Loan Safe Solutions & LoanSafe.org
LoanSafe.org offers free foreclosure help that is based on a support community built around the premise of paying it forward and helping one another through this very difficult time. The homeowners below were able to stop foreclosure with the information and tools they obtained from this website to fix their loans and save their homes.
We hope to have many more success stories in the future and we hope you consider joining our fight to save our homes!
Do you need a loan modification and assistance in dealing with your lender? Please join our one of a kind homeowner's forum to get free foreclosure help, ask questions and get real answers in this unique and interactive community.The forum was created to assist people in an anonymous, yet open question format. Meet other homeowners with similar issues and get the information you need from industry experts and attorneys to help you fix your loan and save your home.
We hope to have many more success stories in the future and we hope you consider joining our fight to save our homes!
Do you need a loan modification and assistance in dealing with your lender? Please join our one of a kind homeowner's forum to get free foreclosure help, ask questions and get real answers in this unique and interactive community.The forum was created to assist people in an anonymous, yet open question format. Meet other homeowners with similar issues and get the information you need from industry experts and attorneys to help you fix your loan and save your home.
Loan Safe in the New York Times
Silence of the Lenders by Gretchen Morgenson
Behind on his payments and fearful of losing his home of 16 years - a 900-square-foot bungalow in Wilmington, N.C. - Mr. Bailey had spent the previous six months unsuccessfully lobbying Countrywide, at the time the nation's largest home lender and loan servicer.
Mr. Bailey, 41, promised in his e-mail message that he would pay every nickel he owed if Countrywide would modify his mortgage in a way that allowed him to keep his home. He sent the message to a grab bag of Countrywide e-mail addresses, which he had received from www.LoanSafe.org, an online forum for borrowers.
Among the recipients of his e-mail was someone he had never heard of before: Angelo R. Mozilo, Countrywide's co-founder and chief executive. Lo and behold, Mr. Mozilo replied - inadvertently, as it turned out.
"This is unbelievable," Mr. Mozilo said in his message. "Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting."
Within days, Mr. Mozilo's e-mail was widely circulated on the Internet and in the news media, offering a rare instance when candid comments from a powerful C.E.O. entered the public realm. For Mr. Bailey, however, the disdain that Mr. Mozilo expressed was depressingly familiar.
After all, Mr. Bailey had received little else from Countrywide after he began trying to renegotiate an adjustable-rate loan that he could no longer afford. Until then, he says, the only guidance the lender provided was a suggestion from an employee of Countrywide's "home retention team" that he cut back on groceries to pay his mortgage.
"I told her that I probably spend $10 a day on groceries," Mr. Bailey recalls. "And she said 'Maybe you can eat less.' "
As record numbers of homeowners try to avoid foreclosure, the responses of big lenders and loan servicers like Countrywide are drawing increased scrutiny. While these companies maintain that they're doing all they can to help imperiled borrowers, critics contend that homeowners routinely meet roadblocks.
Many borrowers have trouble even reaching a workout specialist; others soon find that the modifications they received are as unaffordable as the mortgages they replaced. Some homeowners, eager to sell their homes before the value falls further, say they are impeded by loan servicers' inaction or incompetence.
"We continue to rely on lenders to fix the problems they created by making reckless loans in the first place, but it's clear that foreclosures keep rising," says Deborah Goldstein, executive vice president of the Center for Responsible Lending, a nonprofit group that assists borrowers. "We need federal regulators to step in or court-supervised loan modifications - any solution that might standardize the process better."
With two of the nation's most important mortgage concerns, Fannie Mae and Freddie Mac, continuing to falter last week - raising the possibility that they may need a federal bailout or takeover - foreclosure problems are likely to become even more complex.
Countrywide, which administers $1.48 trillion of loans across the United States, finds itself at the center of the foreclosure mess. As of the most recent quarter, 2.67 percent of the loans that Countrywide services were more than 90 days delinquent. (The Bank of America Corporation acquired Countrywide on July 1 and is now overseeing the Countrywide portfolio.)
