that they cannot help me since their policy is to only modify a mortgage once during the life of the loan.
I don't want to walk away from the house. I simply want some assistance. Since the mortgages are not owned by Fannie/Freddie, I can't get help from the government's new plan.
I would like to hire an attorney to aid me, but am wary of sharks just looking to make a buck.

Any help is appreciated.

Moe Bedard · 03-05-2009, 01:23 PM

Hi there phinancer,

Here on the forum we have checked the credentials and authorized the services of the attorneys on the home page.........here is the link if you would like to have a free consultation with them to go over the scenario of what you have been through with Homeq thus far and see if they can help.
Loan Modification Service | Home Mortgage | Protect Your Home & Mortgage With Loan Safe

or you can look on the California Bar Association website under lawyer referrals.................

or go to

National Association of Consumer Advocates â€“ Consumer Protection Advocates and Attorneys

phinancer · 03-05-2009, 02:24 PM

Thank you.

phinancer · 03-05-2009, 02:29 PM

***: Have many people on this forum had a positive experience with Fransen and Molinaro?

Thanks,

Moe Bedard · 03-05-2009, 03:23 PM

there are not many on this forum that use outside sources because it is more of a "do it yourself" forum...........

Fransen and Molinaro are new to the forum..............but not to litigation......and you can look them up on the California Bar Association............which is the nice thing about attorneys.........you can check their license background.

phinancer · 03-09-2009, 11:39 AM

I just wanted to let everyone know that I am going to work with The Law Offices of Fransen and Molinaro for a potential loan modification.
I have already received a modification from the lender, but due to back property taxes, my new payment was higher than the original one.
I feel like I've gotten as far as I could on my own.
The fee that the firm is charging is $3995-no small fee, to be sure.
Has anyone had a good experience working with them? If so, I'd love to hear a little about your success story.

Thank you,

Audrey&GunnersMama · 03-09-2009, 12:00 PM

before you pay that up-front fee you may want to call the lender to see if you're even eligible for another modification. Regardless of who calls them, if you've already had too many modifications, it won't change anything. Good luck~

phinancer · 03-09-2009, 12:07 PM

Thank you for the advice. I have called the servicer, HomEq, but not the lender/investor who is US Bank.
They themselves aren't too sure about their own policy. I've heard two conflicting stories, one was that they offer one modification a year. Another rep from HomEq said one modification for the life of the loan.
Either way, there position doesn't seem too smart.
My loan is for $700K. The property is worth $200K on a good day. I've paid on time for the last 3.5 years, but have hit a wall due the my personal finances.
Does it seem logical to believe that their law firm will have a greater shot at success than I?

Nathan Fransen Esq. · 03-23-2009, 05:07 PM

phinancer,

My name is Nathan Fransen, one of the partners in Fransen and Molinaro. I just wanted to give you my 2 cents at this point. Many lenders restrict you to 1 loan mod per year, some allow 1 loan for every 6 months. This may be a factor in your potential for a loan mod. My suggestion before you hire my firm, or any firm, is to discuss with the attorney what they can do for you beyond the loan mod. You may have other needs based on your particular situation that warrants legal services regardless of the loan mod outcome. I do agree with the other post that contacting your lender first is a good idea, and may save you money. Sometimes the best thing an attorney can tell you, is that you don't need to hire one...

This post is not intended to provide legal advise to anyone in particular. The comments are general in nature and should not be interpreted as creating an attorney-client relationship.

phinancer · 03-23-2009, 05:26 PM

Thank you for your input. I had sent all of my paperwork to one of your salesfolks, Frank Contreras. I told him the details of my current situation and he then checked with some department that said that they couldn't help.

It's a tough situation for me. My fiancee left me and I am stuck with the mortgage. The loan was supposedly based on the income of two people, but now I alone am left to service it.

The rub is that I can afford to stay in the house, but at current values, and not at the original sales price. The modification that HomEq offered me was the best that they could offer at the time. Much has changed since then, as that was last August. The values have gone down so dramatically for condos in Downtown San Diego.

I certainly can understand why HomEq is maintaining there position, but it just doesn't seem logical. If I default, they lose it all. If I default, I walk away unscathed. The fact is that I can rent the units around me for 20% of what my mortgage payment is...

