Stop homeforeclosure

Question

Hello everyone I am 30 days from losing my home but I hade some one come and tell me that there lawyer was able to stop foreclosure and lower there total balance to today’s market from $325000 to $190000 is this possible and they want $3000 up front to work with you. Is this a scam

Answer 1

Yes, there are loan modification companys who help people like you modify their mortgage. The only thing they can't promise you is HOW  MUCH they can lower your payment or reduce your loan balance, because this is a negotiation process and every costumer, property is different. What I find out is , that there is better outcome using them, because if you deal directly with your lender they only offer you repayment plan which is not permanent solution, just one or two months break . Ask for reference and don't expect certain reduction of loan balance or term on your loan , that you would like to have- it is negotiation process and different states have laws what can be done or not.

Answer 2

There are agency's that can help you, but they can not change the principle balance.   You were given 325000 in cash, it has nothing to do with market rates, this is the money you were given and agreed to pay back.

Answer 3

It is legal but it is wishful thinking. And it will cost you $1,100 that you can't afford to waste.  They are saying that a bankruptcy judge will do a "cram down" which forces your lender to accept $190,000.  This does happen in 1 out of 200 cases, so it is possible.  But don't count on it.  Just lose the house.  Don't let it get vandalized when it is empty (before the foreclosure) and be sure you are out by the auction date. /

Answer 4

Yeah, its a scam (or at the least the guy is overcharging you for stuff you could do yourself).  There is no way to stop a foreclosure, and force a bank to lower the loan amount.  Maybe you could get some help by bargaining with the bank but you don't need a lawyer for that.

Still there may be resources you can turn to for help (possibly the same resources this lawyer would simply go to).  I'd suggest going to hopenow.com and reading through what they may be able to do for you.  They try to negotiate with banks to lower or lock in rates and loan amounts to something people can afford.  The idea is to get the homeowner to a point where they can afford the loan, but paying as much as they are able to.  Maybe they an help you, maybe not but its at least worth checking out.

Here is an article about them:

http://realtytimes.com/rtpages/20080115_...

Answer 5

Of course it's a scam.  There is NO way to legally stop a foreclosure.  The best one can do is file a bankruptcy action which will DELAY the foreclosure for about six months, but it will resume once the bankruptcy proceedings are completed.

Your best bet is to attempt to work out an extension for a short sale with your lender.  This will seriously affect your credit standing, but it's somewhat better than letting the lender proceed with a foreclosure.

You are SERIOUSLY upside down on this property.  No easy way out.

And please do ignore so sweet82.  That reply is blatant advertising.  The same answer appears to everyone who even mentions 'foreclosure'.