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According to an article in the Star-Telegram, many mortgage companies are putting in very little effort to prevent foreclosures. Many homeowners facing foreclosure approach their mortgage lender for assistance but their pleas for help are often met with silence or “help” that’s offered has very little tangible benefit.
The article said:
“Celina Gallegos of Arlington has taken a second, part-time job on a loading dock but still can’t afford her $930 mortgage payment. The solution her mortgage company offered? Payments of $1,100 a month aimed at helping her get caught up on back payments.”
And Celina is not alone. Many homeowners facing foreclosure are finding that mortgage companies have little motivation to help them keep their homes. And other mortgage companies such as Litton Loan Servicing are facing a crush of homeowners seeking relief from foreclosure. Many homeowners are faced with long waits that eventually send them to foreclosure anyway despite their best efforts.
The article continued:
“Companies like Litton have been deluged by requests to modify mortgage terms. Many loan servicers haven’t ramped up the back office staff to cope. As a result, callbacks can take weeks, loan plans months.”
That’s why it took a protest by ACORN to force Litton to postpone Celina’s foreclosure sale for 30 days and offer to negotiate a loan modification for her. Celina is lucky, many homeowners don’t have the benefit of advocates. If their negotiations take too long to work out with the mortgage company they often succumb to foreclosure.
If you’re facing foreclosure and have been unable to negotiate a loan modification with your mortgage lender, you may benefit from filing bankruptcy. Bankruptcy can stop foreclosure and help you keep your home. Contact a Dallas-Fort Worth bankruptcy attorney to discover your bankruptcy options.
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- Tiny Fraction of Homeowners Facing Foreclosure Offered Help
July 14th, 2009 at 6:02 am
i always knew this things because in most of the mortgage deals the mortgage always suffers…. however some benefits were there but in the end most of the deals ends up with foreclosures
July 19th, 2009 at 3:57 am
This is exactly what happened to us. We were in line for a modification and told several times that it was too late to place our home up for sale. The modification answer took from January to July and we now have 2 weeks to come up with $4,200 and our first mortgage pmt of $1868 is due August 18th. We called Litton Loan every week to check on the status of our modification and we were told it was still being reviewed. We did not ask for a modification in the first place. We were told we could not make a payment. When we called we were never counseled as to what our options would be. They milked more and more months of unpaid mortgage payments thinking we would just walk away. We have a choice to work hard for about 18 months and pay $1800/month with $4200 down or pay $750 to file BK and then $1800/month for 5 years. Either way we have to pay $1800/month. The government needs to make a rule that they have to give a modification response within 30-60 days not 6+ months. We are sick over this and it has ruined our credit and our life. There are people out there who can not handle this wait and worry and turn to suicide and now I can see why. At lest I have my mothers last words to me stuck in my head which were “Be Strong” as well as “I Love You Too”.
God Bless everyone who is going through this difficult time. You are not alone.