I recently talked with HomEq and they said that even if I retained counsel, they would not budge on their stance. They said that they have already modified the loan and that is all they can do. The mortgage is owned by US Bank, but serviced by HomEq. I have a hard time believing that a bank like USB would not want to help safeguard a $700K investment.

If you think that there is something that you can do, please let me know. I'm not sure what they're going to do, but the loan is currently 90 days delinquent. Funny, I've managed to make every payment on time for over 3.5 years and now look at the situation I'm in....

Too bad.

08-18-2008, 08:14 AM	#1 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	The Law Offices of Fransen & Molinaro Hi: I'm brand new to this forum and actually found it while 'Googling' the phrase "short-refi". At any rate, here's my story. November 2005 I bought a condo in a Downtown San Diego mid rise with my fiancee. We got a loan through some company and now it is with HomEq in Sacramento, CA. The purchase price was $700K and we both put zero down, although we did pay for our closing costs in cash. Both her and I had and still do have excellent credit, so getting a zero down loan at that time was easy. We didn't have to show any tax returns, just bank statements and an application. The loan was approved almost instantly, based on our credit history and our dual incomes: I'm an accountant and she's a Pharmacist. As luck would have it, as soon as we closed on the house, our relationship began to deteriorate. She was supposed to get a residency in San Diego, but was offered a more "glamorous" position in Los Angeles. So much for us starting our lives in San Diego, within a month we were planning her move from San Diego to LA. I ended up putting approximately $50K extra into the house after it closed, installing bathroom fixtures, putting in a artistic niche, custom window coverings, mounting a plasma television on the wall, etc. I was still holding onto the dream that her and I would eventually move back to SD and live out our lives in this property. Well, that never happened. Once she moved to LA, we called off the engagement and I was left making the mortgage payments, $400/month HOA, property tax and insurance. Fast forward three years, and I have paid over $200K out of pocket (not including the tax deductions that I received from expensing the interest). Her credit has benefited from my timely payments and that is the other part of my frustration. Needless to say, I am happy that we are no longer together (I learned a valuable lesson, perhaps costly is a better word), but am angry that she didn't hold up her end of the bargain: paying her 50% share of the debt. Regardless of her claims that she can't afford to help out with any of the costs, she abandoned her financial responsibility and let me to hang out to dry. I have contacted HomEq and told them my story by filling out the "Short Sale" paperwork and submitting it via fax to the Loss Mitigation Department. I tried to appeal to their conscience, explaining that my ex-fiancee abandoned the house and left me to cover the expenses. HomEq said that they would allow me to short-refi if I could find a bank to help me. They originally offered their marketing partner, First Metropolitan Mortgage, but I was quickly turned down because I have other houses with other mortgages. I am self-employed and run a lot of expenses through my business, including food, gas, and some entertainment (as it is pertinent). I have drained my savings and am living paycheck to paycheck to pay for this San Diego pipedream. I was hoping that HomEq might drop my interest rate, but they continue to say it's low (6.75% fixed for 30 years on the first)+(9% fixed for 30 years on the second). I then was hoping that they would allow a short re-fi, but I don't have the income to support my expenses. I am deliberating on whether or not I should attempt a short sale...Downtown SD properties are too many and too alike. IMO, I am stuck and will have to continue paying as agreed. Does anyone have any advice? Thank you, Phinancer

08-18-2008, 08:32 AM	#2 (permalink)
schwefls New Member Guide & Litton Success Join Date: Jan 2008 Location: New Jersey Posts: 1,090 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? Hi Phinancer welcome to our forum: I wanted to stop in and say hello. SHortly someone will be reaching out to you with some advice/suggestions. In the interim please hang in there. __________________ Lynn Successful thanks to this forum Loan Safe Guide

08-18-2008, 11:59 AM	#3 (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: Wanna hear a tale of a 700K San Diego Mistake? Hi Phinancer, Welcome to the forum and thank you for joining................. It sounds like you might have another opportunity for a short payoff with Homeq and you would be ahead of the curve because they are already willing to work with you on that.................what you would need to do is to just sit tight until October 1st, so not much longer, and see if the new FHA program could assist you................. Here is the info............ FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS Please keep us updated 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.

