Absolute Foreclosure Counseling

There is so much fear of contacting the lender, but maybe for good reason. Today, I was dealing with a lender whose counselor tried to tell me that the property in question had a sale date of 4-11. The account was not referred to foreclosure until recently on 4-3. When I began to explain that there is no possible way that foreclosure was done in only a week's time, I was rudely interrupted.  The counselor tries to give me a lesson (LOL) and tell me that all states have different time frames and that she did not need to explain herself to me. WOW! There is so much misinformation going around in these lending companies that it is no wonder people do not want to call their lenders. Luckily, I know what I'm doing and immediately steered the conversation to get information on how to get a hold of the actual foreclosure department or attorney doing the reconveyance, not just the loss mitigation department. I was given the number and warm transfered to the department. After explaining my previous experience, the other counselor laughed at the previous counselor's misfortune (of being poorly educated).  He continued to tell me the house had first legal action done on 4-11 and was referred to foreclosure on 4-3. So now the story has come full circle! Lesson is: Please research your situation and make sure you are well aware of your loan status and the laws associated with foreclosure in your area because misinformation of that nature can cost a lot of money with last minute moving costs (because of the fear of being thrown out) when the time may really be there for some better planning to fall into place (besides living for FREE in the residence not just until the foreclosure sale date but to the end of your eviction time frame.) If this is something that you are so out of place, then we suggest that you hire a counseling service with experience. (PLEASE do not just pick any company because there are many unscrupulous people out there!)

 

CNN.COM posted that it is best to contact a counselor sooner than later. You don't want it to be too late to do anything!

Posted by Jkatz at 07:00 PM | Permalink | Comments (0) | TrackBacks (0)

As an outlet for Reuters, CNN.com quoted ,Shanna Smith, chief executive of the National Fair Housing Alliance, as saying "All the predatory lending that has gone on, all of the pushing of exotic loans on people of color, female-headed households, families with children, people with disabilities -- it's all coming home to roost,". Smith is talking about all the types of generally Adjustable Rate Mortgages(ARM) that at this time are just beginning to ripen after the real estate boom the happened at the turn of the century. The 2,3, and 5 year ARM loans are beginning to adjust and has run-a-muck through Sub-prime industry.  Dozens of lenders closing up shop; Coupled with Sub-prime market with just not enough money to go around. People just have note been able to keep up with these adjustments. Worse is what I would call the true predatory lending. Lenders seeking out those easiest to prey on. Those trying to live the "American Dream" brought down by the greed of others out for momentary gain.  Things that should always be a gage of who to use is word of mouth. Always great if someone vouches for a person through personal experience. All major banks are great but remember that they are there to close a loan. They may try to figuratively wine and dine you. Don't fall for it and make sure you always come to the table with multiple offers until you have narrowed down a trustworthy lender. Finally, it is imperative that if you are going to use you read what you are signing! It's in stone once you sign across the dotted line.

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This site has been created to allow Home Owners, Realtors, Investors, Lenders and anyone else with a Real Estate mind to get together in a forum enviroment to comment on stories and share information. Through our own searches, we discovered the need for such a place on the Web.  This is our first blog and we will try to update it as much as possible. Please feel free to post comments! Thanks for tuning in!

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