We’ve heard in the news about the gruesome and rising foreclosure market nationwide. It’s true, there are multiple stories of families that have lost their homes to foreclosure with no place to turn to or live.
What we don’t hear about however, are the multiple success stories that exist. Studies show that nearly 80% of all mortgage fault cases can be successfully mitigated if the proper steps are taken.
We’d like to share with you some of our success stories.
Stop Foreclosure Success Story 1 (Fall 2002)
Homeowners were 28 months behind on their delinquent mortgage. Both husband and wife were out of work for a short period of time. They owed well over $100,000 to their mortgage company.
They turned to us after several attempts with their mortgage company fell short and they were weeks away from foreclosure. The mortgage company didn’t even want to speak with them until they paid at least $65,000 up front before stopping the foreclosure.
Results – We got involved and they were approved for one of the Veteran’s Administration programs. Of the nearly $100,000 owed to their mortgage company, they only had to come up with slightly under $25,000, had their mortgage postponed for almost 3-months and are still in their home today.
They continue to follow the concepts and practices we taught them and have not fallen behind since this setback. Better still, they have purchased and paid in full for two cars since this ordeal. They have also established an investment portfolio and helping other members in their family with the strategies they learned.
Stop Foreclosure Success Story 2 (Winter 2006)
Homeowners were 11 months delinquent in their mortgage payments and owed nearly $20,000. They contemplated filing bankruptcy a 2nd time but were referred to us by a previous client. What made this case even worse, is that they were newlyweds. What a way to start a new marriage with this hovering over your head.
Mortgage Company would not speak with them at all because of the previous bankruptcy.
Results – We were able to get them approved for a loan modification and their initial payment was $2,700 and their mortgage payments deferred for two months.
They are active participants in our prevention program and have not fallen behind since.
Stop Foreclosure Success Story 3 (Spring 2007)
This church minister was out of work for almost 6-months and was receiving threatening phone calls from her mortgage company almost daily. She had fallen behind and exhausted all of her savings.
To make things worse on her, during this time period her mom had also died. What little savings she had left was used to take care of the funeral arrangements for her mother.
She had fallen behind over 13-months and owed her mortgage company over $20,000 in delinquent mortgage, taxes, interest and attorney’s fees. During this process, she found employment and could immediately began making mortgage payments again. One problem though, her mortgage company wanted her to pay the entire $20,000.
Results - After we got involved, we were able to get her approved for a 19-month repayment plan. Additionally through our negotiations with her mortgage company, her initial first payment to the mortgage company was only $2,000.
One key element that worked in her behalf was prayer. This helped us to get in contact with the right Godly people at the mortgage company that showed her enough compassion to approve this workout and our proposal.
Stop Foreclosure Success Story 4 (Fall 2005)
Wife called and said if she was not able to get their foreclosure stopped, her husband was going to leave her. The foreclosure was sale was 5 days away, and we never met face to face.
Needless to say, she was extremely frantic when we first spoke. The mortgage company wanted well over $25,000 to completely reinstate the mortgage. Another special challenge we faced is that the husband was not an active participant in this process.
Results – We got the mortgage company to preliminarily stop the foreclosure with a verbal agreement of $4,200 before they actually received the money. A few days prior to the sale, the homeowner was able to send the agreed amount and they were placed on a 10-month repayment plan.
We’re happy to say that husband and wife are still together today, and they are no longer experiencing financial problems.
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