what type of law is your specialty?

need some advice on real estate law and mortgage companies.

i purchased my house when my cash and job situation was much better then it is now.

i've tried to get my mortgage company to do a modification so that i can get a lower interest rate and add an additional 10 years to make it a 40 year mortage. i need a lower rate and a lower monthy payment.

they basically said no. the thing is the house is worth more then what i owe, which is still quite a bit though. i have gotten behind on payments just to play/force their hand.

i don't know why they won't work w/ me on some type of mod. i didn't think banks are now in real estate business hoping that you default.

i talked to my accountant and she reccomended a laywer who has done these things before( helping people get mods) i was skeptical becuse i just thought this could be done on my own w/ information and resources which are free.

this is where it gets skechy...(cut to the chase) after a sit down he said is fee is $2000 w/ no guarantee of results....which i lol at. he then said he would look into it and get back to me to see if it is even possible.

a few weeks later after our converstation, he said that he has gotten a person within the company to talk to him and entertain a modification. (something that i couldn't do)

he said that he has to have a sit down w/ me and fill out a bunch of paperwork and a proposal that would work for myself so that he can take it to his contact and have the contact take it to the president of this small mortgage co.. now he said the cost is $200.oo to do this, and no guarantee of anything. and if it does go through. i would have to pay the additional $1800.oo

i don't know why i envision kickbacks and other shady shit, but i do.

but it seems like that are easier ways to make 200 bucks.

thoughts?

40 year mortgage, sounds like slavery.

Always buy your house in all cash. Easy game

where is the house?

You need a mortgage specialist not a real estate lawyer. I used to be one.

I will try to make this as simple as possible.

1. DO NOT PAY THAT FUCKING LAWYER ONE DIME. Anything he can do you can do, there is no reason to pay anyone one fucking penny. There are scam artists out there all over with all these mortgage issues. My aunt got taken for 3k by someone who was working WITH Bank of America!!

2. You either have to figure out a way to pay the mortgage, or don't pay at all and let foreclosure happen. Your credit will be shot for a while, but you can live in the house for about 2 years banking your mortgage payment to offset that. Banks have so many fucking foreclosures these days it takes FOREVER to process them all. I know a friend who got 30 months out of his deal living rent free. It doesn't work out like that all the time depending on the lender, but the bigger the bank the longer you can string it out.

3. DO NOT PAY THAT LAWYER ONE FUCKING DIME.

4. Modifications are few and far between. There are very specific guidelines for any of the programs out there and it is a world of hassle going through the process. Not saying it can't happen, but it is -EV all the way. Usually they just tack money on the back end anyway, so you aren't really paying less just paying later.

ok....let me re-phrase what i wrote.

i wasn't dealing with this guy my wife was. i just told her before she met w/ him to not write any checks.

as it turns out, my wife didn't fill me in on things either. he isn't a lawyer. she said he is a mortgage specialist like you say. working for a lawyer is some capacity.

i have been to some online sites trying to fight for myself and gather information, but i haven't had much success. i even was going to write to the attorny general of CT as I've heard good things have come of this.

my monthy payment is huge. + my yearly taxes are almost 15K... i'm living beyond my means at the present moment becuse of the lack of decent paying jobs.

I successfully negotiated 2 loan mods directly with the bank. They will work with you if you bug them enough and don't pay. Also like NBH said, don't pay that lawyer shit.

That is fucking insane. Let it go to foreclosure and bank the savings. You are in a situation where it will be a huge advantage to bank the payment. Most people are banking a couple grand a month, it sounds like you could be banking 5 times that.

Don't leave the house until the sheriff comes to kick you out. They will threaten you, send letters but ignore it all and just be ready to move quick. Get everything small and put it in storage while the process goes along. Even when the sheriff is on the way they will give you 15-30 days notice. Juts get ahead of the game and be ready.

