Comments on: Project Lifeline: Major Lenders Delaying Foreclosure

By: Chase Bank CD Rates

Chase Bank CD Rates — Fri, 20 Nov 2009 18:12:45 +0000

you might want to contact your lender, right now they are all willing to workout custom plans to help you keep your house… good luck!

By: burdickrobert

burdickrobert — Sun, 19 Jul 2009 18:06:54 +0000

There is another link under the category of personal finance but it has nothing to do with finance. If you have difficulties in making payment, you can click the link named wachoviabank.com. You will have an expert helping you to fix your problems and you don’t have to go out of your home to get the service. What you need to do is to choose a button between the two “call us today” and “we’ll call you”. Don’t you think this service shows the attentiveness and consideration of the Wachovia? It’s really good in my opinion.

By: Sue Stevenson

Sue Stevenson — Wed, 03 Jun 2009 20:48:27 +0000

Bank of America won’t even deal with an attorney unless you are 60-90 days delinquent. It just shows that they want the properties but then again, how many properties do they really want on their books?

These continuously changing of their rules & hiding behind the pretense that they are “helping” the homeowner in the game they are playing with our lives every day is shameless.

Too many of these banks are “losing” paperwork over and over again until it’s just too late to keep the home

By: Kate@Buy to let mortgage

Kate@Buy to let mortgage — Wed, 22 Apr 2009 01:12:48 +0000

I would expect that more lenders will follow. I was told by someone form a leading bank, that they are not exactly rushing repossessions as they already have so many properties which they are unable to sell. I suppose in this situation it is better to renegotiate mortgage terms instead of foreclosure.

By: cassiano travareli

cassiano travareli — Thu, 09 Oct 2008 17:26:00 +0000

The steps that are offered would sure help a lot. To bad Washington Mutual was bought by Chase. Hopefully they can continue working with people so they can avoid foreclosures.

By: The Phoenix Real Estate Guy

The Phoenix Real Estate Guy — Thu, 14 Feb 2008 07:08:53 +0000

Torey – This is a brand new (though voluntary) program. It’s possible your lender may have different rules for it.

I think the first thing anyone should do that is behind in their payments (actually, before you get behind) is contact your lender. With their steadily climbing inventories of foreclosed homes, they may consider something today that they didn’t yesterday.

If they won’t budge, you don’t really have a whole lot of options. They pretty much boil down to sell, foreclosure, or hand over the deed. But contact your lender. Soon.

By: Torey Winter

Torey Winter — Wed, 13 Feb 2008 19:36:37 +0000

What about if you have already had a loan modification 2 years ago, and according to your lender they only allow 1 per life of the loan. What other options are available if your mortgage is 90 days late.

By: Ron the Foreclosure Expert

Ron the Foreclosure Expert — Wed, 13 Feb 2008 18:06:22 +0000

Only if they have the financial means to stay in their house. It doesn’t do any good to offer someone a lower mortgage payment when they lost their job or their source of income. But I have worked with people who got behind 3-4 months and just needed a way to catch up and start over. A loan modification can be very helpful to these people. The thing is: if they are proactive and talk to their mortgage company in the first place (rather than avoiding calls and mail), they shouldn’t need an extra 30-days. It takes 6-months for their home to be sold at the public auction. An extra 30-days will only help someone who just recently got another job (after 5.5 months unemployment, let’s say) and needs to prove income.

By: Matt in Atlanta

Matt in Atlanta — Wed, 13 Feb 2008 14:54:27 +0000

Is 30 days really going to make a difference to most of these people?

By: Ron the Foreclosure Expert

Ron the Foreclosure Expert — Tue, 12 Feb 2008 23:41:36 +0000

That is a step in the right direction if the homeowners have the financial means to stay in their homes and if they will answer their phones and mail. I do some loan mitigation work for a few of the above mentioned lenders, and I can testify that many people go into hiding from all creditors and will never learn of the available help. Additionally, lenders are missing opportunities to help those who proactively want it.