Lenders and servicers like Countrywide are inundated with requests for help from borrowers who cannot afford their loans. Alas, these companies' operations weren't set up for such work; servicing units were originally intended to collect monthly checks from borrowers and then disburse the payments to mortgage holders. During the boom years, there was little need to advise borrowers or restructure loans.
Now, however, the demand from borrowers, politicians and regulators for these services is enormous - and growing ever larger. The nation's 27 biggest lenders have joined what is called Hope Now, an alliance meant to help borrowers stay in their homes.
A vast majority of modifications industrywide offer a temporary and modest interest rate reduction, accompanied by an increase in the overall principal owed because of added - and what critics contend are often bogus - fees larded onto the loan in the delinquency period. Because the principal increases, sometimes substantially, new monthly payments can wind up only slightly lower than those of the original loan.
And if new fees for underwriting, document preparation and title searches are added, savings can quickly shrink or disappear.
Mr. Bailey, 41, promised in his e-mail message that he would pay every nickel he owed if Countrywide would modify his mortgage in a way that allowed him to keep his home. He sent the message to a grab bag of Countrywide e-mail addresses, which he had received from www.LoanSafe.org, an online forum for borrowers.
Among the recipients of his e-mail was someone he had never heard of before: Angelo R. Mozilo, Countrywide's co-founder and chief executive. Lo and behold, Mr. Mozilo replied - inadvertently, as it turned out.
"This is unbelievable," Mr. Mozilo said in his message. "Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting."
Within days, Mr. Mozilo's e-mail was widely circulated on the Internet and in the news media, offering a rare instance when candid comments from a powerful C.E.O. entered the public realm. For Mr. Bailey, however, the disdain that Mr. Mozilo expressed was depressingly familiar.
After all, Mr. Bailey had received little else from Countrywide after he began trying to renegotiate an adjustable-rate loan that he could no longer afford. Until then, he says, the only guidance the lender provided was a suggestion from an employee of Countrywide's "home retention team" that he cut back on groceries to pay his mortgage.
"I told her that I probably spend $10 a day on groceries," Mr. Bailey recalls. "And she said 'Maybe you can eat less.' "
As record numbers of homeowners try to avoid foreclosure, the responses of big lenders and loan servicers like Countrywide are drawing increased scrutiny. While these companies maintain that they're doing all they can to help imperiled borrowers, critics contend that homeowners routinely meet roadblocks.
Many borrowers have trouble even reaching a workout specialist; others soon find that the modifications they received are as unaffordable as the mortgages they replaced. Some homeowners, eager to sell their homes before the value falls further, say they are impeded by loan servicers' inaction or incompetence.
"We continue to rely on lenders to fix the problems they created by making reckless loans in the first place, but it's clear that foreclosures keep rising," says Deborah Goldstein, executive vice president of the Center for Responsible Lending, a nonprofit group that assists borrowers. "We need federal regulators to step in or court-supervised loan modifications - any solution that might standardize the process better."
With two of the nation's most important mortgage concerns, Fannie Mae and Freddie Mac, continuing to falter last week - raising the possibility that they may need a federal bailout or takeover - foreclosure problems are likely to become even more complex.
Countrywide, which administers $1.48 trillion of loans across the United States, finds itself at the center of the foreclosure mess. As of the most recent quarter, 2.67 percent of the loans that Countrywide services were more than 90 days delinquent. (The Bank of America Corporation acquired Countrywide on July 1 and is now overseeing the Countrywide portfolio.)
Lenders and servicers like Countrywide are inundated with requests for help from borrowers who cannot afford their loans. Alas, these companies' operations weren't set up for such work; servicing units were originally intended to collect monthly checks from borrowers and then disburse the payments to mortgage holders. During the boom years, there was little need to advise borrowers or restructure loans.
