Loans, Debt & Credit - View Single Post - Loan modification DENIED! What to do now?

taz007 · 10-15-2009, 07:21 AM

I need help! I am about 8 months behind on my mortgage (last paid Feb '09). There was a notice of default filed in June '09 and a substitute trustee filed in July '09 (I have no idea what this means).

I applied for was accepted into the HAMP 3 month trial period with the first trial payment was paid on Aug 1st, '09. I filed Chapter 7 bankruptcy in September. The Sept and Oct trial payments were sent back to me.

Chase filed a motion to lift the stay on foreclosure. I had my BK attorney file and answer and the court date is today.

I then had to redo the HAMP program last week. I was just informed yesterday that my modification was DENIED due to insufficient income. I showed that I made $5800/month and my mortgage is $2800/mo.

I just applied to NACA and will be going to a workshop next week.

So here are my questions:

1) How long do I have before there is a notice of sale? (I live in CA and my house is upside down by about $200,000)
2) I think that I can (my some miracle) come up with the $25,000 owed in back mortgage payments, but I need about 60 days to do so.
3) Is there ANYTHING else I can do to stall the foreclosure process?

I am praying that the judge does not lift the stay today. What is the likelihood of that?

Thanks in advance.

10-15-2009, 07:21 AM	#1 (permalink)
taz007 Member Join Date: Sep 2009 Posts: 25 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan modification DENIED! What to do now? I need help! I am about 8 months behind on my mortgage (last paid Feb '09). There was a notice of default filed in June '09 and a substitute trustee filed in July '09 (I have no idea what this means). I applied for was accepted into the HAMP 3 month trial period with the first trial payment was paid on Aug 1st, '09. I filed Chapter 7 bankruptcy in September. The Sept and Oct trial payments were sent back to me. Chase filed a motion to lift the stay on foreclosure. I had my BK attorney file and answer and the court date is today. I then had to redo the HAMP program last week. I was just informed yesterday that my modification was DENIED due to insufficient income. I showed that I made $5800/month and my mortgage is $2800/mo. I just applied to NACA and will be going to a workshop next week. So here are my questions: 1) How long do I have before there is a notice of sale? (I live in CA and my house is upside down by about $200,000) 2) I think that I can (my some miracle) come up with the $25,000 owed in back mortgage payments, but I need about 60 days to do so. 3) Is there ANYTHING else I can do to stall the foreclosure process? I am praying that the judge does not lift the stay today. What is the likelihood of that? Thanks in advance.