[Loanmodificationhelp]

The property in question is my grandfather's home. He has a neg-am option arm that fully indexed. We looked into refinancing but due to the prepayment penalty, it was not possible. One item of note: the mortgage has a defect (missing prepayment rider to the note) but without placing a retainer, we are unable to even estimate a remedy. My Grandfather had a stroke in December of 2006 requiring my mother (who contributed heavily) to reduce her working hours, decreasing the household income. The mortgage was modified at a cost of $1000 (charged by their lender) a year ago. The original loan amount was original payment was $987. It increased to $3,300 and after the modification, is now $2300 (for 5 years causing more neg-am totaling $52,000). The original loan amount prior to this rate and term refi was $330k. The new note increased this amount to $360k. The neg am has increased the principal to over $400k. the property has decreased in value from $520k to $320k. My grandfather is 90 years old and we literally have no place for him to go. I will find out tomorrow how far behind that they are in payments and if a notice of default has been issued. The lender is Wilshire.

[rainelli]

I suggest to ask for consultant regarding this matter to help you out through this.

[John2010]

Hope this helps as many as it has helped my family, We got denied a modification from Wilshire , so we contacted a company called HOPE in south florida, which is a non-profit organization that assisted us through the whole process untill our loan modification was complete, great company and service, they charge nothing to assist you, they were able to assist in lowering our mortgage balance , our monthly payment and our interest rate down to 4.2%, it took about 6 weeks to complete everything. I called 877-968-5337 and got great service hope all goes well with your situation as mine did. good luck