A retiring Chicago city employee had her home loan with CitiMortgage modified to 2 percent on a 40 year amortization and granted a two month payment holiday to rebuild reserves. Her husband has social security and a small pension but She was facing a large drop in pay as her retirement date of June 30, 2009 was fast approaching. She would be receiving a pension at only 40% of her prior pay and she didn’t have enough social security quarters to draw her own benefit. They had never been late on their mortgage so making a case for not being able to afford it might look opportunistic. I was very reluctant to take on this client because 31% of their future combined income was so low that I just couldn’t imagine CitiMortgage coming through for them so I advised that they try to sell the property while I made their plea for Making Home Affordable (MHA) with CitiMortgage. They had listed their home with a local realtor and weren’t able to get any bites even at what they owed so this was a scary situation all the way around. I have only the highest regards for CitiMortgage loss mitigation department because they were willing to work on preventing a train wreck rather than watch idly by. This was a fairly aggressive loan mod application because our client maintained her perfect credit and headed off future problems by contacting us in advance of her drop in pay. See www.illinoismortgagemods.com to read more typical results. Continue reading ‘Verified loan modification results’ »
Posts tagged ‘Mort’
What interest rate should I get with a mortgage modification?
It could be as low as 2% on a 40 year amortization. Your modified payment will depend primarily on your Current Income. Therefore, lower income means lower rates. Interestingly, the traditional risk variables that would ordinarily determine your interest rate when applying for a loan are turned on their head with the Making Home Affordable (MHA) loan modification program. Can you imagine going back a couple years and having a banker say to you, “We could give you a lower rate if you were delinquent or even if you just made less money but it appears that you can afford to pay more than your neighbor so that’s what we are going to charge”. Homeowners that are interested in benefitting from MHA shouldn’t put off applying for the home-equivalent of “Cash-for-Clunkers”. Continue reading ‘What interest rate should I get with a mortgage modification?’ »
A Saint Charles man sued his lender (First Franklin) for improperly trying to foreclose on his second home. First Franklin agreed to a Short-Sale along with debt forgiveness for the $180,000 loss that First Franklin absorbed at closing. The homeowner also walked away with $20,000 at closing that was disclosed in the sales contract and settlement statement to lender, title company and buyer. The entire credit history of the foreclosure was removed from the homeowners credit history. If there is a problem with your loan there may a surprisingly positive solution available.
A Geneva man received $5,000 “Cash for Keys” to hand over the keys to his home rather than fight foreclosure. The house had been on the market for a long time with no serious offers and was worth far less than the mortgage loan amount. Continue reading ‘Verified Short-Sale and Deed-in-Lieu Results’ »
Home mortgage lenders have never been as willing to work with homeowners on modifying mortgage terms as they are today. That said, if your mortgage lender has filed a foreclosure action against you that means they are fed up with trying to keep you in the home and are willing to assume the legal costs and potential capital loss of taking your home and selling it at auction. The Making Home Affordable “MHA” loan modification program is very powerful and many homeowners are able to successfully apply for this payment relief on their own. However, if you are past the foreclosure initiation point then it is advisable to hire a qualified Real Estate attorney before it is too late. If the clock is ticking on you then get a free online evaluation at: www.illinoismortgagemods.com and you will at least learn what options are realistic. Even if you have failed again and again on your own it is still quite possible that you meet the program guidelines and proper representation would turn that No into a Yes. A good Real Estate attorney with experience in Making Home Affordable loan modification submissions can be retained for as little as $500 upfront with any/all remaining funds due AFTER a loan modification has been offered to you. Do not pay ANY upfront loan modification fees to ANYONE that isn’t an attorney licensed to practice law in Illinois. Retain an attorney and pay for results! Continue reading ‘Stop Foreclosure Today!’ »
What should I expect when applying for a loan modification?
The first loan modification that I did was for myself in 2007 and I have been assisting homeowners ever since with this sometimes frustrating process. You absolutely can successfully get a loan modification on your own and anyone who tells you differently has an eye on your wallet. That said, it will be very frustrating, even all-consuming, to try to complete this process on your own. The lender is willing to work with you and the government even has free loan counseling but your best advocate is someone working on your behalf, not the lenders or for some non-profit. I don’t mean pay a large upfront fee, don’t do that. I suggest hiring a real estate attorney with a small upfront retainer that only charges for success and not submissions. If you hire a third party to represent you then you should expect the lender to recognize the third party agreement within 48 hours. Continue reading ‘What should I expect when applying for a loan modification?’ »
A church deacon, Truman McGill, came to me about modification possibilities after he had already lost his foreclosure hearing and had a sale date 3 weeks away. His servicer was Litton Loan Servicing and they amazingly agreed to stop the sale process once they received a complete modification request with all the supporting documents. Litton won’t hold things up for clients that make half-hearted attempts but this client was motivated and Litton proved sincere. He ended up shaving over 30% off his mortgage payment and was reset to “current” without any makeup payments. Please visit www.illinoismortgagemods.com to review even more actual loan mods delivered through us. Truman actually lives in Florida (Our Attorney is licensed in Illinois and Florida) but for details on a couple of local mods continue reading below.
A West Chicago man that lost his foreclosure hearing and had a sale date scheduled is still in his home after not making a payment for 24 months! His lender is Countrywide and once I got his file into the loss mitigation department they cancelled the sale date. There are now working on qualifying him for the Making Home Affordable program and he is likely to keep his home. He is capable of making payments going forward but can’t make up the 24 months past due. I have been able to help clients avoid upfront forbearance payments on all my loan modifications so 24 months without a payment is really 24 months without a payment! Continue reading ‘Actual loan modifications!’ »