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Old 01-25-2010, 09:44 AM
 
2 posts, read 4,668 times
Reputation: 11

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Hello - I am looking for a real estate laywer in Northern Virginia to help me look at options with my current mortgage. Just received my most recent property value from the county - now 200k underwater and have a ARM about to reset. My loan is owned by a private investor (not fannie/freddie mac) and they are not willing to work with me to help at all (denying modification requests through loan servicing company).

I would like to speak to a real estate laywer in VA who can advise me of my options at this point. I am really interested in someone who knows their stuff and will be able to let me know what I can and can't do and what risks are involved in each step.

Thanks!
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Old 01-25-2010, 10:11 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,080,549 times
Reputation: 6825
That could be a waste of money. Why not go to the Treasury Dept. website and check out the current programs (Hope Now Alliance)? They can refer you to a housing counselor who will be able to evaluate your situation and come up with some options, all for free! Also, you might want to head over to the Mortgages Forum on here and ask some question there.

Not saying it is, but your post looks like a marketing ruse by one of the local real estate attorneys similar to what we've seen with reckless driving posts.
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Old 01-25-2010, 10:17 AM
 
Location: Home is where the heart is
15,400 posts, read 25,819,531 times
Reputation: 18992
FYI, you might find an answer using the search engine for this forum. Also, the "General Pointers" sticker has a list of all the threads that have dealt with legal issues; this includes several real estate attorneys. I believe you'll find this list on page 13 of that thread. Good luck
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Old 01-25-2010, 10:23 AM
 
845 posts, read 2,071,249 times
Reputation: 296
Quote:
Originally Posted by CAVA1990 View Post
That could be a waste of money. Why not go to the Treasury Dept. website and check out the current programs (Hope Now Alliance)? They can refer you to a housing counselor who will be able to evaluate your situation and come up with some options, all for free! Also, you might want to head over to the Mortgages Forum on here and ask some question there.

Not saying it is, but your post looks like a marketing ruse by one of the local real estate attorneys similar to what we've seen with reckless driving posts.
I'll say it--IT IS!
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Old 01-25-2010, 10:31 AM
 
2 posts, read 4,668 times
Reputation: 11
Quote:
Originally Posted by CAVA1990 View Post
That could be a waste of money. Why not go to the Treasury Dept. website and check out the current programs (Hope Now Alliance)? They can refer you to a housing counselor who will be able to evaluate your situation and come up with some options, all for free! Also, you might want to head over to the Mortgages Forum on here and ask some question there.

Not saying it is, but your post looks like a marketing ruse by one of the local real estate attorneys similar to what we've seen with reckless driving posts.

Definitely not a marketing ruse. I have gone through the whole cycle - been trying to work with my loan servicing company (Aurora) since Oct 2008 - I tried going through my loan servicer multiple times, but because my loan is owned by a private entity (not a fannie/freddie loan), they are not willing to modify anything. HAMP modifications only apply to loans owned by Fannie and Freddie Mac. I have met with a local debt management company (MMI) that is part of the hope now alliance. They were able to offer no help. My current debt ratio is 51% and my interest only loan will reset soon. With my family's first child on the way (both my wife and I work), we are in a serious bind (close to 70% of my pay will then go to housing, day care, and debts) and might need to look at more aggressive options that could include a short sale/foreclosure ending. Basically, this becomes a giant game of chicken - they won't work with me until I am close to foreclosure and I don't want to be caught holding the bag and having my wages garnished.

I have been in contact with Congressman Wolf's office and his office is involved in writing Aurora on my behalf for the negative treatment (customer service on phone) and blantant disregard to implement a national program for someone who it was created for.

I am sure many roll their eyes who are not in the same situation that I am in (ie. you made your bed now sleep in it), but most first time homebuyers in 2005 and 2006 here in Northern VA are in the same situation as I am in.

Hence the need to talk to a lawyer...
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Old 01-25-2010, 10:36 AM
 
Location: Sterling, VA
1,059 posts, read 2,627,870 times
Reputation: 613
Try one of the title companies in the area. They all have an attorney on staff who may be able to help you or refer you to someone who can.
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Old 02-19-2010, 08:53 AM
 
46 posts, read 90,994 times
Reputation: 12
Default modification

you do not have to hire an attorney to do this. it is actually something you are capable of doing on your own. it is difficult and frustrating but i do know a not for profit group that does educate homeowners and assist if needed....
btw not for profit means they dont chanre outside their overhead but advice is free all over the US and they hold free webinars and seminars and things of that nature to inform homeowers they have options beside foreclosure
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Old 02-19-2010, 09:48 PM
 
46 posts, read 90,994 times
Reputation: 12
Quote:
Originally Posted by CAVA1990 View Post
That could be a waste of money. Why not go to the Treasury Dept. website and check out the current programs (Hope Now Alliance)? They can refer you to a housing counselor who will be able to evaluate your situation and come up with some options, all for free! Also, you might want to head over to the Mortgages Forum on here and ask some question there.

Not saying it is, but your post looks like a marketing ruse by one of the local real estate attorneys similar to what we've seen with reckless driving posts.
if they have a private investor the programs that you can research online may not be available to them Private investors dont have to follow bank and government guidelines an attorney or a non profit group that specializes in this sort of thing. there are free work shops webinars seminars and all types of advise you can obtain for free before you spend the cash on an attorney. there are groups out there that advocate for homeowners rights. perhaps start there they may be able to referr you to the local real estate attorney should you need one
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Old 05-17-2010, 11:31 AM
 
1 posts, read 2,058 times
Reputation: 10
Where can I go for advice/help on an INVESTMENT property that is underwater? I want to be able to protect the assets of our primary home, and not sure what action to take - short-sale or foreclosure.
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