update on a loan modification case I known of, Part 2.
This family friend is now 12 months behind, Goldman Sachs has denied his modification 2 twice, and started foreclosure on the property.
Court papers has been filed, by Indiana law, the owner entitles to a pretrial conference. so, the Indiana Foreclosure Prevention Network appointed a local agent representing the owner, refile a new modification application, and request a court order hearing for a 3 way conference.
Now, here comes a new twist, Goldman Sachs transfer (or sold?) the note to Wells Fargo 3 days before the conference, and after 12 month, the servicing company finally contacted him in person and offer a modification package.
The package didn't mount to much, instead of forbearances like twice before, the bank now roll the back interests in the principle and wave all fees, at a reduce rate of 3.75% for 12 month, and 5.375% for 2nd year, to keep him from foreclosure, but no permanent rate reduction.
What I see here is the government and banks are doing whatever they can to push back foreclosure from happening, they are waiting the market to recover too.
part 1 here:
I know a case that the owner now 11 month behind, his family owns a restaurant.
he bought this house for $440k, put in another $75k to expend and renovate it, once worth $740k, he refi and got 500k out of it, now best case house maybe worth $460k or so.
he started working with his bank since last Dec, at first the bank told him they can help, and told him since his loan is own by goldman sachs, to get the mod done, he need to stop making payments., so he did, that is 11 month ago. finally the bank deny his case, telling him either pay up or foreclosure it.
so he let it go in to foreclosure, Indiana has a state funded agency call Indiana Foreclosure Prevention Network, they refer him to a local agency, and start the whole process again, and the agency request a face to face settlement conference with the bank the end of this month.
he say he wants to keep the house if the mod is successful, but if not, he is not afrait to let it go, he had $525k in the beginning, refi out $500k, now with 11 month no payment, he is actually ahead 20k if he walk away.
This family friend is now 12 months behind, Goldman Sachs has denied his modification 2 twice, and started foreclosure on the property.
Court papers has been filed, by Indiana law, the owner entitles to a pretrial conference. so, the Indiana Foreclosure Prevention Network appointed a local agent representing the owner, refile a new modification application, and request a court order hearing for a 3 way conference.
Now, here comes a new twist, Goldman Sachs transfer (or sold?) the note to Wells Fargo 3 days before the conference, and after 12 month, the servicing company finally contacted him in person and offer a modification package.
The package didn't mount to much, instead of forbearances like twice before, the bank now roll the back interests in the principle and wave all fees, at a reduce rate of 3.75% for 12 month, and 5.375% for 2nd year, to keep him from foreclosure, but no permanent rate reduction.
What I see here is the government and banks are doing whatever they can to push back foreclosure from happening, they are waiting the market to recover too.
part 1 here:
I know a case that the owner now 11 month behind, his family owns a restaurant.
he bought this house for $440k, put in another $75k to expend and renovate it, once worth $740k, he refi and got 500k out of it, now best case house maybe worth $460k or so.
he started working with his bank since last Dec, at first the bank told him they can help, and told him since his loan is own by goldman sachs, to get the mod done, he need to stop making payments., so he did, that is 11 month ago. finally the bank deny his case, telling him either pay up or foreclosure it.
so he let it go in to foreclosure, Indiana has a state funded agency call Indiana Foreclosure Prevention Network, they refer him to a local agency, and start the whole process again, and the agency request a face to face settlement conference with the bank the end of this month.
he say he wants to keep the house if the mod is successful, but if not, he is not afrait to let it go, he had $525k in the beginning, refi out $500k, now with 11 month no payment, he is actually ahead 20k if he walk away.
选择“Disable on www.wenxuecity.com”
选择“don't run on pages on this domain”
