I do not want to focus on the negatives and pain that currently exists across the country. But I do have to acknowledge that it exists and look for possible solutions. Many families have simply thrown up their hands and have given in to what seems to be the inevitable loss of their home.
Short Sales and foreclosures do not ultimately have to be the outcome. 80 % of all loans written in the past decade contain RESPA violations. These violations do not make the loan contract void but allow a professional to use leverage with the lender when attempting a loan modification. The attorney attempting the loan modification on your behalf will first try to capitalize arrearages, reduce interest rates until a 31% debt to income ratio is reached (perhaps lower your rate down as far as 2%) extend your loan term, and lastly forebear principal.
There is a well know company out of Oregon that will not charge any fees until your loan is successfully modified. They have vowed to have an attorney in every state by March of this year. They have a reputation of being able to work with lenders up until two days prior to loss of the home. You do have time. (I do not have any affiliation with this company....just trying to help as many people as possible)
Warmest Regards,
Tim Bray B.S. Real Estate & Urban Economics (UConn)
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