Now, however, the demand from borrowers, politicians and regulators for these services is enormous - and growing ever larger. The nation's 27 biggest lenders have joined what is called Hope Now, an alliance meant to help borrowers stay in their homes.
A vast majority of modifications industrywide offer a temporary and modest interest rate reduction, accompanied by an increase in the overall principal owed because of added - and what critics contend are often bogus - fees larded onto the loan in the delinquency period. Because the principal increases, sometimes substantially, new monthly payments can wind up only slightly lower than those of the original loan.
And if new fees for underwriting, document preparation and title searches are added, savings can quickly shrink or disappear.
Loan Safe Testimonials
All testimonials are 100% voluntary and not solicited in any way, shape or form.
Lanie- DoxiesRule - 67 year old widowed homeowner from Missouri -
Moe Bedard & Loan Safe: Thank you for thanking the others regarding their support of me and my situation. The time and thought that have been offered to help me have been a true blessing. I am so very glad I stumbled upon this website. I haven't found any other similar site that even comes close to the interest and caring that I have received here. Whether you all realize it or not, you are the ones who are "holding me up" when I feel I simply cannot go on. I know I will never have an opportunity to meet any of you, but I love you all for what you have given and continue to give me.
Lanie
Bob - Homeowner from San Diego - I have finally got my loan fixed for 5 years @ 5.99%. Fully amortized loan..principal and interest. After almost 6 months of doing battle with Countrywide I am done. I have to make two more payments (Jan. and Feb.) at 7.45% but then in March 08 it goes back down to 5.99% saving me $610.00 a month! Great news!! I do not even have to sign any paperwork. They said it is a done deal and I will probably receive a letter in the mail today.
Here is a link to my original thread: http://www.loansafe.org/forum/showthread.php?t=162
Hopefully 5 years will buy me enough time to pay down my second mortgage and put me in a good position to refi. I want to thank Moe Bedard, Brian and all the forum members for all your help and encouragement. I never would have been able to keep my home if it wasn't for the knowledge I gained from www.loansafe.org. Thank you all so much!!
Do not give up!! Keep up the fight!! You to can stop foreclosure!!!
If anyone needs any help or advice in dealing with CW from someone who has been through it, just drop me an email at bob@xxxxxxx.com and I will do whatever I can to help.
Paying it back and forward is the way to go!
JacMac - Homeowner From New York - I want to wholeheartedly recommend this forum to those who just popped up here or may have been lurking and are scared, unsure - perhaps you've just realized you've been taken for a roller coaster ride, and the price of the trip is more than they said, more than you can afford - the point is, the forum is a wonderful place, and it is SAFE!
The internet can be a scary place, with people posing as someone who wants to help you but what they really want to do is make a buck. This is NOT one of those places.
You can save your home OR do something about what is happening to you. Even though you've been victimized, you don't have to be a victim. Take power over your life again!!!
This forum can help you make choices that are right for you, and you'll be amongst people who are just like you, and who care. I'm speaking from personal experience AND I'm not getting anything for saying this!!!
Evelyn AKA evel1999 - Homeowner from Georgia - I received an official letter from America's Servicing Co today telling me my Loan Modification was official and that I will be receiving a statement in the mail very soon telling me where to mail my payment and to who.
Sounds great.
Jules - Homeowner from Sacramento, Ca. saves her home because Chase fixes her loan!
Moe... sure enough.. mod paper work arrived Tues ...flat 5% FOR EVER... NO MORE REFI 4 ME..
I had mod signed & notarized send back Wed..no additional charges.... done deal ...big thx to Chase..
stood up to the plate & helped out a client that otherwise wld have been homeless in the near future.. & big thanks to u all for info & support.. jules
Singlewoman - Location unknown, but one thing is for sure, she saved her home!
This is an awful type of thing to have to deal with, and my heart is out for everyone working through this foreclosure process. I know the sleepless nights I've had over this. But mine is concluding positively, and I wanted to share it with everyone, at least as a point of hope.
