Financing in Fresno>Question Details

myfamily, Other/Just Looking in Fresno, CA

We dont qualify for a loan modification, we are behind 2 payments and home is underwater...what are our options?

Asked by myfamily, Fresno, CA Sat Nov 7, 2009

Just had a baby, have been on maternity leave for the last 3 months and we are behind. Our payment is 27% of our gross income. We are in sales, so each month varies. One month can be good and others are bad. Auto sales have really come down. Our debt to income ratio is crazy, our fault, but we didnt know it would get this bad. We want to keep our home, but we also would like to lower our payment

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Go to HopeNow,com for counseling. It's free, beware of scamsters. Hope Now will direct you to local HUD certified counselors.

Real Estate legislation and regulation is in flux trying to cure the aftermath of the burst bubble, hang in there.
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1 vote Thank Flag Link Sun Nov 8, 2009
Try negotiating with your bank because the last thing they want to do is foreclose on you. There are multiple loan modification programs that are available for your to use. Most of them are temporary for about 5 years. The other 2 options you could do is filing bankruptcy on your other debts to keep your home( speak to an attorney to see what the stipulations are regarding your situation) or lastly doing a short sale; you wont keep your home but you could live rent free in it until it sells and you wont have a foreclosure on your record along with other benefits that come from a short sale. I would highly suggest contacting a loss mitigation agent in your area that deals with these types of situations to help you come to a decision that works for you. If you like i can contact a Keller Williams Agent in Fresno for you that does work in loss mitigation.

John & Sarena Villaescusa
Cell- 562-818-2671
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1 vote Thank Flag Link Sat Nov 7, 2009
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at You can check us out at I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013
My son received a loan modification for one reason. His wife found someone a the bank that felt sorry for her. She was "pleasantly persistant" and talked to the same person everytime she called the bank. The person at the bank that got to know her made it their mission to get the loan mod through.

I told this story to a client of mine that had been denied their loan mod. We had put the property on the market and had received an offer and were in escrow but, she did not want to lose her home. She went back to the bank and the bank reopened the loan mod with them. I lost my short sale but my client got her loan mod.

Fight for your home if your want it. Call the bank every day if that is what it takes. Even if you do a short sale, until it is over it is not over. Keep pushing. "Pleasantly Persistant" Tell your point person at the bank that you are looking for a job, that you just had a baby. Maybe you can find someone with small children that will take you under their wing and help you. Be very nice. Don't give up.
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0 votes Thank Flag Link Sat Nov 13, 2010
Good Morning Nathan,

I think I already talked to you about the non-profit agency called Fresno Housing Council where you may be able to get assistance free of charge. Their phone number is (559) 221-6919 ext 103 Rachel. Otherwise call me and I will get you to the right person (559) 244-4250

Good Luck

0 votes Thank Flag Link Fri Nov 12, 2010
Challenges remain for California real estate

Written by Town Crier Report
Wednesday, 02 December 2009

Economists appear to agree that the United States is in a recovery, but we are crawling through it and are not out of the woods yet.

At a realtor tour meeting of the Silicon Valley Association of Realtors last week, California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young told realtors to be aware of the following:

• The state of commercial real estate, now stressed in every category, is expected to worsen as commercial loans mature and more defaults occur in this sector.

• Consumer confidence will not see much improvement because the public will continue to be concerned about unemployment and future job prospects. The index fell from 53 in September to 47 in October.

• The unemployment rate will continue to drop. Appleton-Young said continued job losses are her biggest worry. She expects the jobs sector “will get worse before it starts to get better.” She doesn’t see that happening unless new jobs are created.

• The budget deficit will continue to be a problem. The most recent estimate is that the state will be $20 billion short next year. While the federal government continues to inject stimulus money into the economy, the state is doing the opposite by cutting services and furloughing employees.

• Industries like construction, manufacturing, retail and wholesale have been hit hard this year, with a similar trend expected next year. Construction is an issue for California.

“We’re not building enough to sustain demand and meet the needs of a growing population,” Appleton-Young said.

• Expect more foreclosures and price compression affecting the high-end market, as more loans reset. The high-end market should experience double-digit declines over the next 18 months.
0 votes Thank Flag Link Mon Dec 7, 2009
Congratulation on the new baby, we just had one too. Your situation is all to familiar and very close to home. My family is in Fresno and I am in real estate sale and encounter your questions on a regular basis. I spoke with Wachovia(Well's Fargo) last week. From what I understood was they were using a gross income of 31% over the last 90 days. The bank has their own modifications for short term and there is also a government one they offer long term which they started offering in the last 3 weeks. Call the bank and let them know your situation and ask lots of questions. If you have called your bank do it again, you would be surprised at what you hear from a different representative. If things are stressful consider talking with an attorney that covers real estate law, taxation and bankruptcy. You are more than welcome to contact me for more info.
0 votes Thank Flag Link Sun Nov 8, 2009
For my money having a house is the most important thing. Pay for it first. All other creditors should come in second. You may find you have no option but to declare bankruptcy.

The other option if even possible in this economy is for you to get a (or go back to your) job. Increase your income and that will fix your financial problems. To be blunt it sounds like you can not afford to stay home and watch the baby. You might also discover that one of you working during the day and the other at night allows you to handle the baby. I only say that as I have been told that child care can be so expensive as to eat all of the income some get for working.
0 votes Thank Flag Link Sat Nov 7, 2009
I just re-read this and I apologize I missed "we don't qualify for a loan modification." You may not qualify for the loan mod BUT they may work out a repayment plan with you. They could either put the payments you are behind at the end of your loan or they could spread those payments out over 6-12 months. So you would be making your regular payments plus 1/12th of the past due. Try it! If not, maybe you should try a short sale. It would be a good idea for you to start putting your monthly mortgage amount in a savings account until this gets worked out.

Hoping for the best for you!
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0 votes Thank Flag Link Sat Nov 7, 2009
First, I don't recommend you to "live rent free" while pursuing a short sale. Banks consider a short sale as equally bad as a foreclosure.

The negative derogatory credit will remain on your credit profile for at least 3 - 7 years, the later if you choose to "live rent free". During this time period, your cost of borrowing will be much higher for a new baby bed, cell phone, appliances, etc.

You have a baby so I hope you will consider your options wisely. It takes a lot of work and persistence, and you can do this yourself instead of hiring a lawyer. You can get a non-profit credit counseling agency to interfere on your behalf.

Only contact a qualified lawyer for assistance when you received a Notice of Trustee Sale (NTS). The NTS trigger the final steps to auction, the lawyer will slowdown and/or stop the foreclosure process to allow time to resolve your issue.

Foreclosure Avoidance:…

Contact Info:…

HUD Approved Housing Counseling Agencies:…

I hope the information helps.
0 votes Thank Flag Link Sat Nov 7, 2009
I know it seems huge to you right now, but in the scheme of things being two months behind may not be that bad! Do not pay anyone any upfront fees for loan modification - there are a lot of scam artists out there.

Call your bank and insist on speaking to someone about working out a repayment plan on your loan. They will want you to fill out a hardship package.

Best to you!
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0 votes Thank Flag Link Sat Nov 7, 2009
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