Trying to negotiate a loan modification (and loan audit to avoid foreclosure), through a lawyer. During the process, was informed that my loan is owned by Lehmann Brothers who has filed for bankruptcy. SPS indicated that they cannot do a loan modification because Lehmann Brothers' assets are on freeze due to the bankruptcy - no loan modifications can be made. SPS at the same time sent me a Forbearance Agreement indicating that I was the one who requested for it. They are asking me to sign the agreement and make payments to avoid foreclosure.
After reading the comments about SPS, it seems like it is a predatory company whose intention is really to foreclose homes thus obtain property at a bargain price. I am alarmed that SPS' intent is to do just that! Can someone offer advise on how I can prevent them from foreclosing my home. My lawyer is telling me that I might just end up paying instead of negotiating a loan mod at this point. Please help!
If there are any class action sutis I am wlling to join, if SPS/Lehmann brothers does foreclose on me, after trying to negotiate and be upfront with them in the first place, and had been intent on working out a solution!
What kind of help can we get from the government? I attended all these FHA seminars and contacted 1800-HOPE to no avail!
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