Balita Weekend, Sat. - Tues., July 2 - 5, 2011 Frustrated with loan modifi cation? E
very single day, for the last two and a half years, I’ve talked to homeowners who have been frustrated in trying to get a loan modi- fication with their lender but not getting anywhere. Nightmare stories continue to come in droves from these homeowners who have spent months with their lender making countless phone calls and being put on hold, submitting mounds of paperwork, following up on an almost daily basis and still no answer. Sometimes, these people come to me after they’ve already lost their home to foreclosure, in which case, it is too late and there is nothing more than they can do but to vent out their anger. Others are only days away from a foreclosure sale date after they’ve been
told by their lender that their loan modifica- tion request has been denied. The fact that they are about to lose their home is a hard reality for most to accept. A lot of these people have had their homes for years. These are the homes that they’ve raised their children in or perhaps the homes that they thought they would be able to retire in someday.
I’ve talked to many people who have submitted required documentation to their lender over and over again because they are told that the bank has not received anything from the homeowner. And when they call the lender, they’re transferred from one person to another, none of which know exactly what is going on with the file. Even those who have been approved for a trial loan modification period under HAMP are finding themselves in limbo. I’ve seen cases dragging out for 7-8 months and the homeowner has not received a re- sponse from the lender in spite of the fact that the terms of the trial modification have been complied with. Of course, the Obama Administration insists that the reason that most borrowers have not been approved is that because they haven’t provided all the
MINDING YOUR FINANCES
principal amount even with a loan modi- fication but by doing a “lien strip” of your 2nd
mortgage, you can greatly reduce your mortgage payments to make your home more affordable. Under new HAMP guide- lines effective June 1st
even do both at the same time- Do a modification of your 1st
BY ATTY. RAY BULAON
necessary paperwork, or have been dishon- est about their real income, or haven’t made their trial payments in a timely manner. That may be true in some cases but I’m sure it’s not the vast majority of homeowners. Some homeowners have been success- ful in obtaining a loan modification but overall, the system is still not working as it should. If you find yourself waiting by the phone day after day waiting to hear some good news from your lender, just make that you are prepared for the pos- sibility of a denial just in case. Depending on the facts of your case (income, amount of delinquency, amount owed on property, value of property, etc.), you may find that you may be better off filing for Chapter 13 bankruptcy to save your home. Chapter 13 immediately stops foreclosure and allows you to take care of all your other debts as well (credit cards, personal loans, back property taxes, etc). If you have a 2nd
mortgage that is not
supported with equity, you may even qualify for a “lien strip” that allows you to wipe out the underlying debt amount completely or reduce it significantly. is extremely rare for a bank to reduce the
It
mortgage. To find out whether filing bankruptcy is a good option for your situation, call toll- free 1-866-477-7772 and schedule a free consultation. We have offices in Glendale,
and then file Chapter 13 to strip off your 2nd
of last year, you can mortgage
Visit
www.Balita.com
19
Cerritos, West Covina and Valencia. IMPORTANT ANNOUNCEMENT: Next month, July 30th
, Saturday, my office
is presenting a 2-hour seminar on how to do your own loan modification without an at- torney. Don’t spend thousands of dollars in legal fees if you can do it yourself! We will show you how. Call the office for details. (None of the information herein is in- tended to give legal advice for any specific situation. Atty. Ray Bulaon has success- fully helped over 4,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1-866-477- 7772). ■
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