Dear B. Lindsay,

I sympathize with your situation, there are hundreds of homeowners right here in Chico in the same situation.

First, make sure you consult an attorney on any plan you come up with, the potential loss of your home and the effects on your credit are too important to neglect to get legal counsel.

The questions you’ll want to answer for yourself are: do I honestly feel that I can afford this home in the future and do I want to keep this home? If your answer to these questions are yes you’ll want to follow your lenders process for applying for a loan modification. Be persistent – lenders are deluged right now and you’ll need to be the ‘squeaky wheel’ to get your questions answered fully. If your answer is no the next question is ‘how do you want to try to divest yourself of the property?’

A short-sale is a process whereby the lender allows you to sell your home for less than they are owed before the foreclosure date. The reason that distressed homeowners choose a short-sale is because the process is supposed to be less damaging to your credit (stays on your credit report for a shorter period of time). The short sale process can be challenging and timing is critical so most homeowners employ a real estate agent or negotiator to assist them.

Foreclosure means that the lender takes the home back. It is generally regarded as one of the most damaging items that can appear on your credit report. Because of the huge backlog of pending foreclosures, some homeowners have reported being in their homes for months before being foreclosed upon.

There are additional pros and cons to all of the above scenarios, and conditions vary from region to region. If you’d like more information on conditions or procedures in the Chico area I’d be happy to provide you with more details.

Best of luck

As mentioned before one way to keep from going into foreclosure is to get a loan modification. You should however be careful when picking the process in which you would like to go about getting the modification as each lender may have a different procedure or set of protocols that must be met first. The quickest most effecient way of getting a lender to accept the modification, however, is to hire a lawyer, as the banks will be more willing to give the best possible modification if legal action is taken.

If you want more information about loan modifications feel free to visit http://www.1stchoicefamily.com/agent/caseycarson, and download the free loan modifications 101 e-book to learn everything you want to know about loan modifications.

Hello My name is AJ Fields and I am with Solid Ground Financial we are offering new programs to homeowners in need of financial assistance or experiencing a legitimate financial hardship. If you are past due on your mortgage or are unable to keep up with your current mortgage payments there are several different types of programs that we can offer such as a reduction in the principle balance, lowering and locking your interest rate, or extending the length of the term of the loan or any combination of the three. All of this is done with no closing costs! If you are in foreclosure we can help by bringing you current and lowering your monthly payments. Your lender will be open to modify your loan because the cost of doing so is less than the cost of default or foreclosure, loan modification may be the only way for you to save the biggest investment of your life. Give me a call to set up a free consultation to determine your eligibilty into one of our programs.
AJ Fields
Solid Ground Financial http://www.solidgroundfinancial.org
1-800-761-9938

Hi, my name is Eddie Isles, I am a Mortgage Specialist, your situation need an expert. If you maintain to pay your mortgage current eventhough you're behind one month, there is a government program that will lower your monthly payment depending on your capacity to pay. Loan modification is a higher payment and this will be your second option., short sale is third and 4th is foreclosure by the lender. If you want to keep the house at affordable monthly payment base on your capacity to pay, you've to try the first option in order to lower your monthly payment that you can afford. If you've some issues such as credit cards debt, car payment , etc. Then you've to contact an expert since there are more works to do to fix your problem. Feel free to e-mail me at eddiejrfcorp@yahoo.com if you need help about your situation. Your lender will not entertain you since they have a lot of problem like you who are behind on payment.

Regards,

Eddie Isles
Mortgage Specialist
Colorado

What is your disability? Are you able to get a second job to make ends meet? Good Luck

You should be able to do whats called a loan modification. Many people are trying to do it themselves, but there are so many people trying to it that mortgage companies has thousands of modification requests sitting on their desks. You are better off going through a company that does this, due to the fact that they know how to package and present your case better than you can. You also shouldn't work with a company that doesn't have a legal team or attorney that is involved in the process, to make sure you get you the best terms for your situation. I do loan modifications, and from what I see should be able to help you out. We do need more info though. If you haven't done so, and need the help, or just need some questions answered let me know. andrew@ocmutual.com

In addition to HOPE, as Jacquiline noted in her answer, here are some possible sources for information and help. Best of luck!
Neighborhood Assistance Corp. of America http://www.naca.com
1-888-302-6222

http://www.acorn.org
1-866-672-2676

HomeFree-USA http://www.homefreeusa.org
1-866-696-2329

I commend you for being proactive and what is probably a very difficult time for you. Persistence is really the key when dealing with financial institutions. Another resource you could consider is the HomeOwnership Preservation Foundation at 888/995-HOPE or visithttp:// http://www.995hope.org.....the counselors may be able to help you in the process.

good afternoon.call, call, call.and keep calling unitl you get someone in the "loan servicing dept".........they are the dept. that takes your payments......tell them that you need a"loan modification".....they will send you out the forms to fill out, and send back...a loan modification will grant you a lower rate for typically five years or so.....are you on an a.r.m that adjusted upwards?....what happened?.....best regards.......bob mcclure- mortgage now- farmington, michigan (248) 974-4444.i am licensed in your state and 18 other ones....

Make all your requests in writing AND email.
Go see a housing councelor.

Good luck.