Is Foreclosure for You?

Redumber is on acid .never in my life have I heard such nonsense.This seems to be more complex than Redumber can explain in his rambling thoughts.This is moron #1

Loan modification accomplishes the same objectives as a refinance without going through the painstaking approval process. I too live in AZ and used a group in Tempe called US Loan Modification. They saved my home, they may be able to ehlp you. Call 800-437-2185 or go to www.us-loan-modification.com to learn more.

Is loan modification the same as refinance. If you live in Arizona and you do a loan modification or do short sale and if the house is a purchase money mortgage, do you lose the anti deficiency judgment in Arizona if you do short sale or do loan modification?

Thanks, Faith

After faling to get a loan modification on my own, I thought of walking away from my home. Then a friend recommended the loss mitigation experts of MIZNA ( loanmod.com ). I sent them an email and a rep called me the next day. They took me on as a client after completing a free evaluation of my situation to see if I was a good candidat for a loan mod. Once I was accepted as a client, they worked my case with my lender and got me results. Within 45 days, I had my house back and was given a fixed rate on my mortgage. I finally have a payment I can afford. My family owes everything we have to MIZNA. Those people are the best! Avoid foreclosure by getting professional help---check them out at www.loanmod.com .

I hear this question all the time regarding foreclosures and providing assistance. "Whats the difference between using a HUD counselor and independent company such as these "Stop foreclosures" firms" ? Bottom line , FHA is gvoernement sponspred and a great place to start. See thier web site. It's companies like borrowerhotline.com that employ professional secondary mortgage market underwriters and complaince officers who are trained to spot technical errors in underwriting policy and procedures. All reports are sent to counsel and the Department of Housing and Urban Development. Negotiating a workout from a position of economic hardhip is somthing most folks can and should do on there own! But to argue fro a position of being damaged under HUD defeinition for predatory lending is somthing that requires a specialist. Maher Soliman, Managing Director borrowerhotline.com / / Newsweek "our best source" for information to keep us up to date with Washington and the nations foreclosure epedemic.

Yet another casualty of the housing market here. I thought for sure I would have seen this coming. Now I'm just CHASE-ing my tail, so to speak!

I lost my job in May of 2007. After 6 months without any prospect of finding employment, our savings were near tapped. I was discouraged, under pressure and felt like it was only a matter of time before we were going to lose our home. Fortunately for us, God came through and my wife was able to secure employment here in town. We would now be able to start catching up on our mortgage payments!

We found out that Chase has a (barely mentioned) 'homeowners-assistance' program. It was set up to provide relief to purchasers under a new federal program and is supposed to help people like us who are having trouble making their mortgage payments. Luckily we heard about it ourselves because it certainly wasn't mentioned at all by our lender.

So in January of this year we contacted Chase and informed them that we needed to speak with someone in the 'homeowner-assistance' program. That was more than 4 weeks ago. Both my wife and I have placed calls and left messages for the 'homeowners-assistance' department. Time and time again we were told someone would contact us. It still hasn't happened.

We were fiscally conservative in our attempt to purchase a home which meant we did not attempt to purchase above our means. There was no intention on our part of 'flipping' the home like many others did. We didn't take an adjustable rate mortgage, we relied on an 'appraisal' and felt comfortable that the builders financing and closing company would streamline the process, save us money and in the end would protect us from overpaying for a new home - wrong!


BOTTOM LINE:


*A piece of legislation created by the federal government that was supposed to help folks like us who are at risk of losing their homes does absolutely nothing for me and my family because we didn't purchase our home on an adjustable rate mortgage.

*The representatives from Chase's homeowners (un)assistance have yet to get back in touch with us and it's been well over a month since we first initiated contact with them.

*Our clock is ticking and we are now further behind on our payments. How is it that in this day and age a company like Chase has no desire to call this homeowner to try and figure out a solution. I care about repaying my debt and I am not interested in walking away from my obligation. So what's the deal here?

I wonder how many other homeowners are waiting to hear back while they slip further behind on payments? Oh well, I'm sure they'll be able to write off the loss but our family is certainly going to have a tough time trying to even rent a place with a foreclosure on our credit history.

Thanks for all your help Chase... way to go!

Sincerely,


T A Webster
Unsatisfied Customer
Central FL
twebster321@hotmail.com

Yet another casualty of the housing market here. I thought for sure I would have seen this coming. Now I'm just CHASE-ing my tail, so to speak!

