Howard Ehrsam sent out a newsletter today on how he got a mortgage forbearance. This info might be of help to some of you or people you know who are trying to get help from their lenders. It looks like the key is getting through to the right people with the right documentation. I think we all knew this but he talks about how he did it and what paperwork he used.
If you are interested in seeing what he has to say, email him at Howard@chinesedrywallscreening.com
County Appraisers usually have cut off dates for negotiating reductions in taxable values for the year. If your County has passed that date and you did not already ask for a reduction based on the presence of tainted drywall, ask them if they will provide a letter for you to use to talk to your lender. They might be willing to do that. The letter could state that they have been adjusting value for homes similar to yours or in your neighborhood with tainted sheetrock and what the typical percentage of drop of value is. They might ask that you provide documentation to them first though proving you have it. You will also need that for the lender.
Also, take note on what Howard says about the impact of this on his credit record. This has been another common concern I have heard expressed on why people do not ask for help from their lender. What he says is good news for people who are concerned.
If you need mortgage assistance and dealing with your lender has been a negative experience to date, remember there are mortgage forbearance professionals and attorneys who deal in this daily and can get through quicker than you which makes their fee more affordable. If you hire one, make sure that they are reputable. The State Attorney General’s office has recently cracked down on this due to opportunists taking advantage of people with distressed properties. Ask the individual for references from other recent customers, a copy of any licenses they might have and check them out, especially if you are asked for money to go into any kind of escrow account.
Speaking of escrow accounts, they can also help you if, like Howard, you do it yourself. Talk to your attorney about setting one up to put your mortgage payments in if your lender will not talk to you unless you are in default. We do it in commercial management over rent and repair disputes.
Again, whatever you do, be shrewd and make sure the people helping you are trustworthy.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment