Reader's Question:
My wife lost her job after 19 years of employment with the same company. We live in La Crescenta and purchased our home in 2007 when market pricing was high. I continue to work and thankfully have a stable job. We must keep our home and have made every attempt to work with the lender. Four months ago, we requested a loan modification and completed all the paperwork. After months of lost sleep and numerous stressful phone calls to the bank, the lender finally responded to us. The result was our loan modification was denied and the file has been closed. Goodbye. We have no other options and we need help badly. We will do anything to keep this special home. It is special to me since my father built it himself in the 1950's and that was the motivating factor for the purchase. My parents are now both deceased and keeping this home is my last hope and memory of them. Christian, please help.
Christians Response:
Timing is everything. On Nov 11th, the FDIC rolled out a new plan to help homeowners. Programs that you requested four months ago may not have existed then but do now depending on what lender you have. Here's an industry insider tip. Lenders are more likely to help you today compared to last month not because they are nice guys but rather a group of greedy parasites.
My wife lost her job after 19 years of employment with the same company. We live in La Crescenta and purchased our home in 2007 when market pricing was high. I continue to work and thankfully have a stable job. We must keep our home and have made every attempt to work with the lender. Four months ago, we requested a loan modification and completed all the paperwork. After months of lost sleep and numerous stressful phone calls to the bank, the lender finally responded to us. The result was our loan modification was denied and the file has been closed. Goodbye. We have no other options and we need help badly. We will do anything to keep this special home. It is special to me since my father built it himself in the 1950's and that was the motivating factor for the purchase. My parents are now both deceased and keeping this home is my last hope and memory of them. Christian, please help.
Christians Response:
Timing is everything. On Nov 11th, the FDIC rolled out a new plan to help homeowners. Programs that you requested four months ago may not have existed then but do now depending on what lender you have. Here's an industry insider tip. Lenders are more likely to help you today compared to last month not because they are nice guys but rather a group of greedy parasites.
Two weeks ago, the government unveiled a new plan that would sweeten the pie. The government has now agreed to pay lenders anywhere between $800 - $1000 per file for every successful and approved loan modification.
Remember one thing, lenders and bank executives are not your friend. They can care less about you. As long as their private jets continue to be fueled and their luxury yachts are ready to sail, you could drop dead and foreclose - it is meaningless to them and frankly a yawn.
Lastly, please know this - 80% of all homeowner requested loan modifications FAIL. There are ways to successfully complete a loan modification and most homeowners are not equipped with that knowledge.
Hire an expert. Make sure the company you select is licensed by the California Dept. of Real Estate or a Licensed Attorney that specializes in lender / loan mod issues. My recommendation in your particular case: Get an aggressive and hungry attorney. My office does not negotiate loan modifications as we focus on short sales, foreclosure prevention, and lender loss mitigation. Get a few recommendations from friends and family. If you have no luck and need assistance, reconnect with us and we will most certainly point you in the right direction and get you into the right hands.