Moe had so generously offered to act as an intermediary with Litton on my problem with my loan modification. I had typed up a summary for Moe to help him with information, but thought I would try one last time to contact Litton directly about my loan modification. Imagine my very pleasant (more than pleasant actually) surprise to find out that not only had the modification NOT been declined, as the officer in foreclosure told me, but it had actually been approved! I still have to receive final sign off from a supervisor, but this is what Litton told me, along with due dates and terms.
Texas Homeowner AKA TxAngel - Well it's finally over! We got our loan modified and fixed for the next 7 years. If it weren't for this forum I don't know if I would have done any of it the right way..I didn't even know what a loan mod. was. All I knew is they had put us in another program to try to help us stop foreclosure, then I found this place and realized what it was and what was gonna happen. And the samples of those letters..I would have had no idea. I hope people keep posting on here and giving tips and info..it's such a help and helped me stop foreclosure!!!
Just stay on top of everything..Don't quit! Gosh..I sure wanted to. I came close..but my house is worth more than giving up.
Thanks again to all of you..Moe..KEEP UP THE GOOD WORK!!! Just a long slow process..but it is working!!!!
Good luck to all of you!!!! Good things are coming!!!
and BE PERSISTENT!!!!!!
Andrew - Homeowner and father of 2 saves his home. (Now a Loan Safe moderator & helping other homeowners stop foreclosure)
Received an apology letter and loan mod via fax from countrywide office of the president. Secretory of Mozilo called and asked if they can fax along with mail the documents. Maybe tomorrow ill send moe and email with the scanned letters to post.
If you go back an read some of posts I have been worried about my mortgage for a while now. I had originally called in August and asked about it but was told since I'm not late they couldn't do anything. Then in October when I called again I was told that I could apply. After months and who knows how many hours on the phone.
I was finally approved for a 5 yr freeze on mortgage. I even had to go as far as threaten to rescind my loan and send RESPA letters with the violations Brian had found. I really am very grateful of Moe for this site and his wisdom and guidance. I feel very stress free right now. I will be staying on this board to help others who were in my predicament too.
THANKS AGAIN MOE !!!
Florida;
Accolades to Moe and the Loan Safe team. If I hadn't followed your advice and just asked for a loan modification I wouldn't be in this position. I wish that I had done this much earlier. (listen carefully%u2026hear that noise? Thats the sound of money flying out the window!) Thanks for taking the time to help me through the process Moe!
Accolades to First Franklin. I know that lots of folks on this forum are having issues with their lenders but I have to offer credit when it is due. 4 weeks and 2 days from receipt of my loan modification request to my receipt of the loan mod paperwork. It cost me about an hour of time and $135 for an appraisal.
Best of luck to the LoanSafe forumers.
Comtech;
Hi Guy's
I'm so glad i found this place and to see so many other's in the same boat as i
makes me feel so not alone.
Nicole - Single mother of 3 who just lost her home to foreclosure
Hello Poppy, I"m the mother of 3, and I"m hangin in there. My name is Nicole.
Yesterday I finally got through to one of the people on the committee of HSBC who decides whether or not to "forgive" the balance of the loan. The man I talked to told me that in CERTAIN circumstances they will forgive the balance. He told me to write a letter and fax it to him. He would take it before the committee today. I intend to call this afternoon, and again Monday to see what they say.
Thank you for your concern, and I have to say...my eyes were flooded with tears this morning when I came to work and saw all of the replies. I was speechless. I am so thankful that God brought me to this website.
Nicole
View other LoanSafe.org Stories Here and Success Stories - Homeowners Who Fought Back & Won or just enter Loan Safe and get free foreclosure help 24/7!
Lets Help Stop Foreclosure Together. Join Now!
