What is the best option to offer someone who wants to stay in their home when they are behind 2+ Months?
I have a lady who says that she did not know her lender sold the second so she never paid them… Anywho the rent for the property just covers the total mortgage but since she was unaware of the 2nd payments she is behind $2k. She would like to keep the home since it pays fo itself but can not afford the 2k in arrears.
My quesion is what would be the best option for this lady. She is in a slightly better situation than several months ago, meaning she can afford an extra $200 per month. She wants to bring the loan current but she can not afford to pay the 40%-60% that the lender wants upfront for a forebearance. What other options does she have? Can the lender tack on the arrears to the back end of the loan? Meaning that she would not have to come up with a lump sum up front, just a slightly higher monthly payment?
All options/opinions welcome.
Borrow $2K from some other source and payoff the arrears.
Ask the lender to tack the arrears to the end of the loan. May, or may not affect the current monthly.
Ask the lender to do a loan modification and add the $2k to the loan. Should cost about $500 to to loan mod.
If she did not know that the loan was sold did she simply continue to pay the payment to the original leinholder? If so, show proof this to the new lender and have them help to get their money from the previous lender.
Also, it is federal law for lenders to inform their customers of a sale. Both the selling lender and the buying lender must send a letter to the customer informing them of the sale and where, and when (what date it starts), to start sending payments to the new lender. If she truly was not notified of this change, then she may have legal grounds to sue one, or both, companies.
I’m currenting having a similiar problem, myself. OCWEN has bought one of my mortgages and refuses to send me their billing information. I’ve always been curious why they have such a high foreclosure rate :o.
do tell. Not by choice that I’m dealing with them!
Someone from India may have been more helpful. I did get a fully American attitude when I called. Although they have purchased my loan, no one there knows anything about it, anything about the property or even knows who I am. They don’t have an account number for me because they don’t know what I’m talking about, yet they still expect me to send them the monthly payment since I know that they’ve bought the loan.
I think it’s still to spend a little $$$ and refinance!!!
With my experiences, the customer is normally always lieing about that. They normally always know someone sold the loan. Get the truth from them! Don’t let them push you into working for free…just to come down to you showing the mortgage company proof of hardship and can’t complete it with out proving she never recieved the letter.
Get the proof up front if you can, if they are telling you the truth. You will soon find out and be able to solve their problem quick and easy, Then tell them that’s what they have to work with, and set an upfront fee.
Otherwise,
There are several different options where the bank will help them repay their debt and keep the house. What state are you in? Who’s the mortgage company? Find that out and I can help you…Only thing is…You CANNOT KEEP YOUR HOUSE WITHOUT ANY MONEY…it’s that simple…don’t waste you time. Small chance…pass this one up if they don’t like to hear that…Rude…but truthful…lol