Maria and Joseph Perez, of Seguin Texas, wanted to refinance their mortgage loan so they could get a better rate and avoid mortgage foreclosures. They did, at the time, what hundreds of Americans have done – refinance through Quicken. They were not blessed with cheaper monthly payments in 2009; refinancing was a curse for the couple. The firm servicing their loan, Taylor, Bean, and Whitaker went bankrupt the same month the couple sent in their first payment. The first loan payment never reached their bank.

The former mortgage servicer sold the servicing rights to the Pérezes bank, Bank of America. The couple was making payments; they began to receive foreclosure notices because of the late payment. The former company servicing their loan allowed the couple’s payment to be released after a long delay. Thinking the couple had not paid their mortgage payment, the bank sought to foreclose on the house.

The phone calls from collection agencies came. Tired of the harassment, the couple sold their house; they moved to Kansas. They are suing the bank and trying to reap a reward. The couple wants a reward for the pain and suffering caused. The couple was not behind on mortgage payments and the bank may have broken the Real Estate Settlement Provision Act. This law says mortgage lenders must inform borrowers about the mortgages they offer; they must list loan terms. Mortgage loan companies cannot be abusive if they do call to collect mortgage loan fees you owe.

Could help have created a different outcome for family affected by mortgage foreclosures and foreclosure notices?

 

Could the couple’s ordeal played out differently, if they were able to get help? Could they prevent foreclosure or sell their house because of the mortgage payment mix-up? Help is available for Texas families facing mortgage foreclosures. You do not have to face any mortgage payment mix-up alone. Our trained specialists can help you if your house is in foreclosure.

Asking for help is never easy. If you are finding your house is on the verge of being a foreclosed house, there are a number of free resources for those who are dealing with mortgage foreclosures and other housing problems. There is help available to you as a borrower. Where can you go if you want help? Here are a few references you may want to keep on the refrigerator door.

• FHA (Federal Housing Administration) – Borrowers can ask for a modification loan that spreads out their payments over a longer period, so they pay less per month. Specialists at the FHA can help borrowers, if they need counseling. For more information on all the services, the FHA has available, call 1-800-225-5342.
• Neighborhood Assistance Corporation of America (San Antonio) – What if someone gives you advice about your house before you is left without any choice. What happens if you file for foreclosure and you cannot meet the mortgage loan terms? This organization offers pre-purchase counseling, provides predatory lending education workshops, offers financial, budgeting, and credit repair workshops. It provides mortgage delinquency and offers default resolution counseling.
• CCCS (San Antonio, Greater Dallas) – The Pérezes did not do anything wrong in their mortgage nightmare, but their situation may not mirror that of other Texans facing mortgage foreclosures. Other people may benefit from financial and budget counseling before they decide to buy a Texas home. If they are financing a purchase with a mortgage loan, it is helpful to know the mortgage loan process. If couples understood how a loan delinquency affects them and the long-term effects post delinquency, they could ask for financing a loan through a big mortgage loan company, such as Wells Fargo, Freddie Mac, or Fannie Mae.
• Making Home More Affordable (MHM) –The departments of Treasury and Housing and Urban Development head this program; they can provide you with a wide range of solutions. Do you need some financial relief in the form of lower mortgage payments? Are you unemployed? MHM can help you keep your financial woes in check. They can help if you are underwater on the mortgage. To get foreclosure assistance from a specialist, visit makinghomeaffordable.gov/pages/default.aspx.

Help is only a click away on the Internet or a quick telephone call away and it does not have to be expensive. Isn’t it nice to know there are a number of free resources that are only a telephone call away? We can refer you to investors who can sell your home quickly for you, so you can pay off the loan you owe to mortgage lenders. We can also provide the counseling you need, so you can make the best decision of how you should handle foreclosure. Our number is 512-271-5044, so why not give us a call today! If you have gotten a foreclosure notice and need support from others who have dealt with mortgage foreclosures, call us or fill out the form online at www.savemytexashome.org.