Shit you could come out of this with a couple hundred grand if you play your cards right. Your escrow will cover the taxes for the first year, but you will be responsible for anything that the escrow doesn't cover so have that set aside.

Or just suck some rich guys cock. Then you can live there for free.

Also do not use credit lines to pay your shit. Just don't pay them anything. These fuckers will tell you that they need a one time payment to do the loan mod...don't do it.

i don't want to walk away. + the house is worth more then i owe.

i used to be a real estate agent specializing in undervalued properties. i worked for a broker that allowed me to buy and sell my own home and he wouldn't take and fees as well. i saved 10's of thousands geting my licence before i upgraded into my present house.

i bought this property on the downswing but the market still went down afterwards.

one way to get a house @ 60% of what its worth is that the house and property needed work.....so i have a house, which i still needs work. i havent finished yet,,,,,and i can't sell it and re-coup my losses in its present state.

plus i don't really want to sell it. i just need 1k off of my monthly payment and a 2% interest loan...not even factoring in my property taxes..

So you don't want to walk away but can't afford the mortgage. Got it.

What do you want us to tell you then? There aren't many other options.

And I would bet that house is worth a lot less than you think. Market value and appraised value are two different things, especially in this market.

Oh and how is it that you wouldn't be able to recoup your costs for the house, but it is worth more than you paid for it? Doesn't add up.

Keep hanging on and you are just going to dig yourself deeper in the hole. Keep paying a mortgage you can't afford with nothing on the horizon to afford it, and you are a fucking idiot. What is the end game? You getting foreclosed on with no money in the bank, or you getting foreclosed on with a lot of money in the bank. Take your pick.

If you don't want to believe it for whatever reason, call Dave Ramsey tomorrow during his show and ask his advice. The guy will be very blunt, but he will tell you the truth and his advice is spot on.



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is selling the house an option?

You do need a mortage specialist and I've been in the business for the better part of the last 18 years.

That said





The bottom line is that if you are a couple hundred grand humpty then there is really no reason to pay further.

The only way to get a mod completed is to get someone at the bank/mortgage company to take ownership of that file and get it in front of the real decision maker. If you are with BofA (LOL) or Wells, they often have local modification events and I have heard that the success rate at these things is upwards of 100x the regular phone route.

Some of it depends on who the bank is, if you want to pm me any further details I'd be happy to give you any advice I have. There are no guarantees on these deals and every situation is unique.

Do not pay that lawyer any money.

This is by far your best option. I know a guy who was/is in your exact situation. He stressed and stressed about making his payment every month and simply couldn't understand why the mortgage company wouldn't work with him. Finally he just stopped paying and started living rent free. Two years later he is STILL living there. RENT/MORTGAGE FREE. He's banked about $40,000. Sure, they threaten him every month. But the line is so long, it takes forever for anything to actually get done. Bottom line. You can't afford your house. Lose it with a pocket full of cash. Or lose it being penniless. Those are your options.

Exactly right and very, very common, especially if your mortgage is with Bank of America.

I had a buddy do his own mod with b of a and it took nearly 2 years to get done. He saved all his money (this was on a note of close to 1 mil)

The thing with these guys and most banks is that if you don't qualify for the Making Homes Affordable program, they don't want to deal with you. They want to get the easy mods done and get paid for doing them. A traditional modification takes a lot of work on their part (and yours) and needs to pass through a few levels of management before it gets done. Their only motivation in these cases is the loss of money and that takes a while for them to do anything.

I would stop paying them and start calling every week trying to talk to supervisors until you get someone on the line that will help. Try and find out if the bank owns the note or if it's been securitized. Both of mine we securitized or purchased by investors so the bank was only servicing the debt. Once the money train stopped coming in they started to listen but it took 90-120 days of non payment. I just made it real clear to the guys I dealt with that they could either earn some money or lose a lot of it and that I was ready to either walk or pay them what I could afford. I got one loan from over 7% to 1% and one at 5.25% down to 3.5%. Good luck.