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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?
Any advice will be appreciated. Thank you.
First - it depends upon the laws of your state in large measure. What state are you in?
In general, a lender can refuse to reinstate a loan unless all payments in arrears are brought current, and any costs of foreclosure are paid.
That said, and again in general, lenders do not want a non performing asset in their inventory - I would certainly suggest that going beyond the person who answers the phone at your lender is in order.
I would call and ask for the manager of the loss mitigation department - they may be able to work out something more equitable to you, and to them.
Also, and you did not say this in your post, IF your loan is an FHA or VA loan, contact them - they might also be able to help.
Also, you might also want to check with a lender in your area that does FHA loans - there are a couple of brand new FHA programs available for individuals in your situation - it might be worth a look
Greatday - I didnt think I would be able to qualify for a refinance or something being we're so far behind. You think it is? Also - we do not have an FHA or VA loan.
Greatday - I didnt think I would be able to qualify for a refinance or something being we're so far behind. You think it is? Also - we do not have an FHA or VA loan.
They actually have a new loan for people who are behind - in fact, you can't qualify for this product UNLESS YOU ARE behind -
Have faith - it will work out. BUT, you must get after it - don't let it slide!!!
We are going to try, and already have a couple of calls in, but I have a feeling it won't work because of the loan to value ratio. We owe 303K, my guess is going to be the house would appraise at 325K or maybe 340K. We are also trying to get through to the mortgage company's loss mitigation department but having trouble with that as well. When you first call the message says the hours are until 9pm CST, but even at 6pm EST we get a recording saying they are closed! Thank you for your advice.
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.
I'm sure people here will want to help, and willl give well meaning advice, but you need to go get some local professional assistance FAST. If you don't, you may lose your house! Run, don't walk.
I'm in NJ as well, so if you need a name of an attorney, I can probably give you one. Let me know.
Thank you Bill! If it gets to that point I will surely ask for a name. Hopefully it won't. We have been reviewing different options over the last few days. The mortgage company has not been easy to deal with but we are treating them like gold! Thanks for the advice. We have never been in the type of situation before, so I'm nervous, but we won't let any time go by. I have spoken with their attorney, and they suggest we deal directly with the Mortgage company - they said we can do a "workout". So we are looking into that with them. Thanks again.
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