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Impact 5 Help Desk: Live Web Chat
The Impact 5 Help Desk will be open from 6:30am-8:30am & 4:30pm-6:30pm on Wednesday, June 11.
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Our expert says it is time to get started with short sale negotiations. Call Kevin Kent at 561-385-0807 after the program for individual assistance. The Mortgage Debt Forgiveness Act is set to expire in December and it takes 4-6 months to negotiate with your bank.
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Mr. Kent...I have a hard money loan that matured. Property does not appraise to comply w/LTV lender refi ratio requirement. Current lender threw out forclosure possibility. I was told there may be a government program available. If a property does not appraise is this a valid basis to begin foreclosure process?
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@ladybear557: Kevin says working with Chase has historically been very difficult, especially for individuals on their own. You may need to get some help from an experienced attorney firm to get a positive result. The local firm on our panel today has a Homeowner Assistance Division at the Paul Krasker law group and will discuss your situation for free. Call John Foley, CFP at 561-328-2256 for help.
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they will reinstate my mortgage to the tune of 2360, since I am delinquent in payments they sent me a new payment 2850. My original payments were 1860 by the way ( I paid my own insurance and taxes). I owe 304,000. It is a Freddy Mac loan, is there any thing that I can do be for I think of doing a Short sale.
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@Rose: Kevin says the extension we are specifically talking about today is the Mortgage Debt Forgiveness Act of 2006 that had been set to expire on 12.31.12 but was extended to 12.31.13 and not expected to be renewed after that. The Act forbids the IRS from seeking taxes on forgiven debt in a short sale of a primary residence. Since the negotiation time on average is 4-6 months, time is running out for people to benefit from this program. If you would like free individual analysis, call Kevin at 561-385-0807.
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Is there any program out there to help modify a loan on an underwater home that is not Fannie or Freddy backed? I am stuck in a 10 yr interest only mortgage that is at 5.87% and have wanted to refi for a few years now. I am with Chase. Our 10 yr. term is up in 2015. We want to stay in our home. Is there any recommendation on what we can do?
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Nicole, Kevin Kent says,"Yes there is. You will need assistance though. One of our panelists this afternoon, John Foley used to work for Chase and now helps people through the Homeowner Assistance Division of the Paul Krasker Law Group. He will help you evaluate your options for free. Call him tomorrow at 561-328-2256"
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Chris, Kevin Kent from Platinum Properties says yes, there are programs out there to help you, but you will need assistance. Sometimes banks only respond positively to attorneys and experts. On our panel this afternoon are reps from The Homeowner Assistance Division of the Paul Krasker law group. They are offering to evaluate anyone's situation for free. Please call John Foley tomorrow at 561-328-2256.
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My biggest concern is that the courts are ruling in favor of the lenders in litigation issues. The flaws and errors that servicers and law firms have done has destroyed the integrity of the note. All homeowners should receive a fair chance at beating the banks. Is there anyone out there fighting?
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Hey Chris, yes we're here! Kevin Kent says Fannie Mae properties can generally be a good thing. If they had done inspections they will normally provide to you. (still recommend doing your own) Sometimes they will be designated Homepath properties and qualify for Homepath financing. Some benefits are, no appraisal fee, no points, etc. Check it out and see if any of those are available to you. Good luck in your new home!
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It's been over 3 years since a foreclosure was issued. A couple of years ago the lender did a trial HAMP modification. We paid 8-9 months what they told us to pay. Then they said the modification was denied. Turns out it was denied in error but they wouldn't put us back into the HAMP program. Instead the servicer said the investor had different rules and again denied the modification. Now every time we're supposed to meet on this they do not produce the papers to prove the foreclosure. The courts just keep extending them more time and this has been at least a year. The bank is Wells Fargo. What do you suggest to do and can they put you through a trial period that you do as they say and then change their mind even though our situation didn't change?
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Chris in regards to your 1st and 2nd situation. The investors that owns the note. Not the servicer will determine if they will restructure the debt. There are many investor groups that do not participate with MHA/HAFA etc. Verify the owner and servicer.
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Steve find out who is owner and who is servicer. Write to the OCC. If you have an attorney they have to check history if you are lucky enough to get a Qualified Written Response. Problem is the courts are giving the Plaintiff opportunities to correct documents rather than ruling in favor of the Def. Meaning the banks have problems in paperwork but they still win the lawsuit. Homeowner will eventually lose.
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Yvonne, Kevin Kent says sometimes the right hand of the bank like BOA doesnt know what the left hand is doing. Even though you are actively pursueing a modification they continue with the foreclosure track. Hope you have an attorney advising you on the process and going to/responding to court papers.
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