Foreclosure Prevention Institute, LLC

Thanks Dave & Janet for calling my lender to set up a work-out solution.  I was 3 months behind in my mortgage payments and had just received a foreclosure notice saying that my mortgage company was going to accelerate my payments.  I was at my wits end and just didn't know what to do.   All it took was one phone call by Dave to the collection's department.  Dave was able to get the collection's agent to give me another month and a half to become current due to our recent hardship.   My husband lost his job, so it's been a struggle to keep up with the bills especially with the high cost of gasoline.   Today,  I received the agreement in the mail.  The lender still says they have the right to foreclose, but if I can meet their payment plan I should be o.k..  I am hopeful and fairly confident that between now and August, my husband will find some work to help ease our financial burden and debts.   Jennifer  

"I was at my wits end and mad at the whole world."

 We initially tried to refinance our home 8 months ago with two lenders, but kept getting turned down.  Our problem is that we are on  a fixed income and were facing ARM resets starting in January.     Looking back, we should never have refinanced with an ARM in the first place, but we did two years ago due to my being placed on disability.  Now we just didn't know where to turn.   We considered bankruptcy, but Janet said don't do that.   We have always been on time with our mortgage and really didn't have many other debts except for the house.   Janet suggested a loan modification.  We about gave up, because our lender was so slow in responding to our loan modification package.   We waited two months and the lender finally sent us a forbearance agreement with a possibility of a future loan modification.  That was unacceptable since we were not late with our mortgage payments, so Janet resubmitted the loan modification request and spent more hours on the phone with the lender.  Finally, after another 30 days, we had our loan modification and payments that we could afford.   Salavador 

Thanks Dave and Janet, You saved my home.  I am a single mom and have owned my home for 7 years.  I had a land contract and then refinanced my home to pay-off the land contract 3 years ago, but naively at a high interest rate and with an ARM.  I was doing o.k. until this past year when my hours at work were cut in half.  I did find a second job as a waitress to make-up for some of my loss of income, but with the increase in gasoline and a furnace problem I fell behind in a payment.  My lender would not accept a partial payment and forced me into foreclosure.  After talking to Dave and Janet, they suggested I call the lender back and insist that they loss mitigate with me.  I was given an unrealistic forbearance plan, and told Dave to appraise my property and to start the short sale process.  I just couldn't see how I could make timely mortgage payments with an ARM that was about to kick-in, and didn't want to borrow more money from my parents.  While putting up my house for sale, Janet insisted I complete a loan modification packet. We sent it to my lender just to see if they would consider me for a loan mod.  The day before my house was to be sold at the sherrif sale, the help department from my lender called to offer me a loan modification with a 5% interest rate and a 30 year fixed rate   I was estactic. I then received an overnight package, signed the loan modification documents, returned the package with a check, and gave Dave back the real estate sign.   Jen D.          

Thanks so much Dave.   I cried alot, but  I think we are now finally on the right track.  We make enough money to make the mortgage payment, but some how each Friday the money just seemed to disappear and so we got way behind and were facing foreclosure.   Kids needed clothes, dogs needed to go to the vet, special treats for the week-end family gatherings, etc.   Dave helped us to set-up our prioriities and fill-out our budget to show where the money was going.  My husband is trying to get some overtime to help us catch-up and I am now only going to the store once a week and with a specific list of items to buy so that we can save our home.   Shirley

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