10 responses to “My mortgage company wont help me?”

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  Leo F March 30th, 2010 at 19:52

  Joan

  Not sure where you came up with mortgage compaines are required to work with you, but there is no such law. How big was the gun they put to your head to make you take one of thoes idiot loans. Why are you trying to blame someone else for your problems, you knew what the interest rate was.

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  Sharon T March 31st, 2010 at 05:03

  Glenda

  You need to speak with a manager at the mortgage company and make arrangements to stall the foreclosure. New laws are in the offing that may well help you.

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  9 daughters April 1st, 2010 at 05:34

  Tommy

  I think you’ve already answered your own question. You owe $140,000 on a home that’s worth $225,000. That means there’s no incentive for the mortgage company to work with you because, even if they have to sell it for $50,000 under value they still come out looking mighty good. The incentive for mortgage companies to cut you a deal is when they’ll lose their shirts if they foreclose.

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  Rico April 3rd, 2010 at 07:34

  Terry

  You need to come up with a better reason than “I got suckered” if you want help. A lot of buyers took those loans and are doing fine.

  Try checking with a counseling agency such as “Acorn” and see if they can help. Hopefully the reason you are behind was because you had some “unforeseen event” such as being laid off, etc.

  Check out these agencies:

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  Jacqueline B April 6th, 2010 at 10:25

  Tamara

  How far behind are you in your payments? Are you in a situation where you could still pay the payments and they’d leave you alone? If it were me I would liquidate absolutely everything I could (furniture, books, electronics, and cut back on everything. But the question you have to ask yourself is if you were caught up could you still keep the house? Can you afford it on the regular basis or would this be a little band aid on a huge gaping wound. So the bigger question is can you afford this place on the regular basis and still have some savings for emergencies? If you can’t, then maybe you need to rethink things and lifestyle choices. My husband and I have cheap cars that we bought cash so we have no car payments. We don’t have cable but watch stuff on the internet instead. We have no credit card payments. And we find free stuff to do. We are so busy we are not suffering because we don’t have extra stuff that other people might. We are bargain hounds and we shop at the local thrift shops for clothes and other stuff. It gives back to community and saves us a ton of money. My daughter, even when she has her own money goes there all the time. She has a bigger selection of jeans than regular stores and teenagers live in jeans mostly anyway. I don’t get anything at a regular store that I can get at the Dollar Tree or a 99cents only store and we eat a ton of homemade vegetarian stuff which is healthier and cheaper and try to never eat out.

  Bottom line, your credit is pretty much toast at this point, right? You need to do crisis management. The most important thing to do is to have a roof over your head, a job, and transportation. If they will let you keep the house if you can catch up do everything in your power to pay what you owe. Sell extra vehicles and share a car with someone. Take a look at everything you own and sell everything possible on craigslist (a good way to make fast cash) or ebay. Be ruthless. If it were me and I had car payments I would take the money from my car payments and buy an old honda because they run forever and are cheap to maintain and get rid of. Good luck.

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  src50 April 8th, 2010 at 15:20

  Greg

  What is the current market value? Can’t you refi?

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  James O April 12th, 2010 at 02:37

  Kimberly

  Dont listen to a bunch of armatures who only give you their best guess. Heres the deal:

  At an 11% in pre-forclosure you have a few options open to you. One is called the Loan Modification Act of 2007. I believe this is the “law” you’re talking about. This bill was passed for this particular reason. You can call and talk to the loss prevention department of your lender. Be prepared to get a huge run around though. You will have to go through costomer service to get to them. It’s the job of customer service to rectify the issue before loss prevention gets involved, so dont take no for an answer. Tell them your situation and explain that you are more than willing to pay the mortgage but the 11% has taken you under. You are shooting for a lower rate with a fixed program. The LMA of 2007 allows the banks to re-write your loan without refinancing. Therefore, you will be in the same loan with the same guidelines but with a lower rate and the late payments erased. You can do this yourself or hire an attorney to do it for you. If you cant find a real estate attorney, call any title company. They are usually owned by RE attorneys.

  The second thing you can do is flat out refinance. This seems like an impossible option at this point but it’s not. I will not help you look into a new loan but I can give you the info and the contacts to some pretty amazing individuals who can. Just email me and I will send that over to you. Anyway.

  The third thing you can do, and I dont know why you havent, is sell the house. Sell it for 150K and be done with it. Again, if you need help with this to avoid the actual foreclosure let me know. I can get you in contact with an agent in any city.

  Remember that the only person who can kick you out is the sherriff only after the judge has said so. If you need a few more months you can appeal the decision of the court. This will only buy you time. Meanwhile, you will not owe on the house beings is foreclosed.

  I can give you all kinds of info but you must email me. There is to much to talk about. I am not selling you anything nor am I offering you any services. I dont do mortgages anymore. Heres my email This is my personal email.
  Good luck!

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  miketomczak2 April 12th, 2010 at 14:48

  Danielle

  I don’t know the answer though it seems like it is what it is. However, the govt is busy with this so maybe there is stuff you can do or will be able to do soon.

  Why I’m writing is to call out Leo F for being a loser. This guy is just asking for assistance, already saying that he made a mistake, and you blame him, obnoxiously, for trying to pin his error on someone else. Here’s a life lesson for ya: dont be an asshole.

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  organizeyourbiz April 13th, 2010 at 08:36

  Darrell

  Sorry since this email will surely get your dander up, but you’re one of the people that actually caused the issue with our economy. Who in their right mind would pay 11% interest on a loan. Like the other poster said, how big was the guy that had the gun pointed to your head…..

  The cause of the problems we’re facing now is people getting over their head in debt without really assessing the issue. And then they live above their ability to pay.

  The last post before mine is correct. The lender does not have to work with you. They could care less; they’re foreclosing because they want their money. The only way to do it is take the house back and get their money back by reselling the house. In today’s market, they’ll be lucky if they get 50-60% of it back. Thus they are going broke.

  You caused this problem. Your options are VERY CLEAR. Contact your lender and tell them you’re either refinancing or selling. Period. Action should have been taken earlier, because you KNEW you couldn’t keep making the payments. The biggest mistake you made was not acting.

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  ☼AstrologerJuliAnne☼ April 14th, 2010 at 03:07

  Alice

  Here is a forum where you can get some ideas and discuss your issues with others who are facing just what you are, and are finding ways to refinance or somehow save their homes. Please check it out, it’s an invaluable resource: