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I Have Prostate Cancer and Trying to Get My Mortgage Modified? – Steve

“Dear Steve,

We bought our current home as he market feel out from under us in 2007. In late 2006 we have 300-400K in equity in two homes. By the time we closed we one under water (eventual short sale) and one we made $22K on. Our $540K purchase was initially on a bridge loan as we sold these other homes. But the market got worse we ended up with a large loan (now at $517K, variable rate based on Prime flux for 30 years). Also I have prostate cancer and can’t get life insurance. My wife is worried if something happens to me (other than cancer) she won’t be able to afford the loan herself. SC LAw Group says for $3500 they can get the loan modified down to zilo.com based value of $365K from $610K as apprasied in 2007. But the idea of paying up front sounds like a scam to me. My loan is with Old Second Bank (Burlington, IL).

Is SC Law Group out of Irvine, CA a scam or ligit? Can a ligit group get my home loan substantially renegotiated?

Steve”

Dear Steve,

What is your definition of a scam?

I urge you to follow my two guides to evaluate your choice of any company.

You can look at the related articles section of this post to see what has been written about them in the past. The comments on any relevant post may be enlightening as well.

If you would like to explore mortgage options, consider the following advice as a starting point.

Please post your responses and follow-up messages to me on this in the comments section below.

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READ  SC Law Group, South Coast Law Group, Bobby Mozani - Consumer Complaint - August 23, 2013



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

1 Comment

  • I would suggest that you first contact your mortgage servicer to ask if they are currenlty providing principal debt forgiveness loan modifications, if so, what’s the criterea needed to be met.  Becareful, showing too much financial information sometimes gets homeowners denied for a loan modification.  This is where the expertise of a law firm would come in hand. 

    Now also a smart thing to do while contacting your mortgage servicer is to request the identity of the Investor of your loan.  If it can not be provided to you over the phone, ask how can you obtain that information.  Majority of the time it’s a simple request form through the good old fashioned postal service.  Knowing who’s the investor will allow you to research and investigate the types of modifications your Investor has readily available for homeowners who are experiencing difficulties with their mortgage payments.  Your mortgage servicer will be able to provide this information to you as well.

    In conclusion, contact Old Second Bank and verify what options are available for you in the aspect of reducing your mortgage debt, mortgage payments, and/or the interest rate.  Reason being, at the end of the day, its the Bank’s underwriter who approves or denies your loan modification application.

    Hope this was helpful.

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