help with dilema chase (auction, foreclosure, mortgage, mortgage)

[jhuber3166]

I am 70 years old. Had difficulty meeting my mortgage payments becuase I live off social security. I got behind a month and asked if I could be put on loan modification. They approved me for a trial modification. My daughter makes my payments. One of the payments were misallocated. They kicked me off modification and all funds came due. over 4000. I fought with them saying this was not my fault. You said you were the ones who misallocated. They told me I need to reapply. I could not make the figures they wanted. I began paying a monthly from my original amount. When I reapply the second time they denied me because I did not fill out paper work or send in. This is not true. They asked me to reapply third time then said I did not make enough money. They just sent this to an attorney who on top of that has attached fees. I cant pay the fees but was able to come up with the rears in mortgage I am 30 days from losing my house what do I do. My daughter qualified to buy but they said no its bailout. DO i have options.

[Silverfall]

Look if you have difficulty making your mortgage payments you need to sell your home and move into something less expensive. I know that isn't what you want to hear, but one of the things that is happening right now is that people that are in your situation struggle and struggle, and then at some point in the future they go into foreclosure anyway.

You need to save your money. If you have any equity in your home, sell your house and keep that equity. If the house goes to auction and you have equity in the house, you don't get that money...the bank does.

Your daughter can buy your house as long as it isn't a short sale. You can sell your home to her as long as you can clear the bank lien on your house. If you can't clear the lien because you are underwater, then no...no relatives can buy the house to help you out.

[Modification Specialist]

I understand your situation - you are mature person living on a fixed income - what do you get "Gross", before your medicare is taken out? What is your loan amount? need more details?

You have to read your modification paperwork you signed on the existing modification. Once you accept and start making payments on a modification. By going late just one time while your in a 12 month probation plan. Your Lender can more towards foreclosure, it doesn't matter if your in a Judicial or Non Judicial state.

As for trying to explain it wasn't your fault - who's name appears on the mortgage? It is that persons responsibility to make sure the payments arrive on time.

As for them telling you to reapply for a second modification - if you want to keep your home, a 2nd loan modification needs to be done. What needs to happen immediately - send them a QWR to request a moratorium, to postpone a foreclosure while the 2nd modification is being worked on.

I have spoken many homeowners who trusted their banks, who ended up not getting what they expected. Some actually thought they were working on saving their home, only to get a sales notice. Very important to understand - you cannot trust banks - they are looking to make allot of money from you.

You need to be really careful on what you are sending them, because they could use information you send them for debt validation, only to prove you cannot afford your home and move towards foreclosure.

You have two options - need to know who is your lender? What are your current terms of your loan as to rate? Do you have a FHA loan, Fanny Mae, or Freddy Mac. As of 11/1 new loan conditions were released.

Your first option - if you cannot show enough income to support your home, and you elect to do a short sale. Depending on your state, and your current type of loan you have now, will dictate what is going to happen in the future.

Your second option is pretty easy to understand, it is thinking outside the box. Show your daughter living there giving you rent each month to cover what you need to show as income.





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