Loss Mitigation Question?
Hello Everyone,
We have hired an attorney to handle our loss mitigation case. Our mortgage is currently two months past due. The file has been with the attorneys for over three months. Took a while to gather the documentation initially. We paid a gripload of money upfront. But my biggest concern is how willing are these lenders to work with people? My mortgage is with GMAC and I’ve heard good things about them. The negotiatior over at GMAC is currently reviewing the financials on the file. We definitely show a hardship.
Long story short, my mortgage payment adjusted through the roof and I can’t afford the new payment amount, plus we’re upside down on the value. Any success stories? Basically the attorneys are trying to negotiate a lower principal and lower rate, 30 year fixed.
I’m so worried that we may end up losing our home, yet optimistic because I’m hearing a lot of lenders are working with their customers. Again, any success stories are appreciated. Please advise. Thx!
YES YES YES. This is a great case. I handle loan modifications daily and based on what I read I feel extremely confident you will get the modification.
It takes the attorneys a while to fight back-n-forth to negotiate the best deal. TRUST me the bank doesn’t want the house they rather work out a payment you can afford then have another foreclosure on there books. Good Luck!
Wayne
Lending and private hard money lenders
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