How H.O.P.E Helps Bring Hope: Help Here for Home Owners Cash Flows
While on Facebook for a brief moment a friend sent me a message of HOPE. It was an update to me that the executive director of H.O.P.E. was putting more information out there and had a new fan page. H.O.P.E. is a non-profit organization whose initials stand for Housing Options & Planning Enterprise ( http://www.hopefinancial.org/). The Director of H.O.P.E. sought to put information out there about the company and show it helps to people. Little did she know, I was looking for information on this right at the moment. I had a visitor to my site ask me how they could save their home.
Their Home Owner Situation:
To be precise the home owner was in a precarious situation with there home. There challenge was not a new one, but its one that continues in the current economic cycle. Here are the quick details.
- How owner was a married couple where both worked (wife had a steady income, husband a realtor)
- Owned a nice sized house under water with a couple kids at home (value of home is less than the mortgage balance)
- Mortgage company will not allow the home owners to refinance the house because the house appraised value is not high enough to make it worth while for the bank (to high loan to value even on an existing loan)
“We have been working with our mortgage company for nearly a year, with hopes of being approved for a modification. When the modification was denied, we became very desperate and hired what we thought was a modification attorney. It turns out that she was actually a bankruptcy attorney advertising on the television, and in the penny saver newspaper. She mentioned that she specialized in loan modifications and that is was a fee of $4000.00 up front to start the process.
In the end we were out of $4000.00 with no records of correspondences between the attorney and our Mortgage Company. The mortgage company insists that they never received any documents from the attorney’s office insisting the only other avenue was to file bankruptcy, which we did the very next day in order to prevent the foreclosure! After careful consideration we realized we were taken for a ride!
Again, still desperate to save our home, we chose not to continue with the bankruptcy. We understood that at this point the mortgage company could proceed with the foreclosure! However, we contacted H.O.P.E. and you all began to work on our behalf. After the initial intake we were contacted by Sakina who worked patiently with us through the process of gathering all of the necessary documents to provide to the mortgage company to start the process over again!!
Sakina was very instrumental in what we consider to be a miracle!! “