A couple of months ago, a retired woman contacted me about her home loan. It seems she had been hood-winked into getting a refinance to pay some unsecured bills that left her unable to reasonably make her monthly mortgage payments. I told her to get me the documents so I could determine the best course of action to undo the damage and save her home. At the time she wasn’t in foreclosure, but was behind a couple of months.
Since a foreclosure hadn’t started, it seemed the best thing to do was to try and help her get a loan modification. Maybe the lender would see the errors of the broker who put the refinance together and be cooperative. (more…)