"I was going through a divorce and was about to lose the house. I didn't want to keep the house but I didn't want to go through the foreclosure process, either. But I had no idea that there were other options open to me in my state until I contacted 1st Foreclosure Prevention. I talked everything over with a very nice loss mitigation specialist and they gave me a personal and free foreclosure consultation. They were able to actually stop the foreclosure process and I was able to stay in my home until it was sold. After the divorce, I was able to buy a new home for myself and my children."
"We were struggling every month to try to pay our mortgage and kept falling further and further behind on everything else. The place was a mess because we didn't have the money to fix it up, but we didn't think we could sell it because of the state of disrepair. My wife and I were like hamsters on a wheel, just trying to get through each day to make payments on a house we grew to dislike. But we knew that foreclosure would destroy our credit, so we held on. Then we found out about 1st Foreclosure Prevention. They were able to give us foreclosure help and even helped us with the sale of our home. We got to walk away from that mess and have started a new life, without a foreclosure on our credit report."
"I wanted out of my mortgage in the worst way - it was the worst investment that I could make. The roof leaked and there were tons of other issues. But I didn't want to go through the foreclosure process because I knew it would screw up my credit. So when I found out about 1st Foreclosure Prevention, I figured I would give it a try. I was struggling to make payments on a piece of property that I didn't want. I got a free foreclosure consultation from them and they told me different things that I could do to get out of it. They gave me great foreclosure help and even helped me get rid of the property. Now I have a great place and no foreclosure on my record. And working with them was easy, too. Thanks, guys!"
"We figured that we'd be going through foreclosure no matter what. But we didn't know there were things that you could do to stop foreclosure from happening to us. We heard about foreclosure scams and were hesitant to even contact anyone for foreclosure help, for fear of getting scammed. But 1st Foreclosure Prevention seemed pretty legitimate. They helped us out and were actually able to stop foreclosure from happening to us. We got a free foreclosure evaluation and they were very informative as well as professional. We were pretty impressed with their experience and their knowledge of the laws in our state. We're glad that we contacted them as they really gave us the foreclosure help we needed."
"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
"The bank was actually selling our house right out from under us! I didn't think it was possible, but we live in a state where the bank can start selling your home if you do not pay your mortgage. So we got a notice that they were selling and didn't know what to do. We weren't even sure we wanted to live there anymore as it was worth a lot less than what we paid for it. But we had no idea about the impact foreclosure has until we learned about it from a friend. We did want to be able to get a fresh start and didn't want a foreclosure haunting us for years to come. So we contacted 1st Foreclosure Prevention and they were able to help us stop foreclosure. They stopped the sale and then helped us sell our house. They really ended up saving us."
Home / What Can I Do To Speed Up the Short Sale or Loan Modification Process?
What Can I Do To Speed Up the Short Sale or Loan Modification Process?
You may be feeling frustrated that you are under contract to buy a house under short sale. In fact, you might be months into a process and are concerned that you are not getting the best service from your bank.
Please keep in mind that while the negative you are experiencing in longer wait times are a positive for the seller who needs to avoid foreclosure. Also keep in mind that each lender involved in a short sale must agree to the arrangement. Add to that that fact that with new government programs in place to help prevent foreclosure, many lenders have been working around the clock to save homes for millions of Americans.
In order to process a short sale, a lender needs to obtain many documents from the selling party, for a number of reasons. First, the lender needs to make sure the short sale is legitimate. Second, they must determine if the seller has the ability to make up for missed payments. Third, a comparison must be made to find out if the lender would get more money if the seller defaulted and then allowed the property to be foreclosed and then sold.
If you are a buyer looking to get a deal on a distressed property, you may want to consider buying a foreclosure, rather than going through a short sale. For the reasons mentioned above, a short sale can take much longer. In a foreclosure, much of the work is already done: the bank has taken back the property and any outstanding liens are removed. The lender then sues the deliquent homeowner for the amount that remained on the mortgage. At that point, the lender has only one goal: try to make some kind of profit and sell the foreclosed property quickly.
So again, keep in mind that short sales are usually a much lengthier process than buying a foreclosed home.
Loan Modification Blues
Another common situation many homeowners are finding themselves in is the confusing and time-consuming process of getting a loan modification. You may feel you are getting the “run-around” when you are trying your best to avoid foreclosure and utilize the tools the Obama administration has put in place, such as the home rescue programs that are being encouraged.
According to the Treasury Department, who created many of these programs, they recommend that borrowers who are having difficulty moving through the loan modification process write a clear letter that outlines all the difficulties you have had.
The more details you can include, such as dates, times, who you spoke with, the better. Keep track of employee names and their identification numbers, offices you visited or called, and copy and emails or letters you have received.
Once you have these materials, it would be a good idea to send a letter to the President or CEO of the bank or banks in question. You can usually find this using a Google or Yahoo! Search. You should send the letter via overnight mail and include a return receipt, so you will have proof that the company in question did in fact receive your letter. This is the best proof you can have. You should also send copies to the Treasury, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC). Keep in mind, there are many others who are struggling like you, and if many people send these kinds of letters, it could have a great impact.
