, Home Buyer in New York, NY

It was no help, my private lender gave me a new loan with a higher payment.

Asked by, New York, NY Mon Jul 22, 2013

I own 4 unit building in Koreatown, Los Angeles. I asked my private lender to help me out by lowering my interest rate. Instead I got NOD which stated $5600.00 to bring loan current. The lender did not accept this amount. Said it was wrong and that the correct amount was $16,000.00. I didnt want to loose my property so i said fine but can i get a 1week extension because by this time i had a sale date. He said no on the extension. One day before foreclosure sale my lender offered me new loan. I signed papers in a rush like we were late for something. I didnt know my new payment until i got to escrow. It is higher than before now i really cant pay them and they are starting foreclosure proceedings again. I dont get it do they just want my property. Im devastated.

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carlos parra…, Other Pro, Monrovia, CA
Mon Jul 22, 2013
It is important to work with someone who knows what they are doing. Too many people try to save a penny and lose a dollar because they think they can do it themselves. That is why there are Real estate professionals and Lawyers, etc. Would you operate on yourself?
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Cheryl Fried…, Agent, Rolling Hills Estates, CA
Mon Jul 22, 2013
Dear Erica-

Before I offer advise I want to share my background. I have been in the Real Estate business for over 15 years. The first 11 were strictly in Real Estate Finance, basically I was a Loan officer, the past 6 years I have been primarily focused on Real Estate Sales. The transition started primarily because of the situation you described above. When the market changed in 2006 I started helping my underwater or investor clients modify there loans. During 2006 to current day I have helped over 500 clients modify or short sale their homes. Since 2009 I have been assisting homeowners modify their loans with no charge to them- Its illegal to charge homeowners to help them modify there homes in California.

1. Do you currently have anyone assisting you? The key to getting a modification done properly is not only knowing who you are working with but also asking the right questions. I will gladly answer any questions you have in trying to save your investment property, at no cost. You should not have to pay to get help on modifications however you should have assistance do not try to do it on your own.

2. With Sales prices on the rise have you considered the option of Selling?

I would love to help you. All my clients have said they were so glad they called me. With so many people trying to take advantage of people in your situation it is hard to find someone you can trust. Like I mentioned before I will assist you free of charge. If you are asking why would I help for free? Well the simple answer is I always put people before my pay. My goal is if I am able to help you now in the future I will have earned your business and your referrals from your friends and family.

Thank you for your time.

Have a great day!

Cheryl Friedman
0 votes
Douglas Perez…, Home Buyer, Los Angeles, CA
Mon Jul 22, 2013
I'm sorry about your stressful situation. Koreatown has become "gold rush" for the same community of investors.
At this point, I would suggest you to get you a "GORILLA" or an expert real estate attorney on your side to fight for you. Otherwise, your current lender would not have any mercy on you and foreclose right away.

Let me know if I can help you,
0 votes
Carmen Hill, , Los Angeles, CA
Mon Jul 22, 2013
I would be happy to assist you. Are you here locally in Los Angeles? I would have to review your paperwork. It sounds like all the lender did was add the past due amount to a new loan at the current rate.

I would need additional information to be able to help you. What are your current rents? What is the reason you got behind in your mortgage payments? What is your income outside of the rental? Who is the lender? Are you current on your other debt obligations, etc.
Carmen Hill aka Ms. Sherlock Homes
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Jul 22, 2013
Rates have gone up. That's the hard truth of the situation. I can understand your upset. That said, you are absolutely responsible for reading what you sign. You're not the first or last borrower to do this - but hopefully you can learn from this.

Keep your eyes out fro when rates drop and see if you can refinance in a few months...

Best of luck.
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