Acceleration Notice - Mortgage Trouble

What is the name of your state? NH

For the past few months, I have been late in paying my mortgage. On occasion, I have received Acceleration Letters which scare the heck out of me. The letters basically say, pay us X amount or the whole balance is due!

I have been trying to work with Chase Manhattan and keep in contact with them about my mortgage. You see, I lost my job and I'm now working again but at a lower pay rate. Making the monthly mortgage payment on time has been difficult.

I'm not getting into a bigger bind, as my June payment is past due and my July payment is due as well. I let Chase know that I'll pay them ASAP, but it'll take time to get the funds. My credit is shot from being unemployed and I can't get a loan and Chase won't refiance me, even though there is $50,000+ in my house based on what my initial mortgage was for.

Chase says they can help me 5-days after my July payment is due, July 5th. I'll call them and see what options I have.

How long does foreclosure take and what can I do to avoid it? I need to be able to workout a deal and I want to pay them, but cash is limited. Any thoughts, suggestions, and general rules/regs on this subject are appreciated.

Thanks!

[jnazareno]

Originally Posted by nhcredit

What is the name of your state? NH

For the past few months, I have been late in paying my mortgage. On occasion, I have received Acceleration Letters which scare the heck out of me. The letters basically say, pay us X amount or the whole balance is due!

I have been trying to work with Chase Manhattan and keep in contact with them about my mortgage. You see, I lost my job and I'm now working again but at a lower pay rate. Making the monthly mortgage payment on time has been difficult.

I'm not getting into a bigger bind, as my June payment is past due and my July payment is due as well. I let Chase know that I'll pay them ASAP, but it'll take time to get the funds. My credit is shot from being unemployed and I can't get a loan and Chase won't refiance me, even though there is $50,000+ in my house based on what my initial mortgage was for.

Chase says they can help me 5-days after my July payment is due, July 5th. I'll call them and see what options I have.

How long does foreclosure take and what can I do to avoid it? I need to be able to workout a deal and I want to pay them, but cash is limited. Any thoughts, suggestions, and general rules/regs on this subject are appreciated.

Thanks!

Preforeclosures usually takes 3 months (looks like you are in pre-f now), Notice of Default 21 days,
after that either it's bank owned or goes to county auction.

if you can't pay- the best action is to sell and buy/rent something that you can afford.

you can hire a lawyer/attney and they can extend to 1 year but the cost will wipe out your equity, selling now is the best action in my opinion.

Per a past acceleration letter, if I miss 3-payments or more, that will start the foreclosure procedures. As of now, I'm only 1 payment behind - June. But I have been in contact with Chase and trying to work with them. I want to pay my mortgage and keep my house. I am really that broke that I can't make payments on time. 7 months of unemployment will do that to you.

Are there other options to help get funds and/or reduce the amount owed? You had mentioned getting an atty. Would that help?

I'm hoping to have the money to pay June and July by July 15th which would bring my account current. But Aug will be here and another payment will be due... bad credit, can't refinance.

Any more thoughts?

[freespeech]

You were given the best advice anyone can give you, sell a home you can no longer afford or lose it and have your equity eaten up by Atty fees and other fees when they file foreclosure papers etc.

Not what you want to hear but your only choice if you can not refi to get lower payments.

You yourself said it you can not meet the payments.

It's not that I can't afford my house... because I make less at my new job, I have to build up to the monthly amount due. Should any other expenses pop-up, that's when I'm screwed. But I a month basis, I due have enough to pay my mortgage, it just takes me 4 checks to get there, whereas it use to only take me 2.

Should Chase foreclose, the house and mortgage is theres. If the house is sold and the profit is say $50,000. Do I get a part of the equity that has build up or does it all go to Chase and the atty's? I would think I'd get nothing have to 'like it'...

But before all this happens, I'm going to do my best to pay June's payment and July's payment before July 15th. If I do that, my account would be current and I would not past the 3 late payment rule listed in the letter. Plus, I'm trying to work with Chase 100%.

I don't want to lose my house and I don't want to sell. But my credit is shot from being unemployed and I can't even get a loan or refinance. What other options do I have? Is there a way to get alternative loans and/or payments to keep your home??

[cmorris]

If the bank forecloses on the houses and sells it, it will likely go far below market value. I'd bet money you would still owe Chase money for the deficiency.

You are now "house-poor." I suggest going to [URL=http://www.creditboards.com]creditboards.com[/URL] to learn how to clean up your credit reports. Sell the house now, so it will sell for more than bank will sell it.

