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I thought my mortgage was modified, now I am in foreclosure

  1. profile image60
    wishingonastarposted 6 years ago

    Let me start off by saying that this loan is a Freddie Mac loan. This loan has been sold so many times throughout the 10 years I have lived here.  I fell on hard times and tried for a loan modification.  My lender granted me a modification, or so I thought. They recalculated my income and told me if I paid that amount for the next 3 months by cashier's check, on time, they would modify my loan to that amount.  One month after the modification, they sold my loan to a servicer. They said they would honor that agreement even though they didn't know anything about it. Then the new servicer sold my loan to another sub prime loan servicer and they have sent back the checks stating that this was not my original loan amount and that I am now in foreclosure.  How can they do that?  The don't have to honor my loan modification?  I really don't know what to do.  Any suggestions out there in cyber world?

    1. SomewayOuttaHere profile image61
      SomewayOuttaHereposted 6 years ago in reply to this

      Wow!  I feel for you...I'm in Canada...that stuff doesn't happen here, luckily!  Sounds like a document is missing from the picture...the document that renewed the mortgage to the lower rate - the modification agreement.  Maybe, that's all that needs to be produced?  Should be some free legal counsel around hopefully...but maybe not since you own a home.  In Canada there are free legal services for various reasons...I'd try googling and look for a community group in your area that may be able to help you out.  Frickin' money vultures!  I don't get it because I thought that in the US, that since there are so many houses in foreclosure now and more to come, you'd think they'd want to work with you....

    2. AEvans profile image70
      AEvansposted 6 years ago in reply to this



      There appears to be a little chaos in all of that mess, someone has dropped the ball as always and someone needs to get into gear. Ask this company to modify the loan, it is another way to steal another home. Send them proof of the orignial amount of the mortgage and see if they will work with you.

    3. leeberttea profile image61
      leebertteaposted 6 years ago in reply to this

      Hire a lawyer.

      1. starme77 profile image87
        starme77posted 6 years ago in reply to this

        Ditto

      2. Internet Secrets profile image60
        Internet Secretsposted 6 years ago in reply to this

        you just don't want to hire a lawyer..my friend did just that and he is still having problems...this is what to do..hire a team of experts in the fieldsuch as..a cpa, real estate attorney, forensic loan auditors..only the experts knows what to do and how to handle any situation then just hiring one pro

    4. profile image62
      tina67posted 6 years ago in reply to this

      Deleted

      1. Internet Secrets profile image60
        Internet Secretsposted 6 years ago in reply to this

        I want you to try to get a forensic audit with my team of experts they look for violations that lenders have given to homeowners go to my site and i have a link that i just put up to go and learn more about mortgage reduction...(mods do not work) and then the bank wins.
        your friend internet secrets

      2. Internet Secrets profile image60
        Internet Secretsposted 6 years ago in reply to this

        i really hope that everyone gets this in time but by now we all now that everyone in the United States are having problems with lenders selling our loans to different lender hoping to get rid of their bad loans...All anyone has to do is get a team of experts like i did and they will help you...go to my hub secrets of mortgage reductions and use my team of experts they have over 75 years combined in the legal industry... good luck to all...talk to everyone soon
        your friend
        Internet secrets

    5. jaymelee23 profile image68
      jaymelee23posted 6 years ago

      Wow - I'm so sorry to hear that. I had similar issues with private student loans a while back. If I were you, I'd call 1 (800) 333-4636 (it's the USA.gov government mortgage branch) and see if they can help you or refer you to someone that can. I hate to say it, but I think these banks and lenders are so scammy. If not, you might want to seek the advice of an attorney. If you do talk to this company, make sure that you do it in writing and/or document your conversations... who you spoke with, the date and time... what the conversation was about... keep a journal. Journals are allowed as evidence in court if that should ever happen. Here is also a HUD link on predatory lending that you should read: http://www.hud.gov/offices/hsg/sfh/buying/loanfraud.cfm

      There is also some numbers at the bottom of that HUD link of counselors that may be able to also help or refer you. I'd get on the ball with those numbers this coming Monday morning and see what you can find out. Your credit is going to reflect the foreclosure and the more time you are in it... the harder it will be to undo the mess (if your situation is possible). I feel awful for you. I know what a mess that kind of thing can be and I hope it works out... let us know with an update to what you find out.

      I know that your loan isn't a government one anymore; however, someone in one of those branches may be able to tell you what to do with your situation.

