When I was laid off I went behind on the mortgage by three months. At this time in my life I had never heard of a hardship loan modification and even if I had it was something that happened to other people a bit like a car accident! I sort of gambled that I would get a job by then and like many things in life things don’t usually turn out the way you plan. It wasn’t that I had buried my head in the sand or was ignoring the problem – it’s that I thought it would get solved more quickly. I was spending more energy trying to find a job and chose to ignore the threat to the most important thing – the roof over my head. Just before the 3rd mortgage payment was due to go out of my account which now had no savings I realized that I had to talk to the bank immediately.
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I had let things get out of hand for almost too long and it was recommended that I get some help as foreclosure proceedings were imminent. The sudden realization hit me. I tried to get a short term loan from my folks but they had limited resources. I went to a foreclosure attorney but because I had no money left she didn’t want to help – I mean what was in it for her – she had a business to run and I wasn’t in a position to pay!
The thing is when you have a wife and children that you need to feed, clothe and house and are under extreme pressure you don’t see things as clearly as you need to. Whether you like it or not you know you need help. I knew I needed help – but where was I going to get it? I went to Church and did some serious praying. Don’t get me wrong I’m not very religious but this did help me see things a bit clearer. On the Monday I went to my local library and went to the reference section. You see the internet and papers are free there and I was able to find out some invaluable information.
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I found out from the web that a hardship loan modification is designed to help home owners avoid foreclosure. Contrary to popular opinion most lenders are willing to discuss the circumstances that you find yourself in and come to an agreement that allows you to remain in your home. I found out that it is not in the lenders interest to foreclose in these circumstances as credit insurance companies are not as willing to pay out mortgage insurance losses to lending companies where there is no evidence of the company trying to recover as much money as possible. This gave me some hope!
The facts are that once a property is foreclosed the return to the lender is usually only 30% of the outstanding balance. This gave me some ammunition to speak to the bank.
The thing is while I’m good at finding out things that are technical – I’m not very good at getting the financial information needed and getting the right information to the right people at the right time that is where I had to source an expert. As I mentioned before I couldn’t afford an attorney but I did find a company that would help.
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