Foreclosure

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Managing Prime

2802 Posts

Posted - 05/21/2008 : 11:02:58 AM

Feel kind of dumb asking, but anything less than A Paper Slam Dunk is not my thing and I just don't know anymore.

Have a retired police officer in VA that had a stroke... ran up some medical bills and is now in foreclosure. LTV is less than 50% and DTI is low as well.

Need a lender or someone that can do loan mod.

HELP!

Carpet Muncher

1385 Posts

Posted - 05/21/2008 : 11:08:45 AM

Never feel dumb about asking a question. We are here to help you and to hopefully help this customer. Has the customer contacted his servicer for a possible modification? If so, what was the end result of this conversation?

Managing Prime

2802 Posts

Posted - 05/21/2008 : 11:12:09 AM

Don't think so. Not my client. I just had my TM's get the lead for one of my friends and I reviewed the file. Want to help the guy out.

Managing Prime

2802 Posts

Posted - 05/21/2008 : 11:36:25 AM

Anyone?

kalee3415

193 Posts

Posted - 05/21/2008 : 11:53:46 AM

I would say someone (him if possible) should just get in touch with the servicer's loss mitigation dept.

A girl at work had not paid since January (FHA loan), went into FC, they would only accept a lump sum to get her out of it. She took money out of her 401k, called them to find out where to send it. GMAC told her that her loan had just been modified. She was to just pay $550 on June 1st to cover her missed payments (payments were $740). Then her new payment would be $700 per month after.

Have heard similar stories of them automatically being modified or the borrower calling and getting them modified with minimal effort.

I am sure all servicers are different, but with his situation they would probably be willing to work with him. That is why I am skeptical of loss mitigation services. In many cases the borrower could do it themselves.

Cliff_Auerswald

450 Posts

Posted - 05/22/2008 : 08:19:44 AM

If this borrower is 62 or older call me right away, I can close a Reverse Mortgage for him immediately paying off his mortgage in default, retains 100% homeownership and never makes a payment for the life of his RM.

If he is not yet 62 I would have him call his servicing company and plead for a loan mod.

best of luck and I agree, there is no dumb question execpt for this one... How can there be self-help “groups”?

Mtown

107 Posts

Posted - 05/22/2008 : 09:23:48 AM

sent you an email.

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