For those who missed the Bay Area Resource distressed homeowners form event yesterday you will be able to watch via archive the footage at Bayarearesource.com. A number of great tips and unique insight came from the well versed panel.
One of the tidbits of information in regard to loan modifications and the banks came from Lee Honish, a former loss mitigator from Indy Mac and current consultant.
He mentioned one trick for homeowners who seek loan modifications but who don’t want to stop paying and have their credit score plummet with a late. Banks (and investors) will often not entertain the possibility of a loan mod if a homeowner continues to pay on time. Mr. Honish suggested that homeowners pay their mortgage after the 15th. Sure homeowners will have to pay a late charge however they will get the attention of the bank and the investors without incurring a ‘late’ on their mortgage.
We’ll soon post more info from the forum event and panelists.