When lenders and homeowners are willing to work together, solutions can be found to modify loans and prevent foreclosures.
Such a deal apparently is in the works for Patricia and Joseph Estrada of Ceres, but getting it hasn't been easy.
Patricia Estrada shared her story of frustration with The Modesto Bee and at a California Reinvestment Coalition press conference Monday. Her story was in Tuesday's Modesto Bee and a video about it was posted on www.modbee.com.
Estrada told how she tried for months to meet the lender's requirements, and even sent in more than $10,000 to catch up on payments.
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But after repeatedly getting the runaround by the lender's loan servicing staff, the Estradas were notified that foreclosure proceedings had started.
On their behalf, The Bee contacted the lender, Wells Fargo Bank. That was Monday afternoon. Before 7 a.m. Tuesday, Patricia Estrada said Wells Fargo called with good news.
Estrada said the bank told her it was stopping the foreclosure, waiving the delinquent fees and promising to permanently modify the mortgage to make the monthly payments affordable. She said the amount they were past due on their mortgage will be added to the end of their loan. The bank, she said, also agreed to contact credit bureaus to undo the damage caused by the foreclosure filing.
"This is great. But I'm cautiously optimistic until I get it all in writing," Estrada said. "I told the man who called he was a breath of fresh air."