08-18-2008, 02:06 PM	#4 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? Thanks for the reply. I read the fact sheet and I think that i'm SOL. I own a second home and it looks as if that is a deal breaker. I'm trying to re-work my loan because my ex-fiancee bailed and left me with the mortgage I am putting together tax returns, pay stubs and bank statements (along with a hardship letter) and will be faxing it over to HomEq today. Not sure if it matters, but after reading your forum, more specifically the NY Times story about CountryWide and Mr. Bailey, I felt empowered to write my District Representative in Congress. Essentially, I re-worked my hardship letter, explaining that I love my house and my neighborhood and that I don't want to become another statistic. Does anyone have any experience with a successful loan modification, With HomEq or otherwise? Is it the rate that they help to adjust? Do they adjust the first and second?

08-18-2008, 02:18 PM	#5 (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: Wanna hear a tale of a 700K San Diego Mistake? Hi Phinancer...good luck with your process!! (I can relate to the ex bailing...believe it or not, 12 years ago I had the house almost paid off, but had to re-finance to give her "her share" of the house , even though she never paid a dime towards any bills or mortgage-her name was on it too.) I found loansafe by googling "hardship letter" myself. Follow *, Moes and Andrews advice and hopefully things will take a turn for the better! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.**

08-18-2008, 02:20 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: Wanna hear a tale of a 700K San Diego Mistake? We have homeq success stories...........but the issue that you might run into is that you have a 6.75% fixed rate..........so they might not be able to work that..........but it won't hurt to try............. Send your hardship letter in the body of an email along with your loan number and contact info to each of the addresses below..........also use the contact number below to get started on trying to modify.......... HomeQ Loss Mitigation PH 1-877-867-7378 Fax 1-866-577-1227 __________________ 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.

08-18-2008, 02:28 PM	#7 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? Ok, sounds good. I will get those emails out immediately. Although I have a good rate, the loan was underwritten based on the incomes of two people. That I alone am servicing the mortgage is not their fault, however it is my reality. If I were to default, they would take a bath on my property. It's in Downtown San Diego in a mid-rise. With the amount of standing inventory, short-sales and bank owned foreclosures in that area, hopefully they will try to negotiate. My thoughts are: I'm responsible and willing to stay put, but are they willing to be flexible in any way? Albeit the rate is low(er), having to cash flow that payment each month by myself is killing me. Thanks again. I'll keep you posted.

08-25-2008, 03:18 PM	#8 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? ***: I have so much to write, but so little time today. I wanted to write about my experience with HomEq in Sacramento. If you recall, I bought a mid-rise condo with my ex-fiancee. She bailed almost as soon as we closed on the house and I was/am stuck with the payments. The purchase price was $700K and the values have surely dropped down into the 400s. The condo is in the heart of the Downtown San Diego condo implosion. After reading your forum, I mustered the courage and called HomEq. Next step was to fill out the Hardship Packet and write a Hardship Letter. I completed both with a sense of urgency like no other. HomEq received the paperwork and called me to chat within two weeks of receipt of my packet. Today, I received the Loan Modification documents. They re-set my interest rate to 5% on the first and .05% on the 2nd. The loan mods are good for five years and there is no penalty if I can sell/re-finance the house within the alloted time. If I have done nothing during the 5 year period to change my mortgage situation, the loan will re-set to the original rates of 6.78% and 9.1%, respectively. Per the Loan Mod cover sheet, I have ten days to sign, get my ex to sign, and mail it to them before the offer expires. Needless to say, I am going through with it. I read it over and it's Kosher. It lowers my payment $1600/month. Isn't that amazing? I just wanted to tell everyone my story and let them know that lenders/servicers are willing to play ball. One very important lesson that I've learned is that the lender/servicer will bend and tweak the figures and numbers on your income statement so as long as you can demonstrate sufficient income. I can't comment on the exact percentages of debt to income that they set as their ceiling/threshhold, but I showed them that I was short approximately $2000/month and they still proceeded. In the meantime, I have sold my car ($1K/month) and have minimized expenses to curtail spending. I figure that I owe my lender/myself that much.

08-25-2008, 03:36 PM	#9 (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: Wanna hear a tale of a 700K San Diego Mistake? phinancer, That is great news........I am so happy for you!!!!..............I told you that it wouldn't hurt to try.........and it is the investor on your loan that was willing to work on it........some don't have that opportunity because the investor is not open to giving options..........it isn't up to the servicer/lender.......so I am happy that your investor was able to work with you.............. As far as the financials go..........that is why I am always telling members to call in and go over their financials with the servicers.........because........if you can show that you can pay.........they will work on the numbers with you....certain times there are things that you wouldn't have to show....... Now go get your ex to sign on the dotted line and send those bad boyz off.... __________________ 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.

