Comments on Legal Tips & Commentary: Support Needed for Bankruptcy Loan Modification Bi...

I have a home that is serviced by Wells Fargo and ...

2009-08-05T09:01:39.716-07:00

I have a home that is serviced by Wells Fargo and held by EMC Mortgage Corp. We are consistently one to two months behind. We have read that Wells Fargo has been ripping off hundreds of homeowners by not negotiating modifications. We have also heard that EMC is also not working with homeowners and had a $28 million dollar lawsuit against them by the FTC. We are afraid to go into bankruptcy and deal with these people for a loan modification.

On May 20, 2009 the President signed the "Helping Families Save Their Homes Act," but we did not see anything regarding a judge having the power to modify a primary mortgage in a bankruptcy. Do judges now have the power to negotiate for a modification?

Responsible Homeowner, CA

We need urgently this bill. I am behind on my mort...

2009-04-13T15:59:00.000-07:00

We need urgently this bill. I am behind on my mortgage or line of credit with WAMU or Chase because my business is dead and last year my interest rate was double and I was paying near $1500. I am having a hard time finding a job. I am 56 free of drug, drinking or ganbling additions. Washington Mutual loan rep called in late March and said that if I made a payment on 3/31 for $775 that I will not go into foreclosure. I told them that I had roommate moving in on 4/1 that he would pay $800 (half for the room, rest as deposit. The move failed but I sent the payment anyway at tremendous hardship because they told me that if I made two more payments in time, I would qualify for a modification. On 4/4/09 I received a notice of Intent to Foreclosure. I called & I was told that I have to pay inmediately $717. I answered that I could not trust them now, that I needed something in writting or have a go between. A supervisor got on the line and said that I have to make two payments this month to stop the foreclosure.
I don't trust Washington Mutual.
They have no incentive to work with me. Last year I cashed an IRA and paid inmediately $4,150 in taxes which is gone to them instead of me since I don't qualify for unemployment.
Overwhelmed in WA
Jackie Dempere

I heartily agree with Carl. I have never understo...

2009-03-12T15:35:00.000-07:00

I heartily agree with Carl. I have never understood why every other kind of mortgage can be modified, but the most important kind - mortgages for the purchase of a home - can not.

Regards,

David Baker, Esq.
Boston