After falling behind on my mtg, I received a foreclosure summons from my lender. I immediately filed Chapt 13 Bankruptcy and began paying my mtg and arrears through payment plan. This left me with limited income, and I was unable to obtain homeowner insur and pay taxes. The lender tacked on additional fees which my payments went up another $400 per month, which I can not afford. I have been in BK for 6 months and my case has not been confirmed. I have contacted the lender to obtain additional help, but they are so overwhelm, they can not guarantee me anything. I send all the information they asked for. I would like to have a decision, as to if they are willing to help before my case goes back for confirmation hearing. I would like to convert the Chapt. 13 to Chapt 7, and pay my mortgage to save my home.
SG
of FL
@
May 19, 2008 12:27:56 PM
Help Refused - ON BOTH of our Homes
Recently, I became engaged and we have two homes between us...two mortgage payments. My fiance has an adjustable rate mortgage that is scheduled to go up in July.
He called two weeks ago to refinance or get an extension and they told him that he no longer has 20% down and they couldn't help him get a low rate like he had since his home is now appraising $45,000 less than it did two years ago!
His home was valued at $155 and he paid it down to $112,000. Pretty good... except now his home is only valued at $114,000! After paying $80,000 in interest over the past seven years and $40,000 in principal he now only has $2,000 paid off! Well how do you like that! They told him he would get a higher interest rate and have to start paying PMI again! Our mortgage payment is going to go up in two months about $300.
I called my mortgage provider in advance of the impending problem/situation to see if we could work something out, so that we don't suffer and can keep paying both mortgage payments and they told me I wasn't late yet so therefore they were not willing to speak with me.
Basically, screw my credit so in a couple of years they will get more money from me in other avenues. My credit card rates go up, my credit score goes down so that next time around I will be penalized with higher interest rates on my mortgage, etc... etc...
The cycle needs to stop.
DeAnna
of MI
@
May 19, 2008 11:08:25 AM
Mortgage Tips 2008
Great read. I think I'll subscribe to this as it has some good info! Thanks. I do apppreciate the blog :-)
I've done some investigating on my own, setting all ego aside! Not fun but maybe it will help people who, like me were scratching thier heads going, this just doesn't make sense. What gives?
When we first knew we were going to have troubles, we phoned our lender. They said, "No can help pal, until you fall behind at least - at least, 3 payments. "
So, o.k. if you insist...we did. A myriad of options became available but it does go on your credit report which leads me to this next part.
After you skip the payments you save your mortgage, but all of the sudden your C.C. will lock, even if you've made regular payments and DID NOT want to fall behind on your mortgage. So, it's a bit of a catch 22 but leads to just this...
My husband is a vet. His own government official took him outside and said, "FILE BANCRUPTCY! You have no idea how many people are getting rich off of utilizing the bancruptcy law and you actually need it. Most of the people who use it, don't and file every seven years. They live life styles you and I will never see."
We haven't even begun to see all of the numbers yet in foreclosures. The banks that will not work with you, well let's just say will be holding the bag with unwanted properties. They're probably overworked anyway with the latest in mortgage issues, accounting for some of the attitude, but still.
If you can refinance, take your business somewhere else! If it's feasible. If not cut the loss and sell or do a "Deed in Lieu of Foreclosure." The house has to be on the market for at least 6 months.
Our bank actually told us we couldn't do that, but turns out that was a misgiving like many things. That's exactly what we're doing. They just didn't want the property.
Elleise
of IL
@
Mar 01, 2008 15:55:11 PM
Payments too high to pay for my mortgage
I have a mortgage payment that is too high for me to pay. I don't want to lose my house. I am having a hardship here because of being so sick and all the ailments I have. I had to retire in July 2006, which is making it hard on me. Do you have any ideas about what I can do about this?
Rose
of DE
@
Feb 21, 2008 09:49:12 AM
Loan mods - why so hard to get?
Wow! I wish I would have known about 995hope.org before I paid someone $1000 to fix my problem. I am somewhat educated in mortgages and the terms and I couldn't get them to off me a loan mod either - only a VERY expensive repayment plan. Amazingly, though, having someone else call at least got me a forbearance - they want $8000 down and then in after four months of timely payments, we'll talk again. I'm not sure what to think about this - is that really a forbearance anyway?? I guess is does get me out of my property sale date in March - no guarantees after four months and $30,000!! (My house payment is $2500 a month, but they want me to pay $3000 for four months.) I think that several people are in my shoes - they can afford their current mortgage, but they can't afford making up taxes that the mortgage company paid for them, or a few payments that they got behind 2 years ago - along with all of the interest, late fees, attorney fees, etc. Why are loan mods so hard to come by for people like me who have the income to make our payment? I figured that if they put my $40,000 I owe them in a loan mod, they would make $120,000 over the life of the loan. Isn't that their business? Interest? Not sure the reason that I can't get this - can anyone enlighten me?
Edith
of TX
@
Feb 09, 2008 14:35:50 PM
tell me
well im looking in buying is that a good idea or not please let me know , thx nina
sean
of IL
@
Feb 06, 2008 21:03:07 PM
THIS WILL HELP YOU
Anyone behind on their mortgage payments needs to seek a loan modification from you lender. If you ask for this directly, they will not help you.
My home loan is with Countrywide, and they gave me the run around for 2 months before I finally spoke to someone who could help, but it wasn't someone at Countrywide. Countrywide finally forwarded me to the Homeownership Preservation Foundation (http://www.995hope.org/), where I was helped by a specialized debt agency that submitted a loan modification application/request to Countrywide on my behalf (for free).
It takes about 30-40 minutes to speak with someone on the phone, and then they do the rest of the work.
It is amazing to me that these lenders will listen to requests from this Foundation, but have no interest in working with their customers directly, but I guess that is the game they are playing right now.
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
SG of FL @ May 19, 2008 12:27:56 PM
DeAnna of MI @ May 19, 2008 11:08:25 AM
RefinancingTips of AL @ Apr 28, 2008 23:29:25 PM
zqlnktu xjnbwlrgz of AL @ Mar 16, 2008 23:22:08 PM
ukdya hcgwpfqz of AL @ Mar 16, 2008 23:21:20 PM
Elleise of IL @ Mar 01, 2008 15:55:11 PM
Rose of DE @ Feb 21, 2008 09:49:12 AM
Edith of TX @ Feb 09, 2008 14:35:50 PM
sean of IL @ Feb 06, 2008 21:03:07 PM
Josh E. of CA @ Feb 05, 2008 15:03:13 PM
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