Comments on: last-ditch loan modification efforts http://facesofforeclosure.com/2010/01/last-ditch-loan-modification-efforts/ Bite Back! Sat, 09 Apr 2011 05:04:59 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Laura Morton http://facesofforeclosure.com/2010/01/last-ditch-loan-modification-efforts/comment-page-1/#comment-576 Laura Morton Sat, 05 Jun 2010 04:04:55 +0000 http://facesofforeclosure.com/?p=1921#comment-576 Why stop at just a mortgage modification? If in fact there are TILA violations why not get the mortgage completely rescinded? Presenting the lender with a list of violations gets you to the top of the line and gets you a modification. If there is a re-default do you go back and say you found some more violations? It's crazy. And the lawyers are the only ones making money. Why stop at just a mortgage modification? If in fact there are TILA violations why not get the mortgage completely rescinded?

Presenting the lender with a list of violations gets you to the top of the line and gets you a modification. If there is a re-default do you go back and say you found some more violations?
It’s crazy. And the lawyers are the only ones making money.

]]> By: Paulita Blattner http://facesofforeclosure.com/2010/01/last-ditch-loan-modification-efforts/comment-page-1/#comment-466 Paulita Blattner Mon, 29 Mar 2010 00:34:18 +0000 http://facesofforeclosure.com/?p=1921#comment-466 Though I was planning to get a loan for my medium small business, I had no idea about the cumbersome process that goes into applying for the same and processing all the forms before being considered eligible for the same. Though I was planning to get a loan for my medium small business, I had no idea about the cumbersome process that goes into applying for the same and processing all the forms before being considered eligible for the same.

]]> By: Molley Macauley http://facesofforeclosure.com/2010/01/last-ditch-loan-modification-efforts/comment-page-1/#comment-358 Molley Macauley Sun, 31 Jan 2010 03:36:52 +0000 http://facesofforeclosure.com/?p=1921#comment-358 I live in California and have one of those awful loans. We started off paying $2800/mth and refinanced with money out while the market was booming. Our payments went to $3900 which was a real stretch for us but we hung on with the hopes we would refi to a fixed loan; the bottom fell out of the market before we could. We tried getting the attention of our lenders/servicing, but because we had never missed a payment they told us there was nothing they could do. We hired an attorney in Jan 2009 who suggested a forensic review and we filed suit. Our attorney said it wasn't a strong case but it would buy us time. It has been a year and the offer stands at no change to the second, and the first will be a interest only for 10 years. We end up with a monthly of just about $4000.00/mth. Our atty has encouraged us to take it because the case wasn't that strong. We think it could have been better for us and are now thinking of letting the property go. We are still waiting, we haven't signed anything since the offer was made two months ago. Is there any other recourse or suggestions. On another note we have friends who are moving out of the country. They suggested instead of going through the selling process they could sign over their house to us. Is this possible even though our credit is shot? (My husband and I make approximately $8500k take home but have about $50k in credit card debts but all are current.) I live in California and have one of those awful loans. We started off paying $2800/mth and refinanced with money out while the market was booming.

Our payments went to $3900 which was a real stretch for us but we hung on with the hopes we would refi to a fixed loan; the bottom fell out of the market before we could. We tried getting the attention of our lenders/servicing, but because we had never missed a payment they told us there was nothing they could do.

We hired an attorney in Jan 2009 who suggested a forensic review and we filed suit. Our attorney said it wasn’t a strong case but it would buy us time. It has been a year and the offer stands at no change to the second, and the first will be a interest only for 10 years.

We end up with a monthly of just about $4000.00/mth. Our atty has encouraged us to take it because the case wasn’t that strong. We think it could have been better for us and are now thinking of letting the property go. We are still waiting, we haven’t signed anything since the offer was made two months ago. Is there any other recourse or suggestions.

On another note we have friends who are moving out of the country. They suggested instead of going through the selling process they could sign over their house to us. Is this possible even though our credit is shot? (My husband and I make approximately $8500k take home but have about $50k in credit card debts but all are current.)

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