[jnazareno]

Should Chase foreclose, the house and mortgage is theres. If the house is sold and the profit is say $50,000. Do I get a part of the equity that has build up or does it all go to Chase and the atty's? I would think I'd get nothing have to 'like it'...
"""




if you pay all amounts due, then chase will no longer foreclosed on your property. BUT if you don't.....

Dont' confuse this, if chase foreclosed on you, you don't take any action
the property is called REO (real Estate owned by banks), here when the bank sells to someone else, you will not , I repeat will not get a cent from the sale of the property (people always think they will, but don't), so as I said before, if you are in the pre-foreclosures, sell now and avoid the bank taking your home and profit. because if you are paying the home with all your checks,
where will you get the money to buy food? pay for water? electricty? and such?

you just have to be very very realistic that what's happening to you is happening to you. people in foreclosures are 60% (maybe more)in denial about it.


How it works :
Pre-foreclosures (3 months )- if you sell now, you pay only realtor fee
Notice of Default - not to late to sell but you now have only 21 days for REO,
here, you might be force to hire atty (you pay him) and a realtor (you pay him) so your profit will be less, then REO -you have no more saying, the bank owes it and will sell-you get no profit, zero...

You maybe correct, I may be in some denial. However, I still want to save my home.

Can I get some more specifics on this pre-foreclosure?

As of right now, I owe Chase my June payment, as well as my July payment. The acceleration letter was actually for May's payment which I made in June. So essentially, I was running 1 month behind. I have yet to get an acceleration letter for June & July's payment as of yet.

Based on the letter, if the account becomes more than 3 payments past due, that's when the mortgage is due in full. Technically, I'm only 1 payment past due and 1 payment late.

I will have the needed funds by COB this week to bring the account up-to-date and moving forward should be OK.

But I really would like more pre-foreclosure specifics,

[Warped]

I'm not a lawyer!


I don't mean to sound like a jerk but... How in the world could you have been unemployed for 7 months? Convenience stores and gas stations always need cashiers, grocery stores always need stockers, fast food places always need burger flippers and fry dunkers. None of those positions require any experience.

I understand that those aren't exactly desireable jobs but, they do come with a paycheck. Further, any of those positions also work as a second income and usually they offer very flexible hours. In your position, I would be out dragging my lawnmower around mowing lawns after my regular job and on any day off to make my mortgage payment if I had to. Hell, I'd use a rusty pair of scissors to cut lawns to earn extra money if it meant saving my house.

The reason I stayed unemployed for 7 months is Severance Package Stipulations. If I were to take another job, even part-time, I would have forfitted a lot of money, plus unemployment benefits. After 7 years with the company, I would have had to get a job paying a min $25 dollars an hour to equal the pay I was getting from Severance and Unemployment. Do the math... Micky D's only pays what? $7 bucks an hour?? I would have lost a lot of money!

The problem was not my unemployment in reference to my mortgage, the problem is being employed again. I took a cut in pay, almost a 1/2 a cut in pay to be exact. That totally readjusted my budget. So now it's corrective action time.

So back to the quesition at hand, what specifically is pre-foreclosure? I'll have both June and July's payment ready to be paid on Thursday. Therefore I'll be caught up on the over due payment and make my July payment before the 15th. That should set me back on target (budget wise).

I'll talk to Chase tomorrow, but I'd still like additonal info on pre-foreclosure and legal guidelines of when they can 'take't he house.

[HomeGuru]

Originally Posted by nhcredit

What is the name of your state? NH

For the past few months, I have been late in paying my mortgage. On occasion, I have received Acceleration Letters which scare the heck out of me. The letters basically say, pay us X amount or the whole balance is due!

I have been trying to work with Chase Manhattan and keep in contact with them about my mortgage. You see, I lost my job and I'm now working again but at a lower pay rate. Making the monthly mortgage payment on time has been difficult.

I'm not getting into a bigger bind, as my June payment is past due and my July payment is due as well. I let Chase know that I'll pay them ASAP, but it'll take time to get the funds. My credit is shot from being unemployed and I can't get a loan and Chase won't refiance me, even though there is $50,000+ in my house based on what my initial mortgage was for.

Chase says they can help me 5-days after my July payment is due, July 5th. I'll call them and see what options I have.

How long does foreclosure take and what can I do to avoid it? I need to be able to workout a deal and I want to pay them, but cash is limited. Any thoughts, suggestions, and general rules/regs on this subject are appreciated.

Thanks!

**A: if you can't pay your mortgage, sell your home. The lender has a right to file foreclosure even if you are one day late. Read your mortgage docs.
Stop playing games.