08-25-2008, 05:10 PM	#10 (permalink)
schwefls New Member Guide & Litton Success Join Date: Jan 2008 Location: New Jersey Posts: 1,090 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? phinancer congratulations, kudos to you, party hardy, you deserve it. __________________ Lynn Successful thanks to this forum Loan Safe Guide

10-23-2008, 10:31 AM	#11 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Principal Modification With much help from Loan Safe, I was successful in getting a modification on my home loan, which is serviced by HomEq in Sacramento. I believe US Bank is the investor. The home loan is for my condo (owner occupied) in Downtown San Diego, CA. I had purchased the property in October 2005 for $710,000. The property has depreciated like crazy and is currently "worth" less than half of the original purchase price. My question to the forum is, do you think it wise for me to contact the investor through certified mail and ask them for a principal reduction? I'm no real estate expert, but I imagine that it will be years before my condo rises back up to the original sale price. By that time, I will have already paid for the property in interest payments to the lender. I guess I am curious about whether or not anyone has success with lenders regarding a principal modification. I have never made a payment late and was helped considerably by HomEq while my loan was current. (I hate hearing how mortgage companies will not help people until their loan is past due) Thanks again for all of your help

10-23-2008, 11:15 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: Wanna hear a tale of a 700K San Diego Mistake? You would just need to ask the servicer if the investor is doing principle reductions..........I am not sure if you send something to the investor directly if they will even look at it.............they might send it back to the servicer...........but it doesn't hurt to try......... __________________ 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.

10-23-2008, 11:27 AM	#13 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? Thanks for the reply. I am curious if anyone has had luck with principal modifications. Did you happen to move my post? I couldn't find it online... Thanks,

10-23-2008, 11:36 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: Wanna hear a tale of a 700K San Diego Mistake? We have seen some principle reductions on seconds so far........... the post is here with the original story........... __________________ 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.

03-05-2009, 11:57 AM	#15 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	HomEq Hello everyone: I have a condo in Downtown San Diego that has severely dropped in value. My mortgage is through HomEq and the investor is US Bank. My issue is that the loan was underwritten based off the income and guarantees of me and my fiancee. She has left me and has taken no responsibility for the mortgage, leaving me alone to cash flow the payment. The purchase price was $700K and the condo now is worth approximately half. At the end of this month I'll be 90 days past due. I've owned the house for 3 years and have never made a late payment until my world collapsed in January 2009. I've tried to write to HomEq, but they have ignored my requests. Last year they modified my mortgage, but since I was delinquent with my property taxes, my payment actually went up. HomEq collections states that they cannot help me since their policy is to only modify a mortgage once during the life of the loan. I don't want to walk away from the house. I simply want some assistance. Since the mortgages are not owned by Fannie/Freddie, I can't get help from the government's new plan. I would like to hire an attorney to aid me, but am wary of sharks just looking to make a buck. Any help is appreciated.

03-05-2009, 01:23 PM	#16 (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: Wanna hear a tale of a 700K San Diego Mistake? Hi there phinancer, Here on the forum we have checked the credentials and authorized the services of the attorneys on the home page.........here is the link if you would like to have a free consultation with them to go over the scenario of what you have been through with Homeq thus far and see if they can help. Loan Modification Service \| Home Mortgage \| Protect Your Home & Mortgage With Loan Safe or you can look on the California Bar Association website under lawyer referrals................. or go to National Association of Consumer Advocates â€“ Consumer Protection Advocates and Attorneys __________________ 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.

03-05-2009, 02:24 PM	#17 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? Thank you.

03-05-2009, 02:29 PM	#18 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wanna hear a tale of a 700K San Diego Mistake? ***: Have many people on this forum had a positive experience with Fransen and Molinaro? Thanks,

03-05-2009, 03:23 PM	#19 (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: Wanna hear a tale of a 700K San Diego Mistake? there are not many on this forum that use outside sources because it is more of a "do it yourself" forum........... Fransen and Molinaro are new to the forum..............but not to litigation......and you can look them up on the California Bar Association............which is the nice thing about attorneys.........you can check their license background. __________________ 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.

