Loan in default, foreclosure?

garynpj · #1 11-23-2004, 11:33 AM

What is the name of your state?What is the name of your state? Kentucky

My husband and I moved into our home in May of 2004. The loan is in his name, but the mortgage is in both of our names. He was arrested in the middle of August, and my daughter and I were left 2 months behind on all of our bills. I wrote to the mortgage officer at the bank, asking if there was any help he knew of, and there was no reply at all.

I got everything caught up with money I'd been saving, but now we're behind a month, and this month is also due. My daughter and I don't want to loose our home, I am still seeking full time employment, and my husband's court date isn't until Dec. 16th... What can we do to try and save our home now?

In October, I had gotten a letter of default, saying we had to come up with Sept. Oct. and Nov. payments to get out of default. I could only pay for September. Anyone know what we could or should do?

HomeGuru · #2 11-23-2004, 11:38 AM

Quote:

Originally Posted by garynpj

What is the name of your state?What is the name of your state? Kentucky

My husband and I moved into our home in May of 2004. The loan is in his name, but the mortgage is in both of our names.

**A: the loan is the mortgage.
*******
He was arrested in the middle of August, and my daughter and I were left 2 months behind on all of our bills. I wrote to the mortgage officer at the bank, asking if there was any help he knew of, and there was no reply at all.

I got everything caught up with money I'd been saving, but now we're behind a month, and this month is also due. My daughter and I don't want to loose our home, I am still seeking full time employment, and my husband's court date isn't until Dec. 16th... What can we do to try and save our home now?

In October, I had gotten a letter of default, saying we had to come up with Sept. Oct. and Nov. payments to get out of default. I could only pay for September. Anyone know what we could or should do?

**A: you better start being less picky about jobs and start working.

garynpj · #3 11-23-2004, 11:44 AM

I am, thanks...... and there are not many good jobs in Henry County.
silver spoon

HomeGuru · #4 11-23-2004, 11:49 AM

Quote:

Originally Posted by garynpj

I am, thanks...... and there are not many good jobs in Henry County.
silver spoon

**A: then take a bad job, a ny job so you can pay your mortgage and not lose the house. And why is your daughter not working?

garynpj · #5 11-23-2004, 12:07 PM

My daughter is only 14, and I am already working a bad job. I have applications out everywhere looking for a second job, and I am not taking hand outs. I just wanted to know if there is anything that can help us to get caught up. Not to be put down by you...

HomeGuru · #6 11-23-2004, 12:27 PM

Quote:

Originally Posted by garynpj

My daughter is only 14, and I am already working a bad job. I have applications out everywhere looking for a second job, and I am not taking hand outs. I just wanted to know if there is anything that can help us to get caught up. Not to be put down by you...

**A: there is no law that states that a 14 year old is too young to work.
Why can't she babysit, do yard work for neighbors, tutor a classmate, help with a yard sale**************...

Roselady · #7 11-26-2004, 08:40 PM

Ohhh!!! Come on!

Instead of insulting this lady & telling her to send her 14 year old out for a job- why don't you give her some advice that can actually HELP her???

Call your mortgage company & ask about a forbearance agreement. This is an amount that you can pay now to stop the default procedure. Of course you will have to make up these payments down the road with larger amouints. Try to work out the payment plan.

Be very careful when signing the forbearance agreement though- any amounts that they are listing- you will be agreeing to. Also---never sign anything that states you give up all rights.

This will allow you to catch up on your payments. They usually want it within 10 months.

If none of this is doable- Go see a lawyer & have them file to postpone this a bit longer until you get your hubby back & can get working.

garynpj · #8 11-27-2004, 01:51 PM

Roselady you're an angel !!!

Thank you so much. I will be going to the mortgage company Monday and see what they say.

Roselady · #9 11-27-2004, 05:34 PM

Ask for the loss mitigation department. Be honest about your situation. It won't be easy- as forbearance agreements never are. But it does allow you a chance to work it out.

Be careful in what you sign. Often they want the agreement back immediatly. give them some excuse about having to have your hubby go over it & try to at least have a day to go over it & see exactly what you are agreeing to.

Verify the amounts that they list. Check it with your records to make sure there isn't a huge difference. check your late fees, your escrow balances Question any differences in the taxes, insurance costs. Beware the "corporate advances" & find out what exactly they include. Please make sure there is no discussion to voiding your rights to sue for fraud if provable.

Again I remind you to be very careful of what they say you owe. This is an easy way for a fraudulent servicers to slip in a few thousand extra fees & you are accepting these fees & are making an agreement to pay them. What you are losing is your equity in the house. Dispute any fees that you can prove that you paid.

Once you sign it-- you HAVE to keep it up to date---even a few days late will begin the process all over. It's not a savior by any means- but it can get yourself out of the deep hole until you have help climbing out.

Good luck.