Comments on: Facing Foreclosure Many Homeowners at Mortgage Servicers’ Mercy

By: Lisa

Lisa — Fri, 04 Dec 2009 04:40:06 +0000

I am a few months behind on my payments. My lender won't adjust my payments or rate or budge at all. I really don't want my house to be foreclosed, do you think it's too late to refinance with another bank?

By: Jerry

Jerry — Sat, 21 Nov 2009 04:27:32 +0000

My wife and I have a house in Westchester and have been planning for a while on taking out cash from our home to help pay our daughter's student loans. But with the real estate market like this, we wound up getting appraised at way less than we thought. We went to ICG which we heard about from a friend and got a low rate line of credit loan. I think this is a really good option for anyone in a sliding value market.

By: Jerry

Jerry — Sat, 21 Nov 2009 04:25:29 +0000

My wife and I have a house in Westchester and have been planning for a while on taking out cash from our home to help pay our daughter's student loans. But with the real estate market like this, we wound up getting appraised at way less than we thought. We went to ICG which we heard about from a friend and qualified for a low rate line of credit loan which is easy to pay off and we only need to take out from our house what we need. I think this is a good option for anyone in a sliding value market.

By: juliafishman

juliafishman — Fri, 06 Nov 2009 04:52:31 +0000

I thought I was going to lose my home because my bank wouldn't adjust my payments or rate or anything. I took my lawyer's advice and went to a few other banks and finally found one that would work with me (Intercontinental Capital Group in NYC). They're a direct lender so they had more flexibility and capital to work with. They got me a surprisingly good rate since my credit's not too hot and were easy to work with. Definitely don't give up if your bank won't help!

By: @ICGNYC

@ICGNYC — Fri, 06 Nov 2009 04:43:12 +0000

The most important thing to do if you cannot make your payment is to contact your lender immediately and speak with the loan modification department. Bring any proof of hardship and also an idea of what you can afford to pay each month. Decide if you need a few months to recover or just slightly lower payments. If your bank is unable to amend the terms of your mortgage, don't give up. Shop for another, maybe smaller bank that is willing to do a refinance and get you the rate and payments you can afford. All banks are different, with different rates and different positions on risk. If you can prove a source of income and bills paid on time, you may be able to save your home.