STOPPING FORECLOSURE SALES

Okay... I apologize because it's been awhile since my last blog. I started working with a local non-profit that I hoped would be rewarding. Unfortunately, it is run by a very immature little man, who suffers with CNS (Chronic Napoleon Syndrome) and extreme narcissism. However, helping families save their home from a foreclosure sale IS rewarding.

And I've heard it said that most of the homeowners in this situation are not victims, that because of poor choices they brought this on themselves.

Well, in my experience of negotiating hundreds of Workout Plans with Mortgage Companies, that has not proven to be true. The majority of the homeowners who contact me, are truly victims of hardship. Meaning, that because of unexpected and unforeseen circumstances they have not been able to continue making their Mortgage Payments on time.

This is just a small sampling of the many hardships:
~ Unexpected loss of job
~ Death of family member(s)
~ Illness and inability to work

Yes, there are a few who have investment properties in foreclosure, but they are not the majority. Moreover, because this is a fast, ever-changing environment I am finding that an increasing percentage of the Investors on these loans are not willing to even consider a Loan-Modification. And the reality is, the Repayment Plans that they often "force" the defaulted homeowner into is unrealistic. If they have not been able to make the regular Mortgage Payment, how in the world do you expect them to make a payment and a half or the equivalent of two payments a month?

Yes, I know that these Servicers are overwhelmed and understaffed. But that doesn't justify alot of the game-playing I see occurring at the expense of the homeowner.

I do want to say that many of the Lenders and Servicers ARE VERY willing to help. I've had good results with HSBC-HFC, Option One, Select Portfolio, Washington Mutual, Wilshire, Citi-Financial, CountryWide, Aurora, Bank of America, Saxon, GreenPoint, GreenTree, VHDA, HomEq, BB and T, First Franklin, Accredited, SunTrust, Litton, Fremont, Homecomings, Wells Fargo, Chase, CIT Group and many others.

When I say good results, I mean they are willing to stop the sale to review for some type of Workout.

So, let me know your views and experiences.

Mackenzie Crockett
(757)353-4408