THIS ARTICLE IS GOOD BUT WATCH
Here is an email I received about keeping you home if have an Upside Down Mortgage!
Read all the way through and see the update at the bottom!
I am searching for answers! I hope you can guide me.
Right now there are at least 6 foreclosed homes on our street of only 24 houses.
We can pay our mortgage payment, but in Sept. our payment is going up because our escrow account for taxes was reviewed and came up very negatively. WAMU is having us make up the balance starting in Sept. for 12 months.
I had started refinancing but my husband was laid off one day after I started.
So bottom line is we can still afford our current payment with my income. Our payment is going to more than double in Sept. My credit is not good. My husband’s credit carries the mortgage and two small credit cards which are always paid on time, and his credit is good, but he is unemployed.
I’ve read your info about short selling, but we want to stay in the house. I am beginning to think that we are SOL.
We bought our house for $273,000 and the foreclosures are listed at $169,000 for a better comp than our house. They are not selling because we have very high taxes and a special assessment.
Here is my Response!
Thanks for the email!
Your situation is a tough one and never easy to deal with!
SO DOWN TO BUSINESS!
Let me start by saying, it doesn’t matter how many foreclosures you have on your street or how upside down on your mortgage you are when it comes to finding a solution. Many times people assume because there are other REO properties on their street that they can’t do anything about their own situation.
I would gamble to say the opposite holds true, This should give you leverage if nothing else!
As you know, Banks/Lenders out there don’t WANT to foreclose on a home. Sometime it feels that way to people but mostly banks can’t seem to get out of their own way not having the right systems in place to handle the volume they are dealing with.
Knowing that, we should leverage that scenario as well and only use professional loss mitigation negotiators who have bank contacts because most call center people at banks/lenders can’t make decisions and often times just flat out don’t want to help! The professional loss mitigation negotiator has the right contact who has decision making authority and that in and of itself is priceless in this type of situation.
When you hire a Professional Loss Mitigation Negotiator you will be paying for both knowledge and contacts.
The services they provide consist of the following:
1. Short-Sale Negotiations
2. Short-Refinance Negotiation
3. Note Modification Negotiation
4. Pre-Foreclosure Negotiation
These services are worth every dime you pay for them because of the financial and credit impact caused by not having hired out this service.
Often times people try and handle this situation by themselves and see minor results IF ANY! Know one thing, a “Freeze” isn’t the best form of Note Modification. This is typically the first thing offered by lenders but it isn’t the only thing that can be done in most cases.
IF YOUR ARE UPSIDE DOWN ON YOUR MORTGAGE AND WANT TO STAY IN YOUR HOME, you only have two ways to make that happen.
1. Short Refinance
2. Note Modification
Each has their own unique approach and can be handled simultaneously by a single Professional Loss Mitigation Negotiator.
So Tina, My long-winded answer sums up nicely as, Hire the Professional Loss Mitigation Negotiator.
I have attached the contract for this service if you want to look it over and please ask me LOTS of questions so I can help you get through this.
Please don’t ignore this problem or wait until it’s too late.
As always, I am here to help! Let’s get through this together.
The Lane Group
It has been months since this post has gone out and in that time I have had over 2,000 people contact me regarding their upside down mortgage situation. There isn’t a one size fits all solution so I have taken my time to respond to these folks the best I can. My Recent program is all about Short Refinancing and people are again lining up to be walked through the process. Go get the free video below and I will show you more about short refinancing.
My email: Brent[AT]brentlane.net
Tell me your story and I will help the best way I know how.