Friday, September 9, 2011

foreclosure victims


Edinburgh Business Park Scotland by John Gilchrist


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If you are facing foreclosure, then chances are, you've come across several companies who have offered to help. As everyone must know by now, there are many scams out there, but still, you must find help to save your home, since your efforts up to this point have been fruitless.

Most foreclosure victims have already tried getting a repayment plan or loan modification from their lender. Unfortunately, lenders and services are notorious for turning down these requests, regardless of qualifications. Persistent homeowners may eventually find someone with their servicer/lender to help, but ultimately they don't have the knowledge or experience to effectively negotiate with their loan servicer.

As many homeowners have also found out, the government bailout plans have rules and regulations that just don't accommodate the average homeowner. These bailout plans are very helpful for some, but millions of others are being left with nothing. Anyone familiar with government spending, understands that homeowners will be the last to benefit from these "bailout" funds.

If you sit back and do nothing, while trusting your lender or the government to help, you will most likely end up disappointed and homeless. Loan servicers today are overworked, underpaid, and sick and tired of foreclosures. They seem to be doing whatever is necessary to plow through foreclosure cases as quickly as possible, regardless of what happens to the victims.

Most servicers will "help" homeowners "apply" for a loan modification; in fact, it only takes one phone call to put in the application. Applying for a loan mod is one thing, but actually getting one is another story. Lenders what you to think you're being proactive, while behind the scenes, they are still taking your home.

We see and hear about 100's of these cases each week and the average scenario goes something like this:

1.Homeowner asks lender for help because they can't make the payments

2.Lender give homeowner an application to fill out

3.Homeowner fills out application and provides all requested documents

4.Lender loses most of said documents and places case on hold or turns it down

5.Lender fails to notify homeowner that case is on hold or turned down

6.Homeowner thinks case is still being reviewed

7.Homeowner receives a sheriff's/trustee sale notice

8.Homeowner calls lender to find out what is going on

9.Lender says the case is on hold or has been turned down

10.Homeowner gets very frustrated and has to start the process all over again

11.Lender tells homeowner there is not enough time left to do anything or the case was denied

12.The home sells at auction

13.Family is evicted

14.Home is lost forever

No matter what the process is, we see homeowners who think they are approved, or think the lender is stopping the sale, when absolutely nothing has happened. In some cases, the homeowner was just turned down at the last minute and in others, the lender just doesn't act quickly enough.

In most cases, the problems can be blamed on lack of knowledge and experience. Neither the homeowner nor the customer service rep have any idea how the foreclosure process works. In most cases, both are just telling the other party what they think they want to hear. Nothing of any importance is actually being accomplished. In the end, there isn't enough proof that a modification is warranted, so it's turned down.

Getting a loan modification is not a simple process that anyone can accomplish! It takes a lot of work, knowledge, and time to get a loan modification approved. Most people facing foreclosure do not have the time, energy, or knowledge it takes to successfully complete this process. This is why finding a successful loan modification company is imperative to saving a home from foreclosure.

When searching for help to get a loan modification approved, there are three basic options:

1. Do It Yourself Package - This type of help has become more popular since so much regulation has been imposed throughout the country. With a DIY package, you will be receiving the documents and instructions to submit a complete loan mod package on your own. These can be obtained for free from our website, or other companies sell these packages for as much as $1000. A DIY package can be very helpful, but in reality, it's probably not the type of help that's going to save your home, if you've already been turned down once. A DIY package is more suited for a first time attempt at a loan mod. These packages come in the form of ebooks, software, or sometimes a simple email with the needed forms attached.

2. Hiring a professional negotiator - This is for a homeowner who has started the process and now needs someone to negotiate with their lender to get an affordable payment. Generally these services are offered in addition to a self help or DIY package. Hiring a negotiator who has contacts and history with your lender is important and may be the difference between getting denied or approved. For the most part, these services are provided by attorneys or loan mod professionals, who have years of experience working with your exact lender. They can expedite the process and save you thousands of dollars over the life of the loan. These services range in cost from a few hundred dollars to several thousand.

3. Using a loan modification company - These are generally all inclusive packages that handle everything from beginning to end. The results should be guaranteed and in many cases, payment is not due until after the services are completed. This eliminates the risk of getting scammed and taking payments up front is now illegal in several states. The cost of these services is generally around $2,000, but can be found for as low as $500, up to $10,000. If you don't have the time or knowledge to do this on your own, then hiring a loan mod company will be very appealing to you.

Each family needs to determine which option is best for them, but relying on your lender, servicer, or the government to save your home is not a good idea! Stopping foreclosure is possible, but time is not on your side. Gather as much information as possible, discuss these options with your loved ones and make the decision to fight for your home!

Getting a loan modification is not easy or simple, but with the right information, enough time, knowledge, and a little persistence, you'll be able to keep your home and get a much lower payment. Good luck!

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