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mtel
379 Posts |
 Posted - 03/26/2008 : 08:56:40 AM
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I'm just wondering if anyone has run across other options for neogtiating borrowers out of these ARM rates? I've been directing people to project HOPE (www.995hope.com) with just about zero success. I'm just looking for more options besides, short sale, BK, foreclosure, deed in lieu.
Has anybody had any other successful options for helping those that don't qualify for FHA or FHASecure?
This is for borrowers with the typical problems (DTI, LTV, credit sccores, impending adjustment date).
I'm not even worried about profiting. Just want to give them an option I might not know about.
Thanks much. |
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EMScommercial
3518 Posts |
Posted - 03/26/2008 : 11:06:12 AM
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| Never heard of any such service |
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ppulatie
1799 Posts |
Posted - 03/26/2008 : 11:12:38 AM
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Chris,
Legal action for TILA violations on adjustables. Then when the lender settles with short payoff and an agreement to report as paid as agreed for the purpose of refinancing.
It is working for my clients with my lawyer. Though people hate me taking that route.
Meeting with three people this week just for that.
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mtel
379 Posts |
Posted - 03/26/2008 : 2:20:44 PM
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Litigation might be an option. That would take money, which some will have, some won't.
Any other options out there for those without extra capital on hand? |
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Xpatriot
283 Posts |
Posted - 03/26/2008 : 2:52:42 PM
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| before litigation there is always loan modification with the current lender. i have been doing these for borrowers that are at least 2-3 months down. most borrowers can do this on there own by simply calling thier current lender. thus far i have down 5 loan modifications... |
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crankyusi
83 Posts |
Posted - 03/27/2008 : 2:45:26 PM
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quote:
Originally posted by Xpatriot
before litigation there is always loan modification with the current lender. i have been doing these for borrowers that are at least 2-3 months down. most borrowers can do this on there own by simply calling thier current lender. thus far i have down 5 loan modifications...
Would you be kind enough to share some advice how to do this
with the lender? Were these with the prominent lenders? |
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EMScommercial
3518 Posts |
Posted - 03/27/2008 : 3:05:50 PM
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| you know pat... after i hit the submit button i thought that i should have referred them to you.... |
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ppulatie
1799 Posts |
Posted - 03/27/2008 : 3:32:53 PM
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Chris,
You would not believe the one I just picked up. We want to go to court on this. No settling out of court.
The woman must disabled, for mental problems. Unable to understand most things financial. Just barely able to function. She was talked into buying a home, 100% mortgage, $437k. Her monthly income was $826. And she was approved. Her daughters tried to help her with the payments, but it was too much.
Needless to say she is now into foreclosure.
She was referred to me. Unbelievable the things that were wrong. I referred her to the lawyer. We are now writing up the complaint.
Under the law, with her mental diminishment, the loan as a mortgage is null and void. It becomes unsecured debt. She could keep the home. And the lender would have to go after the broker under the indemnificaiton agreement.
Now, this is the one case where punative damages would be expected for this poor woman. Broker fraud, lender fraud, taking advantage of a mentally disabled woman. All in the chain deserve everything they get.
Worst case I have seen yet. |
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mtel
379 Posts |
Posted - 03/27/2008 : 5:08:56 PM
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quote:
Originally posted by Xpatriot
before litigation there is always loan modification with the current lender. i have been doing these for borrowers that are at least 2-3 months down. most borrowers can do this on there own by simply calling thier current lender. thus far i have down 5 loan modifications...
You're right, this is pretty standard once someone's about 3 month's down and I've been using it too. I was trying to find an answer for someone that is still on time but really struggling. I wanted to find a method of negotiating their rate before the damage is done to their credit. I'll keep on searching. |
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