      1. profile image0
        jerrylposted 6 years ago

        Really people.  Why is it that people look for answers to how and why they have been swindledn out of their homes, when they
        should be looking into what spawned these swindlers in the first place?

        People,  it is the federal reserve fractional banking debt monetary system that has caused all of this turmoil.

        Unless we go into debt, (in other words, borrow), we would be without a medium of exchange!  This is a debt monetary system!
        In order for the wealthy to have their wealth, the masses must have debt!

        All money is created through interest bearing loans by private commercial banks, with no money created to pay the interest!

        The cost of this interest (that no money was created to pay), has to go into higher taxes and a higher cost of living!

        When your wages do not keep up with those increasing costs, something has to give!  Corporate America isn't going to take the hit!  They find ways to pay their indebtedness!  Usually it is by laying it on their employees, through wage and benefit cuts,  cutting hours, downsizing and outsourcing, or moving out of the country!

        The people who suffer from the corporate money saving tactics, usually end up losing!  They may have to take lesser paying jobs.  They may have to work more than one job.  They may have their wages garnisheed, or they may have their vehicles or homes taken away!

        Unemployment benefits are not meant to take the place of a good wage, and don't last forever.  Welfare is not meant to be permanent, and is no way to live a productive life.

        Wake up people, contact your political representatives and demand change.  Let them know that this debt building system has been bilking the average American for too many decades already.  We need change.  Money should be created by rewarding man's productivity, (NOT BY BORROWING AND PLACING MAN IN DEBT)!!! THEN TO ADD INSULT TO INJURY, WE BAIL OUT THE BANKERS, WHEN IT IS THEIR MONETARY SYSTEM THAT IS SHAFTING THE MASSES.

        IT'S YOU THAT ARE SUFFERING NOW!!  NEXT IT WILL BE YOUR CHILDREN THAT WILL SUFFER, BECAUSE OF THE DEBT WE ARE LEAVING THEM TO PAY, THROUGH NO FAULT OF OUR OWN.  WE MUST BORROW, OR THIS SYSTEM BEGINS AN IMMEDIATE COLLAPSE.

        WAKE UP! GET ACTIVE!  LET THAT POLITICIAN KNOW THAT UNLESS HE/SHE TAKES ACTION TO STOP THIS FRAUD BY DECEPTION ON THE PEOPLE, YOU WILL VOTE THEM OUT OF OFFICE!

        CORPORATE AMERICA PUTS PRESSURE ON THEM, THROUGH THE THREAT OF HOLDING BACK CAMPAIGN FINANCING FUNDS.  VOTE THE BUMS OUT, AND GET NEW INFORMED BLOOD INTO OFFICE.  IT HAS TO START WITH THE GRASS ROOTS.  MAKE THEM LISTEN!  BE LIKE A BILL COLLECTOR, CALL YOUR REPRESENTATIVE'S OFFICE EVERY DAY.

        1. jaymelee23 profile image68
          jaymelee23posted 6 years ago in reply to this

          Yup - I agree with everything you say. It's only going to get worse.

      2. MissE profile image79
        MissEposted 6 years ago

        Wow!! That totally sucks!  I'm sorry that happened.  Everyone seems to be struggling.  We are trying to sell our home so that we can buy a house with my grandmother, but the home values have dropped so much we might have to end up taking a loss.  I read that over %40 of home in America own more than what their homes are worth now.  It's so sad and frustrating!!!!!  Good luck.  I hope you can work something out.

      3. readytoescape profile image61
        readytoescapeposted 6 years ago

        If your loans was “reassigned” rather than sold you need to see this video

        Concerning a landmark decision which could save your home.

        http://www.youtube.com/watch?v=dljFUsqu … r_embedded

        This a legal opinion of a foreclosure case Landmark Bank vs Kessler in the Kansas Supreme Court. Kessler won.

        Hire an attorney and make sure he/she is aware of this precident.

      4. SoManyPaths profile image60
        SoManyPathsposted 6 years ago

        happens a lot nowadays.They willalways cover their ass first. business rule #1.
        What I believe happened is, they look at your value now $100K vs $250 k 4 years ago...OK, just giving a Phoenix, AZ or Vegas home example, and decide it is better to have you foreclosed on because the original loan is insured for $200k to $250k. They lose $100K on the deal on paper, your credit is shot for years, but they get back the full $200 to $250k....pretty nice on their ends and a no-brainer.

       
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