[kcmparham]

What is the name of your state? SC

Hi there,
I have just seen your post. I am not a lawyer, but I have been through a similar situation with my mortgage. I'm not sure if the others who have responded to you really understood what you were trying to say, as what they are saying does not make any sense. You are headed in the right direction to save your home. Also there is something called a loan modification, where if you can make your normal monthly payment, they will then work out something for you in the future with the past due amounts. I have gotten acceleration notices in the past as well, however, as long as you talk to them and let them know what is going on, they will work with you, under one condition, you don't get more than 3 months behind! Even though they say it has to be paid by X amount of time, if you do these things they will usually not act on these acceleration notices. My mortgage holder never has. If you are now working, but not making as much, you will need to find a way to find money in order to get the past due amounts paid up, if they see you are sending extra in to do this, they will not foreclose. This for me, since my credit was shot and I couldn't refinance at the time, it meant getting another job and tweaking my current expenses, i.e. getting rid of cable, internet, long distance, etc. This is hard, but only temporary. It was hard, but it was worth it once it was all caught up. The only reason I would see that you would have to try and sell your home like you have been told previously, if is you are not able to meet the normal monthly payments and have no way of trying to make up the past due amounts, as this would make it impossible for you to keep. However, if you are working and can make the normal monthly payments and find extra work to help bring in more income, and cut some expenses, it may take several months, but I'm sure you will be able to keep your home. I did! I was scared, but I did it, but again, I was never more than 3 months behind and I even though I couldn't pay on time, I always paid when I could and paid extra towards the past due amounts. Oh, one more thing, I did a lot of research on credit repair, and did it by myself to get my credit cleaned up. I took a bit too, but in turn as enabled me to be ready to refinance now when I am ready!

Originally Posted by nhcredit

What is the name of your state? NH

For the past few months, I have been late in paying my mortgage. On occasion, I have received Acceleration Letters which scare the heck out of me. The letters basically say, pay us X amount or the whole balance is due!

I have been trying to work with Chase Manhattan and keep in contact with them about my mortgage. You see, I lost my job and I'm now working again but at a lower pay rate. Making the monthly mortgage payment on time has been difficult.

I'm not getting into a bigger bind, as my June payment is past due and my July payment is due as well. I let Chase know that I'll pay them ASAP, but it'll take time to get the funds. My credit is shot from being unemployed and I can't get a loan and Chase won't refiance me, even though there is $50,000+ in my house based on what my initial mortgage was for.

Chase says they can help me 5-days after my July payment is due, July 5th. I'll call them and see what options I have.

How long does foreclosure take and what can I do to avoid it? I need to be able to workout a deal and I want to pay them, but cash is limited. Any thoughts, suggestions, and general rules/regs on this subject are appreciated.

Thanks!

[LindaP777]

Originally Posted by nhcredit

Any thoughts, suggestions, are appreciated.

If you really want to save your house and not sell it, move or be foreclosed on;
1) Get a second job until your caught up (even if it means working nights and weekends).
2) If you have a spouse, get them to get a second job.
3) Rent out a room in the house.

These are all quick fixes to get you out of a jam. If you are diligent, you'll be back on your feet in a month or two!

[lcannister]

The only reason I would see that you would have to try and sell your home like you have been told previously, if is you are not able to meet the normal monthly payments and have no way of trying to make up the past due amounts, as this would make it impossible for you to keep.

Did you even read the thread? The OP states clearly in every sense of the word he/she CAN NOT afford this home. If the very slightest of ememrgencies comes along he/she is right back in the same mess.

This should give you a clue

I have to build up to the monthly amount due. Should any other expenses pop-up, that's when I'm screwed. But I a month basis, I due have enough to pay my mortgage, it just takes me 4 checks to get there, whereas it use to only take me 2.

In other words if it does not happen now it will eventually!

[kcmparham]

Name of State: SC

Yes, I did read the post. I also read all the responses to her post and her desperate replies for any other information on what she could do other than to sell her home and get out. This obviously was not the response she was looking for. Seeing that almost everyone who responded to her gave her only negative responses, I felt it was important to let her know I was in the same position and I did overcome it. Just because you are getting acceleration notices in the mail, doesn't mean it's over. If she wants to keep her home as much as she claims to, then there is hope, and this is what she needs. I would know all to well, unfortunately, as crap does happen, it's called life. She is working now, which is a step headed in the right direction. So instead of being told she needs to get out and has no other options, she needs to be told, get more work, more income and plug away. Cut expenses that she can. It won't be easy, but it can be done. If she is given this advice, and decides not to act on it, then it is her decision. But come on guys, the girl needs a little light at the end of the tunnel. Lets not be so negative.