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Death Rattles
- Thread starter BleedingOut
- Start date
SHELLY
SoWal Insider
Bleeding Out,
I don't know if this will help you or not, but I'll just throw this out...there is a site called "Iamfacingforeclosure.com" that has a forum where folks discuss their problems refinancing/modifying mortgages. The site is hosted by a couple of guys who give the people guidance on how to approach the mortgage companies for refi's or modificiations.
Here is a link to the forum: Stop Foreclosure and Tell Us Your Story - Loan Modification Forum - Loan Safe
I'm not saying that the hosts of this site are on the up & up although they do seem very sincere and certainly take a lot of time counseling and consoling these folks who have found themselves in a jam.
As always, I would caution you to be very careful about how you approach any folks who are willing to "help" you out--but maybe if you read some of the stories, advice and feedback it may help get you going in the right direction. In the very least, you'll find out that you're not alone in dealing with these mortgage problems.
Good luck.
Shel.
I don't know if this will help you or not, but I'll just throw this out...there is a site called "Iamfacingforeclosure.com" that has a forum where folks discuss their problems refinancing/modifying mortgages. The site is hosted by a couple of guys who give the people guidance on how to approach the mortgage companies for refi's or modificiations.
Here is a link to the forum: Stop Foreclosure and Tell Us Your Story - Loan Modification Forum - Loan Safe
I'm not saying that the hosts of this site are on the up & up although they do seem very sincere and certainly take a lot of time counseling and consoling these folks who have found themselves in a jam.
As always, I would caution you to be very careful about how you approach any folks who are willing to "help" you out--but maybe if you read some of the stories, advice and feedback it may help get you going in the right direction. In the very least, you'll find out that you're not alone in dealing with these mortgage problems.
Good luck.
Shel.
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Ah, Iamfacingforeclosure.com - Shelly's old friend Casey's past site. He sold that site to those guys some months ago.
Last night on ABC News, they did a story on someone who had a 9% arm that had adjusted all the way up to 14%. Primary residence, both adults worked, etc. I know they did 100% financing when they purchased. They had written their lender to try to work something out and weren't getting any response. ABC made a call and viola - 7.6% 30 year fixed.
It sounds like having a 3rd party helping, any third party (I know we all can't have ABC News going to bat for us), might get the ball rolling, especially if you communicate to your lender that you want to pay and not walk away.
Last night on ABC News, they did a story on someone who had a 9% arm that had adjusted all the way up to 14%. Primary residence, both adults worked, etc. I know they did 100% financing when they purchased. They had written their lender to try to work something out and weren't getting any response. ABC made a call and viola - 7.6% 30 year fixed.
It sounds like having a 3rd party helping, any third party (I know we all can't have ABC News going to bat for us), might get the ball rolling, especially if you communicate to your lender that you want to pay and not walk away.
Try this: http://www.housinghelpnow.org/
Chickpea
Beach Fanatic
Hi BB,
Well my heart does bleed for you and I hope you can find a suitable way to address your very real concerns.
My simple, simplistic piece of advice would be as follows:
If you and your wife are both working 60 hours a week you obviously are hard working and principled (at least that is my take) - do all you can to lower your % interest (11.5 is absurd and bank should be ashamed!), try stick it out for the next 1-2 years and hopefully by then you may be able to recoup some of your investment and avoid the F word.
I do not have a crystal ball but I fervently believe in this area and its inherent beauty, desirability and long term economic prospects. In the meantime, if you have the heart, try some sweat equity and do all you can to make your property stand out, become more desirable and beautiful!
Good luck.
Well my heart does bleed for you and I hope you can find a suitable way to address your very real concerns.
My simple, simplistic piece of advice would be as follows:
If you and your wife are both working 60 hours a week you obviously are hard working and principled (at least that is my take) - do all you can to lower your % interest (11.5 is absurd and bank should be ashamed!), try stick it out for the next 1-2 years and hopefully by then you may be able to recoup some of your investment and avoid the F word.
I do not have a crystal ball but I fervently believe in this area and its inherent beauty, desirability and long term economic prospects. In the meantime, if you have the heart, try some sweat equity and do all you can to make your property stand out, become more desirable and beautiful!
Good luck.
BeachKing
Beach Lover
As a follow up,
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=aPSScH5rRBLM
If you can , ask your loan officer , again, to modify the loan. If your really that far upside down, then they to will not want the property.
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=aPSScH5rRBLM
If you can , ask your loan officer , again, to modify the loan. If your really that far upside down, then they to will not want the property.
Rambunkscious
Beach Lover
Bleeding Out: Check out this webpage, it has your name written all over it:
http://www.youwalkaway.com
or call 1-877-878-9255
looks very promising for you, good luck.
http://www.youwalkaway.com
or call 1-877-878-9255
looks very promising for you, good luck.
dunelover
Beach Fanatic
That was the company discussed on nightline last night. The show mentiond that this company was just formed Jan. 1st. The scenario they discussed did sound quite like the one described by bleeding out.
SHELLY
SoWal Insider
The "You Walk Away" plan is getting lots of chatter on the Economic message boards too. Here's an excerpt:
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I spoke with John Maddux a "senior advocate" with You Walk Away (YWA) about the business. As one might expect it is booming. For $995 one receives a half hour of legal counsel where individual strategies are mapped out and all the laws pertaining to recourse vs. non-recourse loans as well as judicial procedures are explained to the customer. YWA also files the necessary legal papers to stop mortgage companies from calling and informs you immediately of how many days you will be able to stay in the house for free. Should the lender take longer to process the documents, YWA will keep you informed of any extra time.
With the amount of money at stake, the fee seems reasonable for the services provided.
Maddux informed me that YWA is currently operating in the state of California only, but Nevada and Florida will soon be coming online. Eventually they expect to be nationwide.
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Not sure how programs like with will impact lenders' ability to package and sell mortgages off to investors going forward....my guess--it won't be pretty.
But hey, with the government flushing the tax liability of a foreclosure...."Now is a great time to Walk Away."
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