Home Loans Manufactured Home Loans HUD Countyrywide Home Loans FHA Secure Loan Modification Predatory Lending
Short Sale FHA Loan Loan Safe Solutions
Moe Bedard & Loan Safe: Thank you for thanking the others regarding their support of me and my situation. The time and thought that have been offered to help me have been a true blessing. I am so very glad I stumbled upon this website. I haven't found any other similar site that even comes close to the interest and caring that I have received here. Whether you all realize it or not, you are the ones who are "holding me up" when I feel I simply cannot go on. I know I will never have an opportunity to meet any of you, but I love you all for what you have given and continue to give me.
Lanie
Bob - Homeowner from San Diego - I have finally got my loan fixed for 5 years @ 5.99%. Fully amortized loan..principal and interest. After almost 6 months of doing battle with Countrywide I am done. I have to make two more payments (Jan. and Feb.) at 7.45% but then in March 08 it goes back down to 5.99% saving me $610.00 a month! Great news!! I do not even have to sign any paperwork. They said it is a done deal and I will probably receive a letter in the mail today.
Here is a link to my original thread: http://www.loansafe.org/forum/showthread.php?t=162
Hopefully 5 years will buy me enough time to pay down my second mortgage and put me in a good position to refi. I want to thank Moe Bedard, Brian and all the forum members for all your help and encouragement. I never would have been able to keep my home if it wasn't for the knowledge I gained from www.loansafe.org. Thank you all so much!!
Do not give up!! Keep up the fight!! You to can stop foreclosure!!!
If anyone needs any help or advice in dealing with CW from someone who has been through it, just drop me an email at bob@xxxxxxx.com and I will do whatever I can to help.
Paying it back and forward is the way to go!
JacMac - Homeowner From New York - I want to wholeheartedly recommend this forum to those who just popped up here or may have been lurking and are scared, unsure - perhaps you've just realized you've been taken for a roller coaster ride, and the price of the trip is more than they said, more than you can afford - the point is, the forum is a wonderful place, and it is SAFE!
The internet can be a scary place, with people posing as someone who wants to help you but what they really want to do is make a buck. This is NOT one of those places.
You can save your home OR do something about what is happening to you. Even though you've been victimized, you don't have to be a victim. Take power over your life again!!!
This forum can help you make choices that are right for you, and you'll be amongst people who are just like you, and who care. I'm speaking from personal experience AND I'm not getting anything for saying this!!!
Evelyn AKA evel1999 - Homeowner from Georgia - I received an official letter from America's Servicing Co today telling me my Loan Modification was official and that I will be receiving a statement in the mail very soon telling me where to mail my payment and to who.
Sounds great.
Jules - Homeowner from Sacramento, Ca. saves her home because Chase fixes her loan!
Moe... sure enough.. mod paper work arrived Tues ...flat 5% FOR EVER... NO MORE REFI 4 ME..
I had mod signed & notarized send back Wed..no additional charges.... done deal ...big thx to Chase..
stood up to the plate & helped out a client that otherwise wld have been homeless in the near future.. & big thanks to u all for info & support.. jules
Singlewoman - Location unknown, but one thing is for sure, she saved her home!
This is an awful type of thing to have to deal with, and my heart is out for everyone working through this foreclosure process. I know the sleepless nights I've had over this. But mine is concluding positively, and I wanted to share it with everyone, at least as a point of hope.
Moe had so generously offered to act as an intermediary with Litton on my problem with my loan modification. I had typed up a summary for Moe to help him with information, but thought I would try one last time to contact Litton directly about my loan modification. Imagine my very pleasant (more than pleasant actually) surprise to find out that not only had the modification NOT been declined, as the officer in foreclosure told me, but it had actually been approved! I still have to receive final sign off from a supervisor, but this is what Litton told me, along with due dates and terms.
Texas Homeowner AKA TxAngel - Well it's finally over! We got our loan modified and fixed for the next 7 years. If it weren't for this forum I don't know if I would have done any of it the right way..I didn't even know what a loan mod. was. All I knew is they had put us in another program to try to help us stop foreclosure, then I found this place and realized what it was and what was gonna happen. And the samples of those letters..I would have had no idea. I hope people keep posting on here and giving tips and info..it's such a help and helped me stop foreclosure!!!