I lost my job in May of 2007. After 6 months without any prospect of finding employment, our savings were near tapped. I was discouraged, under pressure and felt like it was only a matter of time before we were going to lose our home. Fortunately for us, God came through and my wife was able to secure employment here in town. We would now be able to start catching up on our mortgage payments!

We found out that Chase has a (barely mentioned) 'homeowners-assistance' program. It was set up to provide relief to purchasers under a new federal program and is supposed to help people like us who are having trouble making their mortgage payments. Luckily we heard about it ourselves because it certainly wasn't mentioned at all by our lender.

So in January of this year we contacted Chase and informed them that we needed to speak with someone in the 'homeowner-assistance' program. That was more than 4 weeks ago. Both my wife and I have placed calls and left messages for the 'homeowners-assistance' department. Time and time again we were told someone would contact us. It still hasn't happened.

We were fiscally conservative in our attempt to purchase a home which meant we did not attempt to purchase above our means. There was no intention on our part of 'flipping' the home like many others did. We didn't take an adjustable rate mortgage, we relied on an 'appraisal' and felt comfortable that the builders financing and closing company would streamline the process, save us money and in the end would protect us from overpaying for a new home - wrong!


BOTTOM LINE:


*A piece of legislation created by the federal government that was supposed to help folks like us who are at risk of losing their homes does absolutely nothing for me and my family because we didn't purchase our home on an adjustable rate mortgage.

*The representatives from Chase's homeowners (un)assistance have yet to get back in touch with us and it's been well over a month since we first initiated contact with them.

*Our clock is ticking and we are now further behind on our payments. How is it that in this day and age a company like Chase has no desire to call this homeowner to try and figure out a solution. I care about repaying my debt and I am not interested in walking away from my obligation. So what's the deal here?

I wonder how many other homeowners are waiting to hear back while they slip further behind on payments? Oh well, I'm sure they'll be able to write off the loss but our family is certainly going to have a tough time trying to even rent a place with a foreclosure on our credit history.

Thanks for all your help Chase... way to go!

Sincerely,


T A Webster
Unsatisfied Customer
Central FL
twebster321@hotmail.com

I have a neg am mortgage which is adding $2100 a month to my loan balance. I pay $3900 every month but I still have this large negative going on. I also pay $930 a month on property taxes and $90 a month HOA. So I am paying about $5000 a month and still going nagative by the $2100 a month, i cannot refi becuase the home has dropped by $$450,000 and is worht less than my loans. What should I do? Carry on and have an even larger balance each month or ? I could rent this home for $3200, but that would not help anything.
Any advice? And yes I know we were foolish taking this type of loan but we didn't expect the house to drop 40%. Also my business has suffered lately and I am only earning about half my usual pay.

While I sympathize with Hyacinth's dilemma, I'm not sure I would feel so hopeless about her ability to survive without foreclosing on her house. As someone who's lived off of very little, at times, I had a few suggestions.

First, she has a two-bed, two bath place. Why not a roommate? Surely the potential inconvenience of a roommate would be more than offset by the financial upsides of such a situation. A roommate could pay half the utilities as well as rent, and they may be willing to share grocery costs and the two of them could shop in bulk. Plus, if she finds the right roommate, she has an invaluable source of companionship and emotional support.

My other question is what else is she spending her money on? There are ways to live cheaply and well, ways that may not be for everyone but could definitely help out. Eating at home instead of eating out, cutting out the cable or other superfluous bills, driving less and walking more, switching to state-minimum car insurance rather than full coverage, making your own coffee instead of going to starbucks...there are a hundred ways to cut costs.

While it may not seem like much, that scrimping and saving won't make ends meet when you've got 1700 dollar mortgage payments, remember--that five dollar meal at McDonalds could buy two pounds of ground beef for a half-dozen hamburgers, or ten pounds of potatoes for gallons of soup. Those DVDs and books you no longer want can be sold to a place like Half-Price Books for a few extra dollars to pay your cellphone bill. The jewelry and fine clothing you no longer need can be sold to a consignment store. Sell your car, and use the money for either a cheaper car or public transportation. The odds and ends that everyone has that they no longer need, can be sold on eBay. There are food banks, coupons, discount programs, payment arrangements. There are second jobs, or freelancing from home. There's friends who would be willing to have you for dinner in exchange for babysitting.

