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As an employee of a non-profit organization that specializes in helping people stay in their homes and manage their financial situation, I would not send them one dime. The person or people you are talking to are highly paid commission only sales people that have one interest at heart, their own. Once they get your money, they might make some calls for you, but even if they promise you success, they owe you nothing if they don't succeed. Its in the fine print. I hate companies like that. They might as well just hold a gun up and rob you.

I work for a non-profit organization that has been around for over 40yrs. We are not here to hurt people or make a quick buck.

My advice is start here first. The company I work for is an alliance member.

www.hopenow.com

HOPE NOW is an alliance between counselors, mortgage companies, investors, and other mortgage market participants. This alliance will maximize outreach efforts to homeowners in distress to help them stay in their homes and will create a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently.

The advice they give is free. I suggest you try it first. I will warn you that they are going to ask some personal financial questions that can sometimes put people off, but the counseling session is free and the advice is sound advice.

Also, without knowing your situation, I would suggest that if you are in a fixed rate above 6%, I would not worry. If you can afford your payment, you should just continue on to make it. I have seen too many horror stories of homeowners ruining their credit and financial lives wanting their piece of the "bailout" and because there was a poor investment made into real estate. I am not judging you, so please don't feel that way. If you payment is becoming a financial burden, it will pay to speak with hopenow to learn what options you might have.

One other piece of advice for the public in general is that if you are current and try to contact your lender for a modification, and they suggest they can not help you because you are not behind, or they even go as far to suggest that if you were 4 months behind, they would help you, they are lying. Imagine that, lenders lie. They are lying through their teeth like they have lied to so many uninformed borrowers that created this mortgage melt-down mess.

If anyone would like guidance or has any questions, please feel free to contact me. I can provide the number to our toll free hotline.

P.S. I am almost ashamed to admit I spent a few years myself as a loan officer, so I have been on both sides of the fence.
 

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Then pay the bill as is and don't play with fire is my advice. The market will come back in a couple of years. Granted, it hurts that the market price dropped. However, if you bought a new car at say $30k and then drove it off the lot, then its worth $20k 6 months later, but you owe $25k, you wouldn't try to renegotiate the interest rate, payment, or lower the loan amount.

6.5% is still historically low and not a horrible rate. The difference after closing costs between 6.5% and 5.5% after basic closing costs is less than $100 per month per $100k. Not a life changing sum of money in my opinion.
 

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QUOTEIt took a ton of calls though to Citi to get to the people you need to speak to.

FYI - www.HopeNow.com has all of the numbers to the people you need to speak to. It makes things much easier.
 
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