There is a lot of help online and off and I'm sure you don't know who to listen to. I have worked as a licensed Realtor for some years and have run into many people going through tough times with their home.
I felt helpless because saving a home was not my expertise. But I have learned that if the modification is the same as a rental then do it. I have since decided to learn more about loan modifications and help others save their home.
Here are some terms and facts you need to know about your home if it is in foreclosure....
If you are in danger of being foreclosed on. You will call your mortgage servicer and ask for proof of title which will result in litigation. If your home has a broken title there is no proof of ownership. The banks don't like when people know about this loophole. It is Illegal for your mortgage servicers to legally collect money from you while your home is in litigation. Litigation is the time it will take for a judge to determine what to do about your home.
How to Stop Your Foreclosure
You are going into litigation because you are stopping your foreclosure proceedings and fighting for a loan modification. A loan modification is when your loan is favorably restructured or forgiven saving your home.
You may not know but banks sell mortgage notes in bundles to stockholders making the holder of the stocks to own of portion of the mortgage note.(pooled income from loan borrowers). Banks can not prove ownership of home mortgages and are forced to grant a home loan modification.
People are using LDA (Loan Dispositition Analysis) Reports cost aprox $800. It is the only tool preventing the banks from bullying and lying to you or your representative about your real current home financial situation NPV (Net Present Value). Of course your mortgage servicer will do what is best for their bottom line not yours. Present this information and save your home.
PS: Never act like you want a free house in front of a judge. You just want to pay whats fair.
Most people can save their home; but time is of the essence.You don't want to wait until it is too late. See what the banks see and get your home loan modification like many others. Sign up for your free consultation on the right. Saving your home is nothing to be ashamed of; we all need help sometime.