There's always a way. In my deepest, darkest hour, there's always been a way.

Learn more about investing by visiting investmentsforme.com

I feel sorry for any one who lost a home due to unforeseen circumstances. However, we all know you shouldn???t buy something you can not afford. Yes, O???Meally was approved on a higher income but she knew after accepting a job with a lower income she could not afford the home any longer. Her decision to try to continue paying with a lower income was not the fault the lender but solely hers. Dipping in and depleting her savings is a sure sign life is only going to get more difficult. The attempt by the lender to keep her rate @ 5% was honorable on their part but still she continued to hold on thinking the non payment of taxes would work them selves out. If you have passed due taxes lenders must protect their interests by paying property taxes.

I work in the mortgage biz and there are defiantly predatory people out there doing business but not enough to cause the ???melt down.??? So many people have tried to jump in and take the ???ride??? but not everyone gets off at the same stop. I see the issues today being caused by sheer ???Greed??? both on the parts of the industry and consumers. Those in the industry will pay with the dissolution of companies and the company???s still standing will see large losses. Consumers will pay for their decisions with the loss of their homes, equity, and life style.

The government should not bail out people who fail to make the proper financial decisions. If you feel they should to this then please help me!!! I lost $5 per share on a stock the other day and I want my money back. Even though I haven???t sold it the value is lower and I can???t get what I paid for it. Now, I could hold out but if I need to sell it I will loose big. I think I will cry fowl because the online broker who put the transaction through know the value could go up or down but failed to protect me when it went down.

Does this sound similar? It???s all pour judgment calls on those who failed to read and understand what they were signing for. If the didn???t understand or afford it you should never should have signed it. Ignorance it not an excuse, it the reason you are were your at in life!!!

I feel sorry for any one who lost a home due to unforeseen circumstances. However, we all know you shouldn???t buy something you can not afford. Yes, O???Meally was approved on a higher income but she knew after accepting a job with a lower income she could not afford the home any longer. Her decision to try to continue paying with a lower income was not the fault the lender but solely hers. Dipping in and depleting her savings is a sure sign life is only going to get more difficult. The attempt by the lender to keep her rate @ 5% was honorable on their part but still she continued to hold on thinking the non payment of taxes would work them selves out. If you have passed due taxes lenders must protect their interests by paying property taxes.

I work in the mortgage biz and there are defiantly predatory people out there doing business but not enough to cause the ???melt down.??? So many people have tried to jump in and take the ???ride??? but not everyone gets off at the same stop. I see the issues today being caused by sheer ???Greed??? both on the parts of the industry and consumers. Those in the industry will pay with the dissolution of companies and the company???s still standing will see large losses. Consumers will pay for their decisions with the loss of their homes, equity, and life style.

The government should not bail out people who fail to make the proper financial decisions. If you feel they should to this then please help me!!! I lost $5 per share on a stock the other day and I want my money back. Even though I haven???t sold it the value is lower and I can???t get what I paid for it. Now, I could hold out but if I need to sell it I will loose big. I think I will cry fowl because the online broker who put the transaction through know the value could go up or down but failed to protect me when it went down.

Does this sound similar? It???s all pour judgment calls on those who failed to read and understand what they were signing for. If the didn???t understand or afford it you should never should have signed it. Ignorance it not an excuse, it the reason you are were your at in life!!

No one is going to help us who can't afford our homes it's either deal with it until they come and get it or walk away. I tried exactly 22 diffrent lenders who promise or quaranteed they could refinace my home and not one could do it. At the time of buying the home have you ever thought we couldn't get a 30 year fixed, just because you rich stuck people can afford what you want who is going top help the little people. So now it's our fault when we lose a job or become serious sick. We are the ones to blame. I just having to get in and out of the hospital and emeregancy rooms are our fault now and should live with it. Dave you need to wake up and smell the coffee now everyone is like you.

I am in the berge of foreclosure. My account has been sent to my lender's attorney. They sent me a letter
for a "Deed in Lieu" which is to give them the key to the house. My problem is I have a second on the home.
What will happen If I sign the deed in lieu to the bank. What recourse does my second lender can do against
me? Could you please help me find out the answer? Do I sign the deed to my first lender? Please help