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Hi - I need some advice. We have received forclosure papers and I'm not sure how to handle this in the best way. The attorney for the bank says the bank will make payment arrangements with me. The bank says we have to have $5600 - we can only give them $4000 right now. We can make the difference up in a couple of weeks, but they wont even take what we have. We can get this all caught up - I know we can - but we need time.
Here's what happened - I lost my job in the summer. Am back to work. I just need time to catch up on everything. We are 90 days behind. But they are counting this month against us too. So they want 4 months of payments.
Can anyone tell me what I can expect? What kind of payment arrangements would be reasonable?
Hi - I need some advice. We have received forclosure papers and I'm not sure how to handle this in the best way. The attorney for the bank says the bank will make payment arrangements with me. The bank says we have to have $5600 - we can only give them $4000 right now. We can make the difference up in a couple of weeks, but they wont even take what we have. We can get this all caught up - I know we can - but we need time.
Here's what happened - I lost my job in the summer. Am back to work. I just need time to catch up on everything. We are 90 days behind. But they are counting this month against us too. So they want 4 months of payments.
Can anyone tell me what I can expect? What kind of payment arrangements would be reasonable?
Any advice will be appreciated. Thank you.
Whats the value of the home?
Whats the balance on the mortgage?
Are you in a position to refinance?
Who stated they wont take $4,000 to show good effort?
If you give them $4,000, how long would it take to come up with the balance?
With $4,000 payment, that would surely be enough to show the bank your serious about curing the default. Right now they do not want to be forclosing against properties, so cash in hand, willing to work with them is the first step.
the value of the house is probably around 325K with a balance of 303K (we refinanced last year and had some major repairs to do)
Is refinancing even a consideration with late on the mortgage like this? I hadn't even considered it.
The person on the phone at GMAC said they won't accept less then 5600. I can come up with the 5600 in a couple of weeks, but that is only half of what we're behind. Then, they said "maybe" they can roll the other half into the mortgage for the next 12 months.
I thought calling to give them 4K would be a good start...and so did their attorney who directed me to call them directly. I guess if I make a payment arrangement through the attorney rather then the company I would end up with more fees. So he said to deal with them directly if we're able to.
I'd also check into a re-fi too. If this is the worse it's been and your credit was good before this, a good mortgage broker may be able to help you out.
the value of the house is probably around 325K with a balance of 303K (we refinanced last year and had some major repairs to do)
Is refinancing even a consideration with late on the mortgage like this? I hadn't even considered it.
The person on the phone at GMAC said they won't accept less then 5600. I can come up with the 5600 in a couple of weeks, but that is only half of what we're behind. Then, they said "maybe" they can roll the other half into the mortgage for the next 12 months.
I thought calling to give them 4K would be a good start...and so did their attorney who directed me to call them directly. I guess if I make a payment arrangement through the attorney rather then the company I would end up with more fees. So he said to deal with them directly if we're able to.
If your $11K behind, I would call the lawyer directly and try to deal with him. Get everything in writing. Their lawyer would be able to negotiate a $4K down payment, with a payment arrangement.
The individual you called on the phone is only authorized to do so much.
I dont think I'd just blindly start to send $4K though.. Nothing says how the bank will apply that, what if they claim $4K in legal fees to date, and your still in the whole with payments?
I'd also check into a re-fi too. If this is the worse it's been and your credit was good before this, a good mortgage broker may be able to help you out.
No, the worse the bank can do is claim that they've spent $4K in legal fees, and the OP just pissed $4K away because they will still be in default 90 days.
If your $11K behind, I would call the lawyer directly and try to deal with him. Get everything in writing. Their lawyer would be able to negotiate a $4K down payment, with a payment arrangement.
The individual you called on the phone is only authorized to do so much.
I dont think I'd just blindly start to send $4K though.. Nothing says how the bank will apply that, what if they claim $4K in legal fees to date, and your still in the whole with payments?
Get your own lawyer to make that call.
At most it would be an hour of work that a legitimate lawyer would charge. Then depending on the outcome of that call you can determine if you want to go it on your own or use the professional services of a laywer.
Not something to mess around with on your own if you want to save the home.
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