Corona, CA (PRWEB) February 13, 2008
By Leslie Berkman — Blogging at his laptop personal computer in Corona, Moe Bedard delivers cost-free foreclosure help on-line and coaches a team of 1,000 homeowners racing an obstacle course to save their houses from foreclosure.

They have joined Bedard’s Web website, http://www.LoanSafe.org , founded in August as a grass-roots forum for homeowners who face the prospect of losing their houses to skyrocketing adjustable mortgages.

“I feel people can assist each and every other via the foreclosure method. There does not have to be so a lot of foreclosures,” Bedard mentioned.

Bedard, who previously sold Net site advertising for mortgage lenders, said he discovered that lenders were being inundated by requests from home owners who required to refinance out of burdensome mortgages but couldn’t qualify for new loans, usually since they didn’t have sufficient equity.

A viable option that isn’t effectively-identified, Bedard mentioned, is for the homeowner to negotiate with the lender to modify the existing mortgage to make the month-to-month payment inexpensive. That can be done by lowering or freezing the interest rate or by extending the length of the mortgage. The term that is utilised in the market is, loan modification.

To date, Loan Secure requires credit for helping members save 19 houses from foreclosure. Their stories are chronicled on the site, and Bedard said they are meant to inspire other folks.

“It really is like getting an on the web coach,” Bedard mentioned of his role, which involves monitoring the Net website to preserve out unauthorized for-profit solicitors, answering concerns and giving encouragement and free foreclosure aid from five a.m., when clients on the Eastern Seaboard start to log in, until ten p.m.

He said the site has gotten about 500,000 hits, and they preserve coming at a price of about 5,000 a day.

Modifying a Loan

The Web site is where individuals who use such sign-on names as luvmyhouse and madashell can anonymously vent their anger and worries in the course of the foreclosure procedure, share their experiences and cheer one an additional on.

Bob Sweigart, of San Diego, mentioned he was one particular of the 1st to use the Web internet site as a tool to acquire a loan modification right after the interest rate on his 5.99 percent adjustable-price mortgage had jumped to 9.75 % and was set to enhance once more.

Sweigart stated somebody at Countrywide Property Loans had interviewed him by telephone and determined he was “prequalified” for a loan modification, but then he heard absolutely nothing a lot more for six months. He made 40 calls to Countrywide but got no response.

He stated he discovered on the LoanSafe Internet website that lenders are legally obligated to answer a letter, and one more Internet website member supplied essential e-mail addresses, like a single for Countrywide’s president, Angelo Mozilo.

Within 24 hours of sending a barrage of e-mails to Countrywide, Sweigart had an agreement from the lender to push the interest price on his mortgage back to the low introductory price for 5 years, he stated.

“I am 1 of the fortunate ones,” Sweigart said. “There are so many people out there who don’t have a clue. They do not know what loan modification means. I am on the Web internet site all the time helping individuals by telling them these are the steps that I took. Do what I did.”

Government and mortgage business officials have repeatedly advised home owners to get in touch with their lenders as soon as they understand they will be forced to default on their mortgages when their introductory interest rates are raised.

However, Bedard said home owners wanting to modify their mortgages routinely encounter resistance from lenders and loan servicing companies. He mentioned property owners are typically frustrated by the want to make repeated calls and to overcome repeated rejections and delays prior to reaching aid. The approach is particularly stressful for borrowers who have to act swiftly to steer clear of a loan default or a foreclosure sale.

Bedard mentioned he understands that lenders are deluged with a lot more requests than they can effectively deal with. They are also reluctant to grant concessions to borrowers who may be capable to make a larger mortgage payment.

Get in touch with Information

A check out to the LoanSafe Net site can show the phone numbers of government-authorized counseling services and the phone numbers and e-mail addresses for lending organizations.

As opposed to other foreclosure-prevention solutions on the Web, Bedard stated, LoanSafe provides free of charge foreclosure help, details and suggestions free of charge. But it also is a for-profit enterprise that survives since of the paid marketing of a Beverly Hills mortgage lawyer, Marshall E. Rosenbach, he added.

Bedard said a quantity of the home owners who come to the Internet site describe circumstances that indicate they have been the victims of broker or lender fraud. Anytime this happens, he said, Internet website members have employed the threat of going to court to nullify the mortgage as leverage to obtain much more favorable loan terms.

Although Rosenbach said he has received lots of referrals from the Net site, he and Bedard pressure that property owners typically can get their mortgages modified without having hiring a lawyer. The keys are patience and persistence.

Support Technique

Bedard acknowledges not everyone who purchased or refinanced a home has enough income to preserve it. When he learns this in blogging with a Net web site member, he stated he advises that renting is the very best choice and might give an individual an opportunity to live much more cheaply in a nicer neighborhood.

Nathan Fransen, a Corona lawyer who previously advertised on Bedard’s Internet website, said he is concerned that members tend to give one particular one more cost-free foreclosure assist and legal tips that could not be sound. Nevertheless, he mentioned, he believes the Internet web site is helpful and performing an critical service.

“The reality it is popular is proof it is necessary,” he mentioned.

Ted Grose, a mortgage broker and previous president of the California Association of Mortgage Brokers, mentioned he is familiar with LoanSafe and finds it is a customer-friendly resource that gives good info on options to foreclosure and reassures people in crisis that they are not alone.

“It is really typical for customers to pull the sheets over their heads when what they want to do is attain out,” Grose said.

By LESLIE BERKMAN The Press-Enterprise View the Original Post Here

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