Options or information to deal with foreclosure:
In researching the options available to deal with foreclosure, there are several options available depending on your situation. Here are some options:
I. Loan Modifications:
Some lenders may be open to lowering your payments. You may want to contact your lender to see if they will work with you to lower the payments. You should negotiate with the lender to modify your loan or reduce the payments. You could tell them that you may go to another lender if the are unable to work with you. Some lenders will want to keep as client as you are paying a substantial amount of interest over the life of the loan.
Here are some of the programs:
1. Making Homes Affordable Program
2. The National Home Ownership Retention Program
In the Making Homes Affordable Program, you need complete a Request for Modification and Affidavit and Form 4506T-EZ to send to your servicer. You can get the forms at the following link:
The website has information on the program and warns of potential scams by loan modification companies.
The National Home Ownership Retention Program
National Home Ownership Retention Program is a program provided by Bank of America it is listed on their website. In order to qualify you have to be over sixty days late and the remaining principal balance on your home loan is over 120% of the current value of the home. Here is a link to their website:
II. Country Wide Settlement:
There is also a settlement for Country Wide borrowers. You can obtain information at the following website:
It appears that this settlement is for people who have been foreclosed upon. You can contact the settlement master at the following address and phone number:
Countrywide Settlement Administrator
Rust Consulting, Inc.
P. O. Box 1998
Faribault , MN 55021-6194
Toll Free 866-411-6987
III. Produce the Note:
Some websites are indicating that you should require your lender to produce the original note if you are facing foreclosure. Banks have sold the notes and are unable to produce the original note preventing them from foreclosing. Here is a link:
I really don’t know if this would work, but it may be worth a try.
IV. Hire a bankruptcy attorney:
You should seek the help of an expert. A bankruptcy attorney will have experience dealing with lenders. They have professional obligations that most loan modification companies do not. In addition, a bankruptcy can make a lender stop a foreclosure action or seek permission from the bankruptcy court.
In conclusion, I have been trying to deal with Bank of America. In my opinion, they are really difficult to deal with. They don’t send any paperwork when they say they will. It is a shame that they take all the government money and don’t really do anything to help consumers.