We have a guest post from Jacob Callahan of who fought foreclosure and won. After getting swindled into signing a huge mortgage contract from a less than scrupulous mortgage broker, he wound up having more house than he can afford. He is going to tell us how he figured out a way to save his home from foreclosure and have affordable monthly payments.
Jacob says:
Hi, my name is Jacob Callahan, at the height of the real estate bubble, I bought a home for $425,000. At the time, I was making less than $50,000 a year but my wife also worked and together we managed a decent income. When we first saw that house, we fell in love with it. We were a little hesitant because the price was over our budget, but our real estate agent assured us he knew some people that would help us get the loan we needed to buy our dream home.
The first year in our home was wonderful, we enjoyed ourselves and had lots of plans for the future, a new pool, a patio, etc… After about 15 months, I lost my job. We were paying on time for a while but as my jobless months became longer, the late payments got bigger.
I eventually found employment but at a lower pay scale than I was at before. I had been trying to work with the mortgage company (which I can’t name), but they didn’t want to hear it. By now, I was continually one to three months behind on my payment, I owed over $2400 in late fees and they were not willing to work with me. I had asked them to put the late fees at the end of the loan so I could start fresh. I had asked them if they can refinance me. But I got no help from them at all. The only thing they knew how to do was send foreclosure threats in the mail and threatening phone calls at dinner time
I had enough! I told my wife, “We’re gonna keep this house and we’re gonna get a payment we can affordâ€
That night I went up to my den and sat at my computer. I did research until the early morning hours and I found what I thought was a good plan.
1.     Get a Free Credit Report- and prove that I had decent credit or find out if I had any issues and clear them up. Usually with a phone call to the credit reporting agency this can be cleared up. I had one account that appeared to be delinquent, but I had paid it off a few years ago and they promptly changed it to good standing. This would help me with the loan modification. Click Here to Get A Free Credit Report
2.     Get information on a Loan Modification. –I had heard about it but wasn’t sure what it was. Loan modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. Click Here to Get Loan Modification Information.
When all was said and done, we brought down the mortgage payment by 30%. At least now, I can afford the monthly payment and not lose my home. The late payment fees were forgiven and I couldn’t be happier.
The best part of this is that there was no out of pocket expense to me. If I had tried to get my loan modified, it would have cost me many hours and there is no guarantee that I would have won. This is why I let the experts take care of it.
The free credit report is mandated by the federal government and helped tremendously.
Before I go, I want to tell anyone out there to be careful with scam artists, many companies claim to be in the loan modification business but all they do is take your money. The links I’ve put here have been checked out. Good luck all!
We want to thank Jacob for his story, to check out the resources that Jacob had mentioned , please visit the links below.
Step 1:
Click Here For A Free Credit Report
Step 2:
Click Here For Free Loan Modification Information