03-09-2009, 11:39 AM	#20 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	The Law Offices of Fransen & Molinaro I just wanted to let everyone know that I am going to work with The Law Offices of Fransen and Molinaro for a potential loan modification. I have already received a modification from the lender, but due to back property taxes, my new payment was higher than the original one. I feel like I've gotten as far as I could on my own. The fee that the firm is charging is $3995-no small fee, to be sure. Has anyone had a good experience working with them? If so, I'd love to hear a little about your success story. Thank you,

03-09-2009, 12:00 PM	#21 (permalink)
Audrey&GunnersMama Senior Member Join Date: Feb 2009 Location: Florida Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: The Law Offices of Fransen & Molinaro before you pay that up-front fee you may want to call the lender to see if you're even eligible for another modification. Regardless of who calls them, if you've already had too many modifications, it won't change anything. Good luck~ __________________ Busy Busy mom of 2 Under 2! My Princess and My Preemie Prince and Exec. Response Associate for WaMu, Now Chase

03-09-2009, 12:07 PM	#22 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: The Law Offices of Fransen & Molinaro Thank you for the advice. I have called the servicer, HomEq, but not the lender/investor who is US Bank. They themselves aren't too sure about their own policy. I've heard two conflicting stories, one was that they offer one modification a year. Another rep from HomEq said one modification for the life of the loan. Either way, there position doesn't seem too smart. My loan is for $700K. The property is worth $200K on a good day. I've paid on time for the last 3.5 years, but have hit a wall due the my personal finances. Does it seem logical to believe that their law firm will have a greater shot at success than I?

03-23-2009, 05:07 PM	#23 (permalink)
Nathan Fransen Esq. California Attorney Join Date: Mar 2009 Location: Southern California Posts: 73 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: The Law Offices of Fransen & Molinaro phinancer, My name is Nathan Fransen, one of the partners in Fransen and Molinaro. I just wanted to give you my 2 cents at this point. Many lenders restrict you to 1 loan mod per year, some allow 1 loan for every 6 months. This may be a factor in your potential for a loan mod. My suggestion before you hire my firm, or any firm, is to discuss with the attorney what they can do for you beyond the loan mod. You may have other needs based on your particular situation that warrants legal services regardless of the loan mod outcome. I do agree with the other post that contacting your lender first is a good idea, and may save you money. Sometimes the best thing an attorney can tell you, is that you don't need to hire one... This post is not intended to provide legal advise to anyone in particular. The comments are general in nature and should not be interpreted as creating an attorney-client relationship. __________________ Nathan Fransen Attorney Fransen & Molinaro Law Firm (951) 520-9684 www.loanlaw.net Disclaimer: The comments by me are for informational purposes only and not for the purpose of providing legal advice. NO ATTORNEY-CLIENT RELATIONSHIP IS CREATED. You should contact your attorney to obtain advice with respect to any particular issue or problem.

03-23-2009, 05:26 PM	#24 (permalink)
phinancer Member Join Date: Aug 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: The Law Offices of Fransen & Molinaro Thank you for your input. I had sent all of my paperwork to one of your salesfolks, Frank Contreras. I told him the details of my current situation and he then checked with some department that said that they couldn't help. It's a tough situation for me. My fiancee left me and I am stuck with the mortgage. The loan was supposedly based on the income of two people, but now I alone am left to service it. The rub is that I can afford to stay in the house, but at current values, and not at the original sales price. The modification that HomEq offered me was the best that they could offer at the time. Much has changed since then, as that was last August. The values have gone down so dramatically for condos in Downtown San Diego. I certainly can understand why HomEq is maintaining there position, but it just doesn't seem logical. If I default, they lose it all. If I default, I walk away unscathed. The fact is that I can rent the units around me for 20% of what my mortgage payment is... I recently talked with HomEq and they said that even if I retained counsel, they would not budge on their stance. They said that they have already modified the loan and that is all they can do. The mortgage is owned by US Bank, but serviced by HomEq. I have a hard time believing that a bank like USB would not want to help safeguard a $700K investment. If you think that there is something that you can do, please let me know. I'm not sure what they're going to do, but the loan is currently 90 days delinquent. Funny, I've managed to make every payment on time for over 3.5 years and now look at the situation I'm in.... Too bad.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode