We have rental property and over-median income so we can't use any of the non-profit agencies like NACA. I would like to seek loan mods on two of my parents' properties, one of them their primary, before they enter CH13.
Their home is assessed at about $95K, but with a Chase HELOC at $65K. I'm actually not sure that a current market appraisal would fall above the HELOC. Getting the payments reduced would help the 13 plan, of course, but it's also in an interest lock where the top $12K (I think) needs to be paid down before anything goes to the rest.
The rental has a Countrywide $120K mortgage paid down from $160, and a secondary lien for $30K. The lien was assigned (?) to another party who collected almost interest only for ten years, then died, with the executor saying "don't bother". I don't think the property would be appraised below the $120K, though, so we're probably stuck with that lien. Not even sure what to do about it (my dad, now ill, seemed to just pass it off to the future, and here we are).
There's also a third rental with a HELOC at about half the assessed value, but I don't even conceive of relief there. The local credit union already turned us down for a catch-up program last fall.
Anyway, we have a local mortgage broker that has turned herself into a loan mod business. They got written up locally as "we haven't been unable to help anyone". I believe they're legit, but the owner has an imperfect legal record.
Is this or any other commercial business a good idea to seek loan mods? I could conceivably pursue this myself but there are two complicated situations and I am up to my hips as it is.
So, should I hire these folks, or should I look for an attorney? This isn't something that our BK attorney volunteered herself for and while I don't want to step on her toes I can see advantages to using someone else. We already have two other attorneys as it is, and those expenses are one reason I'd rather maybe go with this broker outfit.
Their home is assessed at about $95K, but with a Chase HELOC at $65K. I'm actually not sure that a current market appraisal would fall above the HELOC. Getting the payments reduced would help the 13 plan, of course, but it's also in an interest lock where the top $12K (I think) needs to be paid down before anything goes to the rest.
The rental has a Countrywide $120K mortgage paid down from $160, and a secondary lien for $30K. The lien was assigned (?) to another party who collected almost interest only for ten years, then died, with the executor saying "don't bother". I don't think the property would be appraised below the $120K, though, so we're probably stuck with that lien. Not even sure what to do about it (my dad, now ill, seemed to just pass it off to the future, and here we are).
There's also a third rental with a HELOC at about half the assessed value, but I don't even conceive of relief there. The local credit union already turned us down for a catch-up program last fall.
Anyway, we have a local mortgage broker that has turned herself into a loan mod business. They got written up locally as "we haven't been unable to help anyone". I believe they're legit, but the owner has an imperfect legal record.
Is this or any other commercial business a good idea to seek loan mods? I could conceivably pursue this myself but there are two complicated situations and I am up to my hips as it is.
So, should I hire these folks, or should I look for an attorney? This isn't something that our BK attorney volunteered herself for and while I don't want to step on her toes I can see advantages to using someone else. We already have two other attorneys as it is, and those expenses are one reason I'd rather maybe go with this broker outfit.