Luca Bayon
LoanSafe Guide
Hi Team,
My name is Lucas McGrew Bayón & I work under Erik Sandstrom - the longtime contributor of this forum. We are doing our best to help homeowners across the nation that are dealing with these crooked 2nd Mortgages that have come back to haunt people. So let's dive right into it.
A Summarized History: Back in 2004-2007 millions of Americans became proud homeowners. Some of them acquired 2nd Mortgages in order to purchase their homes, while others got their 2nd Mortgages in the form of a HELOC (home equity line of credit) at a later time. Fast forward to 2008 - the housing market crashed. Many homeowners struggled to make their mortgage payments and their 1st Mortgage company created a loan modification to make things more affordable.
The 2nd Mortgage company said they were planning on doing a loan modification under a program created by the US Treasury called the 2MP or the Second Mortgage Modification Program. Many of these 2nd Mortgage companies did not get around to creating this modification plan. In fact, after 120 days of not receiving payments these 2nd Mortgages were deemed as being "Charged Off" which is a fancy way of saying that they were deemed as uncollectible by these entities.
We can only speculate to what happened next. Maybe these 2nd Mortgage companies were paid off by the TARP funds or the debt was written off in their taxes. Maybe these 2nd Mortgages were purchased for pennies on the dollar by investors. Either way - something malicious occurred.
The homeowners that survived the recession now face a new threat. These old 2nd Mortgages that they haven't dealt with, in many cases over a decade, are now coming back to haunt them. They see that the homeowners have equity and they want "their" money.
2nd Mortgages Options: It is important to note that you will be working with the 2nd Mortgages servicer. A literal debt collecting agency who is working on the behalf of the investor. So what options do these 2nd Mortgage companies give you? These companies tend to give you 3 options. We can get into the intricacies of each at a later time but let’s go over the basics for now:
My name is Lucas McGrew Bayón & I work under Erik Sandstrom - the longtime contributor of this forum. We are doing our best to help homeowners across the nation that are dealing with these crooked 2nd Mortgages that have come back to haunt people. So let's dive right into it.
A Summarized History: Back in 2004-2007 millions of Americans became proud homeowners. Some of them acquired 2nd Mortgages in order to purchase their homes, while others got their 2nd Mortgages in the form of a HELOC (home equity line of credit) at a later time. Fast forward to 2008 - the housing market crashed. Many homeowners struggled to make their mortgage payments and their 1st Mortgage company created a loan modification to make things more affordable.
The 2nd Mortgage company said they were planning on doing a loan modification under a program created by the US Treasury called the 2MP or the Second Mortgage Modification Program. Many of these 2nd Mortgage companies did not get around to creating this modification plan. In fact, after 120 days of not receiving payments these 2nd Mortgages were deemed as being "Charged Off" which is a fancy way of saying that they were deemed as uncollectible by these entities.
We can only speculate to what happened next. Maybe these 2nd Mortgage companies were paid off by the TARP funds or the debt was written off in their taxes. Maybe these 2nd Mortgages were purchased for pennies on the dollar by investors. Either way - something malicious occurred.
The homeowners that survived the recession now face a new threat. These old 2nd Mortgages that they haven't dealt with, in many cases over a decade, are now coming back to haunt them. They see that the homeowners have equity and they want "their" money.
2nd Mortgages Options: It is important to note that you will be working with the 2nd Mortgages servicer. A literal debt collecting agency who is working on the behalf of the investor. So what options do these 2nd Mortgage companies give you? These companies tend to give you 3 options. We can get into the intricacies of each at a later time but let’s go over the basics for now:
- Settlement
- Loan Modification
- Foreclosure
- The problem: Most people do not have the money to pay these new loan balances off all at once
- The problem: This tends to be a short term solution and usually barely puts a dent in the loan balance. Also, there have been cases where these loan mods affect people’s credit because the company reports the old “missed” payments to the credit bureaus.
- In non-judicial states, the second lien holder can foreclose without going to court!
- Refinance - Most lenders won’t even touch these 2nd Mortgages because they are seen as “defaulted”. We have found a way to navigate through the guidelines of conventional loan programs and we can actually get these through the pipeline and to the finishline. There are no upfront costs. If for whatever reason we can’t do the loan, we will let you know before you spend any money. We are on your team.