MM and all, I know an older lady that is trying to do a loan modification, but not having much luck and I don’t think is going the right direction. She has some people even asking for some money up front to ‘help’ her with this. I have told her I think this is the new fraud of the day…so hopefully she listens. However any guidance from some of the Piggs on this would be helpful.
What I know about her case:
Bought 2 condos in the hey day. Pulled out tons of equity in Condo #1 to purchase Condo #2. Had originally put down over $100k to purchase Condo#1. Condo #1 is now worth #200k less than what total loans amount to….one loan with Wells, the other with Wachovia, which now is Wells.
Any ideas Piggs. She’s retirement age and I just hope she can get to the right help for her situation. Doesn’t want to lose Condo #1. She has been told that she has to stop payments to even get the bank to look at a Loan Modification, so I believe she is a couple months behind right now. I think she’s getting bad advice….what do you all think? any ideas I can pass on?
