Stop Foreclosure Answer

You may be in one of two spots right now.  Your mortgage company has started the foreclosure process against you. Or – Money is getting tight and you know that there is no way that you will be able to continue to make your monthly mortgage payments.  You decide to find out whether you qualify for a modification to your mortgage. 

What is your first step?  Do you call your mortgage company?  Most people would naturally conclude that is a great starting point.  However, is it really.  I saw an article by a reporter for the Associated Press in August that you need to be aware of.

30 of the 38 Mortgage Companies in the Making Home Affordable Modification Program Already Sued or In The Process of Being Sued

Yes, you read that properly.  Legal action had or has been filed against 30 of the Mortgage Companies participating the Making Home Affordable Modification Program.  Many of these suits alleged these companies harassed borrowers, charged for unnecessary insurance polices or hit the borrowers with illegal fees.

These are not small companies either.  One is Countrywide which is now a part of Bank of America.  Another is Wachovia which is part of Wells Fargo.   Washington Mutual is also there.  They are now part of JPMorgan Chase.  Citigroup is also in the mix.  You may want to check to see if your mortgage company ihas been sued if it is not one that I have mentioned here.

In prior posts on my blog I have relayed horror stories of what people have gone through trying to get their mortgage modified.  In most instances when their stories were reported in the news and the public got involved, their mortgage companies offered them a loan modification.

So I ask you again

Do You Really Think You Can Trust Your Mortgage Company?

Is your mortgage company going to have your best interests at heart?  Are they going to review your situation carefully?  Are they going to offer you a loan modification which will truly help you save your home?  Are they going to offer you the best loan modification for you and your circumstances?

While you want to believe that your mortgage company is looking out for you and will do the best for you, this track record of legal action and horror stories does not support that.  You really need an advocate working for you, someone who will review the circumstances of your case thoroughly and help you get the correct solution.

That is the reason I recommend that rather than dealing with your mortgage company on your own and trying to get a modification of your loan, get either a lawyer or an expert to help you. They will do the best job to help you save your home and protect your family in the process. 

You may want to check out my Ebook by clicking here.  In the book you will find much more information which will help you.

Much Success,

Mark Elkins

When some people are faced with foreclosure, they come up with some very creative ways to generate cash to save their homes. Let me tell you about one of the most creative ones I have seen.

A divorced mother of 3 experienced financial problems and fell behind on her mortgage payments. She owed her mortgage company $2,559.54 and had to have it to them by July 26.

She couldn’t raise that money quickly any normal way. However, she can bake. She decided that she was going to try to get the money by selling “Mortgage Apple Cakes.” She sold these for $40 each. Her goal was to sell 100 cakes.

Let’s see – 100 orders at $40 each. That is $4,000. That was more than what she needed to pay her mortgage company.

Her story was picked up by the news media. Do you think that when people saw it, they felt sorry for her? Do you think that they may have sent her a contribution? I bet that within a day of her story appearing in the news media, she had raised the amount she was short. Most probably it wasn’t only through orders for her “Mortgage Apple Cakes.”

How many orders did she actually get? She cut it off at 200. She generated $8,000 from the sale of those cakes alone. She also had to fulfill the orders. The general manager of a Hilton Hotel in her area offered her the use of the four large ovens at the hotel to bake the cakes.

An internet Site Bake Me A Wish saw the news articles about this lady. They have started to mass produce the “Mortgage Apple Cakes” and share the proceeds with her. Their website is www.bakemeawish.com. Go there and check it out. There is a link on the home page and they are selling the cakes for $44.99.

With the proceeds she got from the sale of the cakes she was able to pay her mortgage company the $2,559.54 she owed them. She was able to have her mortgage modified through the Making Home Affordable Modification Program. Her monthly payment dropped by 20% from what it had been.

If you are facing foreclosure and have to raise cash quickly, what type of creative idea can you come up with? It does not have to be through a bake sale. Maybe you and your kids could cut lawns. Maybe you could host a mortgage relief car wash. Pick something you find easy to do and just let the public know that you are doing it to raise money to save your home.

It will catch the news media’s attention and the results may be far better than you ever imagined.

Much Success,

Mark Elkins