I took a Short Sale class yesterday and found out some excellent information to help people who are struggling to pay their mortgage. There is a little-known gov't program called the Housing Stabilization Plan. For details, go to http://makinghomeaffordable.gov There are different ways to get help...they will lower the interest rate to as low as 2% so you can stay in your house, or accept lower payments as long as you pay the new negotiated payment on time every month, or give three months forebearance to give you time to catch up, with your regular payment resuming on month four. I've already helped two people who had no idea this existed. If the mortgage company turns you down, you tell them that from your understanding they HAVE to work with you on this, and you will be filing a grievance against them with HUD and whitehouse.gov.
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If Anyone Is Having Trouble Paying Their Mortgage...Read This!
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CATWOMAN - Thank you for this information - we are still struggling with our mortgage and I will bookmark this info so I can show it to my husband tomorrow after work. Our mortgage company turned us down and are constantly calling and then saying "we still want to help you" but when we say "really? then why did you refuse to?" they don't know what to say. Hopefully this will help us. Right now we are behind for July only.
Posted 2 years ago by KarenCentennial #
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Karen, make sure you call the mortgage company and ask for the Loss Mitigation Department. Don't bother with Customer Service or Collections. You will have to show persistence to get to the right department, because they normally don't get involved until you are 90 days delinquent. They are the ones with the power to make the decision. There is a new reward program for loss mitigators where they get a VERY nice gov't bonus in their paycheck for every mortgage they are able to work out. I think they will now be eager to work with you! Good luck. Feel free to email me if you have any questions.
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SM, I'm not sure how it would be different circumstances for a VA loan, but you will absolutely not have to lay out thousands of dollars. Contact a FREE counselor at HUD for the answer.
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It is amazing how the current administration has all this money to help out the strapped home owners but the banks do not want the home owners to get the help they need. I was watching HGTV and they have a show for house virgins (first time buyers) and a young woman was looking at foreclosure properties. The realtor who is the host of the show, explained how banks really don't want you to go into foreclosure. If that was true, then why are they making it so hard on people to re-negotiate their loans.
This is great that you found this out, CW! What a good person you are to take the time to take a class and be informed! I hope it helps those in need.
Posted 2 years ago by SylMiaFelixMomma #
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Thank you CW. We have never been late on a payment and have always paid more. We did that on purpose and bought a smaller home because we didn't want to lose the home we were preparing to create. It just is frustrating hearing everyone lowering their interest rate and we are told we will have to have 10% of the value of our home to change the interest rate.
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Countrywide does not help anybody---I spoke to several people in the Loss Mitigation dept about lowering my interest rate, no one would help me.
Posted 2 years ago by Sheba's Mom in Phoenix, AZ 10/8 #
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I just refinanced my mortgage! I used to have 30 yrs at 6.625% now I have 15 yrs at 4.75%. I am thrilled and all I did was walk into their office and told them what I wanted to do. It took about two weeks two sign the paperwork. All closing costs were incorporated into the loan and I even got some back in the form of a check - $258.53!!!
Posted 2 years ago by Jadete in TN #
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Congrats, Jadete! That sucks Sheba's Mom. This is something that you might want to email President Obama about or even your local congressperson. They need to be more aware of how these financial institutions (who are crooks in my book) are not helping people even though they are being given stimulus money to help people with these kinds of situations. As was suggested by Catwoman, you need to inform them of this: "If the mortgage company turns you down, you tell them that from your understanding they HAVE to work with you on this, and you will be filing a grievance against them with HUD and whitehouse.gov ." Check out the link that CW provided. Maybe someone can help through that way. Good luck and sending some prayers that it all works out for you.
Posted 2 years ago by SylMiaFelixMomma #
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Sheba's mom...PLEASE follow the link posted above. They HAVE to help you. Tell them you are filing a grievance with HUD, the White House, the Attorney General, and you are calling the media to tell your story if they do not help. Make sure it is Loss Mitigation and NOT Customer Service.
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.... sadly, Countrywide is one of the WORST... as a realtor in Fla. our short sale market is so clogged, mostly because the lenders just aren't doing anything!... they just sit on these files.... and yes, Countrywide is very difficult to get to take any kind of action, or concession, however, as CW said THEY HAVE to help you..... it's just getting them off their A$$..!! Best of luck!
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I already filed a formal complaint with every agency I could think of. However, it's too late for me now--they have done the nasty deed. And yes, I did talk to loss mitigation---they were calling ME---all they did for me was roll my back payments into the same high-interest loan---payments still too high to be affordable. I asked more than one person to lower my rate to 6%--they kept saying no.
Posted 2 years ago by Sheba's Mom in Phoenix, AZ 10/8 #
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