Are you one of the many thousands of people who find themselves caught up in the middle of the housing market crises? It seems as if we see a special report about the real estate industry everyday, and almost every one of them will suggest you speak to your mortgage lender, if you are having difficulty paying your home loan. Great advise; the only problem is you may not know which lending company currently owns your mortgage. Just because you got your home appraised and received a loan from one particular company does not mean they are still carrying it.
This is extremely frustrating to homeowners and is serving to compound the housing market mess even further. You want to pay your mortgage in a timely manner, you want to be a responsible homeowner and you want to try and work out a payment plan that will enable you to keep you real estate, but how can you do that if you don’t know who you’re supposed to deal with? Complicating matters even more is the fact that all the experts suggest the sooner you act, the more likely you are of being able to make some sort of deal to keep your home. How can you get your home re-appraised, if you don’t know where the real estate appraiser is supposed to send their report? How did this happen?
In the turmoil that followed the collapse of the housing market, some lenders went out of business or were bought up by bigger lenders — and the loans from those out of business mortgage lenders changed hands. As the mortgage market has dried up, lenders have had to lay off workers who, just a few years ago, had a hard time keeping up with the influx of clients. Now, with foreclosures rising, there are fewer employees on the other end of the phone to help homeowners in trouble. Experienced real estate attorneys and professional housing counselors report that they’re also not having much luck navigating the maze of voicemail.
Even worse is the fact that some lenders ended up bundling hundreds of mortgage loans together and putting them in a trust, which they then sold off in pieces to other lenders. Oy vay! It’s like trying to follow the breadcrumbs of a lost child. Worse, there may be no single “owner” of your loan if the original mortgage was bundled with hundreds of others and placed in a trust, which was then sold off in pieces to hundreds of investors. But here’s the good news, these lenders don’t want a bunch of foreclosed homes on their hands, so they will more than likely be willing to work with you. Now, how do you go about finding these elusive mortgage lenders?
One option might be to get some help from a HUD-approved housing counselor or a lawyer who specializes in working with lenders and may be able to help you cut through the significant thicket of red tape. The National Foundation for Credit Counseling has a website where you can locate an office near where you live. If you can’t afford a lawyer, look for a non-profit office; many of them are spending a lot more time these days on housing and mortgage issues.
I know it seems like an impossible situation, but there are people out there that can help. Find some good real estate professionals who will fight for you, and you may be able to keep your home. Just remember the worst thing you can do is nothing.
If you are looking to refinance a home, purchase a home or you just want to better understand the current value of your home, visit us at www.iappraiseforyou.com