Is it legal for a finance company to modify half a home loan and put the other in collection?

Even though you got the 2 loans with the same finance company they probably sold the mortgages to two different companies. The one company has elected to modify their loan but obviously the other decided to turn their loan over to collection. They are not required to do the same thing as the other lender.

You might want to stop trying to go it alone and talk to some professionals. Talk to lots of loan mod companies and attorneys. Don't stop with just one. Ask lots of questions and you'll get lots of free, useful information. Some will try to pressure you to go with them but just ignore it. Start now! Don't think that the bank has your best interests in mind. They're trying to squeeze every last dollar out of you.

Consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. Another good place to start is the website the Federal Government set up to educate homeowners about the loan modification process. See www.makinghomesaffordable.gov.

Your goal is to learn as much as you can about the process before you contact your lender so you will be prepared and able to meet their guidelines. Take the time to do your homework and your time and effort will be well spent. Thousands of homeowners have gotten the mortgage loan modification help they needed, you can too!

Homeowners don't need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. A good strategy is to talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation.

A good site I used to begin the education process can be found at http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.

Hello Dear,

I saw your mail, so i decicided to let you know how i got my loan. I am Mrs. Grace Williams,

six months ago my only son took ill, he was

diagnosed of a heart disease, i was told by the insurance company, that

my insurance won't cover my sons medical care.

As a mother, i was devastated, owing to the fact that i just lost

my husband a few years ago, so i started looking for money, because my

job was not paying enough to cover my son's bill, i looked for help from

family and friends but there was non coming, i went to the bank and

was told that, they could not grant me a loan, because i had no

collateral.

Finally, just as i gave up hope on lenders on the Net because of

scams, i met a lady chaitu from China who told me of Sky Loans Company, i

tried them and they gave me a loan for $90,000usd, today my baby boy is doing

well, Note even if your bank have refuse to help you with a loan because

of your bad credit score, they will help you.

I am not telling you this for you to feel sorry for me, rather i

am telling you so that you can help me thank him and if you are ever in

need of a loan you can contact him via skylenders@gmail.com

Thanks for reading my testimony, and God bless all the good people.

Regards,

Mrs. Grace Williams.