Minnesota Housing Financial Services

Bank of America and Stop Foreclosure!

Scott Scanlon — Thu, 13 Mar 2008 03:06:22 +0000

Bank of America has been rather hard to deal with since the middle of February.

We have had quite a number of files be stalled waiting to get an actual loss mit negotiator. We have been promised today that these issues will be resolved rather quickly here but once again our own negotiators where on hold for a good part of the day.
Minnesota Housing
Financial Services
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One of our clients is two payments behind and has a 1st and 2nd loan with Bank of America. Their rate adjusted and their was just nothing they really could do to keep up with the increase in payment. We did get an answer today from BOA on their file. They are open to modifying the terms of the loan to something the client can afford.

Bank of America works a little different than some of the other lenders in that they have a separate internal review of their files before they approve a modification of a loan or a forbearance.

If you have an adjustable rate mortgage (ARM) you can use the bank of America calculator to find out what your payment might adjust to:
Calculator: How much will my adjustable-rate payments be?

One or two payments behind?
If you are one or two payments behind it is critical that you call us now so we can act as your third party negotiator with the lender. We have been tremendously successful with our clients whom are in this situation.

Sheriff sale scheduled?
If you have a sheriff sale date scheduled, it is even more imperative that you call us immediately to not only stop the sheriff sale but to work on some form of work out with the lender. This may be a modification or a forbearance, this depends on your individual situation.

If you are facing foreclosure with Bank of America in MN please call us for a free consultation.

Chase and Stop Foreclosure

Scott Scanlon — Wed, 12 Mar 2008 03:20:12 +0000

This week we have made good progress on a few loans and modifications we have been working on Chase. For one family we have been able to stop foreclosure completely and are in the process of working on a modification of their current loan, both rate and term. Another individual we are helping who has a loan with Chase we are structuring a forbearance and possibly a modification of the rate.

Chase Bank has been quite receptive to our negotiators and talking through the issues that our clients are dealing with. It took us about a week of constant effort to close out a few deals we have been working on but we are on a new path with our latest Minnesota pre-foreclosure stopping tactics we have employed with their loss mitigators.

Minnesota Housing
Financial Services
Stop Foreclosure Now!
Visit MNHFS.org

If you are facing foreclosure with Chase or Chase Bank in MN please call us for a free consultation.

CitiBank and Stopping Foreclosure

Scott Scanlon — Wed, 20 Feb 2008 15:06:21 +0000

Minnesota Housing
Financial Services
Stop Foreclosure Now!
Visit MNHFS.org
We have made many inroads with Citi Bank and loss mitigation these last couple of weeks. Just last week alone we were able to stop foreclosure for many clients in Minnesota who had Citi loans. Two of our clients we were able to stop a sheriff sale, a couple more we were able to get approved modifications of their current loan even though they were a couple mortgage payments behind.

What we have learned about Citi Bank is they are willing to work with people who have the ability to pay and just had a recent hardship. Such as loss of income, medical issue, or other short term related item. We have also been successful with negotiating rate freezes and rate locks on option arms and interest only adjustments.

If you are facing foreclosure with Citi Bank in MN please call us for a free consultation.

World Savings, Foreclosure, and Loss Mitigation

Scott Scanlon — Thu, 31 Jan 2008 15:06:12 +0000

Minnesota Housing
Financial Services
Stop Foreclosure Now!
Visit MNHFS.orgWorld savings has opened up a new loss mitigation department. This loss mitigation department is aiming to streamline the process of foreclosure and pre-foreclosure workouts. If you have a loan with World Savings make sure you working with someone who has the authority to make decisions on your account.

Home Ownership after Foreclosure

Scott Scanlon — Sun, 06 Jan 2008 21:01:57 +0000

There is a great post about rent to own and home ownership after foreclosure located at MN Rent to Own.

Minnesota Housing
Financial Services
Stop Foreclosure Now!
Visit MNHFS.org

This is relevant because sometimes your lender or servicer cannot negotiate in any way. We usually are able to figure this out early on in our negotiations with a lender.

When this happens it is good to know that foreclosure isn’t the end for future home ownership.

to view the post on Rent to Own after Foreclosure click here

What to do if you are in foreclosure in Minnesota

Scott Scanlon — Sun, 06 Jan 2008 20:40:02 +0000

Don’t ignore the phone calls and letters from your lender. This is the best way to wake up to a knock from the Sheriff telling you to vacate the home. Take this matter very seriously and work to resolve the problem as quickly as possible. Keep track of all correspondence you receive for later reference.

Minnesota Housing
Financial Services
Stop Foreclosure Now!
Visit MNHFS.org

Stay in your home. You may not qualify for foreclosure help if the house is vacant. Your home, if proved vacant, can be seized. Stay in your home!

Contact a reputable negotiation company to negotiate on your behalf with your mortgage company. While this might cost you some money it is much more effective to have a reputable third party negotiate on your behalf. Rememember when you call your lender all they care about is when you are going to pay them. When a third party negotiator calls they are more willing to listen to the ins and outs of your situation.

A negotiator will negotiate on your behalf with the Mortgage Company to get your loan back in good standing. A negotiator understands the system, the foreclosure laws and the chain of events necessary to help you keep your home out of foreclosure.