Just stay on top of everything..Don't quit! Gosh..I sure wanted to. I came close..but my house is worth more than giving up.
Thanks again to all of you..Moe..KEEP UP THE GOOD WORK!!! Just a long slow process..but it is working!!!!
Good luck to all of you!!!! Good things are coming!!!
and BE PERSISTENT!!!!!!
Andrew - Homeowner and father of 2 saves his home. (Now a Loan Safe moderator & helping other homeowners stop foreclosure)
Received an apology letter and loan mod via fax from countrywide office of the president. Secretory of Mozilo called and asked if they can fax along with mail the documents. Maybe tomorrow ill send moe and email with the scanned letters to post.
If you go back an read some of posts I have been worried about my mortgage for a while now. I had originally called in August and asked about it but was told since I'm not late they couldn't do anything. Then in October when I called again I was told that I could apply. After months and who knows how many hours on the phone.
I was finally approved for a 5 yr freeze on mortgage. I even had to go as far as threaten to rescind my loan and send RESPA letters with the violations Brian had found. I really am very grateful of Moe for this site and his wisdom and guidance. I feel very stress free right now. I will be staying on this board to help others who were in my predicament too.
THANKS AGAIN MOE !!!
Florida;
Accolades to Moe and the Loan Safe team. If I hadn't followed your advice and just asked for a loan modification I wouldn't be in this position. I wish that I had done this much earlier. (listen carefully%u2026hear that noise? Thats the sound of money flying out the window!) Thanks for taking the time to help me through the process Moe!
Accolades to First Franklin. I know that lots of folks on this forum are having issues with their lenders but I have to offer credit when it is due. 4 weeks and 2 days from receipt of my loan modification request to my receipt of the loan mod paperwork. It cost me about an hour of time and $135 for an appraisal.
Best of luck to the LoanSafe forumers.
Comtech;
Hi Guy's
I'm so glad i found this place and to see so many other's in the same boat as i
makes me feel so not alone.
Nicole - Single mother of 3 who just lost her home to foreclosure
Hello Poppy, I"m the mother of 3, and I"m hangin in there. My name is Nicole.
Yesterday I finally got through to one of the people on the committee of HSBC who decides whether or not to "forgive" the balance of the loan. The man I talked to told me that in CERTAIN circumstances they will forgive the balance. He told me to write a letter and fax it to him. He would take it before the committee today. I intend to call this afternoon, and again Monday to see what they say.
Thank you for your concern, and I have to say...my eyes were flooded with tears this morning when I came to work and saw all of the replies. I was speechless. I am so thankful that God brought me to this website.
Nicole
View other LoanSafe.org Stories Here and Success Stories - Homeowners Who Fought Back & Won or just enter Loan Safe and get free foreclosure help 24/7!
Lets Help Stop Foreclosure Together. Join Now!
Home Loans Manufactured Home Loans HUD Countyrywide Home Loans FHA Secure Loan Modification Predatory Lending
Short Sale FHA Loan Loan Safe Solutions
New Guestbook
submit
-
Reply
- Betsy Betsy Oct 1, 2008 @ 2:13 pm
- What happens in a modified loan? A did get a forbearance through the hope program with Countrywide and now they want to do a modified loan. Is it better to catch up with the late payments or go through a modified loan. I also got my interest frozen for the next five years which reduced my payment $200. The amount it was before they started adjusting the rate $100 per month.
by MoeBedard
My name is Moe and I am a not for profit homeowner advocate and founder of www.LoanSafe.org and www.LoanWorkout.org. My goal is to inform and ed... (more)
Explore related pages
Loan Modifications and Foreclosures: Negotiating Your Way Out Of Debt- I'm not just a little concerned but VERY concerned when people that are close to...
Foreclosure- Everything you need to know about foreclosure; causes and effects; it's implicat...
Home Loan Modification- When borrowers get in trouble, they can't make loan payments. The bank is left w...
