Notice of Forclosure while on forbearance?

[gares1]

I have worked out a forbearance agreement with Chase, which will then be looked at for modification. I have an FHA Loan,My first payment is due on Aug 28, Yet I keep getting these notices from Chase. The lastest notice was a Forclosure notice saying the ownership of my property will be transferred to Chase in 60-90 days and then trasferred to HUD. There is an approximate sale date on the letter also of 10/07. I called Chase and they keep telling me there is no Forclosure activity on my account and the letter is system generated because the system sees I am past due. Is this true? do any of you still get collections letters? This was not sent by an attorney's off ice it's just on chase letterhead. I am stressing out and don't need to be as I am pregnant. I'm just wondering is there somewhere I can check to make sure this is not going to happen? like my county records? or do I just keep making my payments?

[peggyinfl]

I would believe anything Chase says. There was a family (last week) here in florida that was on the mod trial payments and current and the Sheriff showed up to evict them. They said they were told the same thing about the letter of foreclosure (just to ignore).

[briknope]

If you are FHA, did they do trial payments @ 31% of your gross income? I got the same letter by the way. They told me the same thing, system generated. As far as the other story about the eviction all of a sudden, there probably is more to the story. There would be certified letters and alot more notification that just showing up and evicting you. I would be willing to bet that in alot of those cases, you got husband and wife who don't communicate for whatever reason. One party thinking everything is fine and the other party not letting the other know all the details.

[gares1]

Is there anywhere I can check for myself to find out if any preforclosure paper work has been filed against my property?

[dtap57]

gares, im curious what kind of deal did Chase give you on your FHA loan? Im also trying to get something done on my FHA loan with Chase. Thanks

[peggyinfl]

I say a news report on this. The couple had proof of payments and letters that were sent by Chase. The were told by Chase to just ignore. Same as many here has said. If you have that much faith in Chase good for you. I don't. And I dont think anyone should believe anything Chase tells them. The people that work for Chase are idiots. Talk to 10 people with Chase and get 10 different answers. I think the biggest problem is that people are so desparate to keep thier homes that they go along with what ever they are told even though it isnt true. I believe there will be a huge run on foreclosures in the coming months because of the banks not following the guidlines and taking advantage of desparte homeowners. They are out to make as much money as they can and do not care who they make it from. Check out the articles recently written about how the servers are making their $$$$$millions!

[gares1]

They just gave me a 3 month trial payment of $744 my reg payments are 794. After the trial payments they say they will try and work out a modifacation if at that time payments are not caught up. I live in Ga and am 120 days past due. I make my first payment 8/28 and that will put me at 90days. I see no way of catching up the payments, but I can make my regular payments going forward.

[briknope]

I just called Chase a few minuts ago and they said that they haven't implemented anything for the FHA thing yet. It was supposed to be in place by August 15th, so they told me to keep up on the website to see if any info comes about. I'm FHA, Ginnie Mae and on the Ginnie Mae website you can read about that. As far as looking up and filings on ones particular home like liens or notice of sale blah blah, you can try your county recorder's website. Its public information...you would be surprised what you can find out there.

[dtap57]

I wonder what the chances are they will do a loan mod after the trial payment plan? How long did it take you to get on the 3 month trial? Thanks Again!

[gares1]

dtap57 I just called and they gave it to me that day about 2 weeks ago. I am working with the FHA retention dept here is a number you can try 1-877-419-6493. Hope that helps

[dtap57]

briknope, i thought they were supposed to have the FHA loan programs up and running no later than Aug 15. It seems like these mortgage companies just don't care about what the government wants them to do. It is very frustrating! I thought having a FHA loan would be a bonus but it is becoming a nightmare right now with getting a loan mod. How long have you been trying to get a loan mod done on your FHA loan mod with Chase?

[dtap57]

Thanks gares, that will be a very big help! I signed on with NACA a month ago but things are moving very slowly with them. Did you try to negotiate at all with them or did they just say this is it?

[gares1]

I didn't try to negotiate the payment as for me they are affordable.

[dtap57]

So you didn't have to send them any financial stuff at all to get on the 3 month trial?

[gares1]

No they just went by what I told them. When I talked to a rep today she said I would need to send paystubs for official mod, but not while on trial. I was also told that if the Forclosure papers did not come certified and from an attorneys office it is just system generated. She check my county records office and all their files and came up with nothing. So far the FHA rentention dept has been ok to work with. She says offical mod will be done 30 days after last trial offer.

[briknope]

dtap57-

I have been trying for a mod since March 2009. I finally got a forbearance agreement that lowered my payment from 1609 to 1475. The 1475 is still about 38% of my gross income, and thats unaffordable for me. I would like 31% or pretty much forget it. I did make 2 payments out of the 3 on the trial plan, but am tapped out again and can't make the 3rd. My home is about 70k underwater and I'm seriously starting to wonder if its all worth it. Like I said before, I called and they don't have any updates on the August 15th thing. I tried to call the FHA servicing center, and no answer there either. In the meantime, I'll live here for free. I'll rent a place for 800 if I have to, identical to what I live in now. Not like I live on the old homestead that my grandfather built or anything! No, I am not going to get 3 jobs. No, I am not canceling cable and cell phones or sitting on milk crates eating mac and cheese for 5 years either. If I had equity then there would be something to save. Credit scores repair themselves. I have been bankrupt before, and it never held me back in doing anything I ever needed to do. People my parents age (65 yrs) tell spooky stories all the time about not paying bills...different day and age folks! Its like gee, if my expenses go down 800 a month after foreclosure, then I can get the Mercedes SUV I wanted...then take my family to Disneyland in it!

[dtap57]

broknope,

I know what you are saying! There have been times when i thought about giving up also. If i knew having an FHA loan would hurt me this much i would'nt have never refi into one. Did they tell you the same thing that you could get a loan mod after the 3 month trial? Where you behind on your payment when you started the 3 month plan? Thanks

[Chased around and around]

briknope, I was paying close to 4K for my condo and that was without utilities.

I had one negotiator tell me that maybe I needed to file BK and that CC debt meant nothing to them, their payment comes first. I laughed and said, "well, at least the CC balances I have something to show for my purchases, your mortgage payment, I have nothing. You guys rec'd 88K in the last 3 years all interest and now I am 219K underwater". She didn't say to much after that and told me she had a meeting to go to.

I am with you, rentals everywhere around me with more room, house not a condo, no repairs, 1-2 year leases for only 2K a month...

[briknope]

well, I went behind back in December 2008, found a job after my old company shut down in January 2009. I then decided to try and do the right thing by paying up 2 months I was behind with my tax refund. I applied for mod in March like I said. Made another payment and then found out that reversed all my mod efforts. I then had to intentionally become late by 60 days to get the trial mod I have now. I made 2 payments....thinking thats the best thing to do, and now the trial period payments are too much. The only reason I was able to make the first 2 payments is becasue I missed the 2 before just to get the loan. (banked over 2200 bucks in savings) Here in Arizona, the rental market is pretty vast and lots available. Pick your town, pick your house. Credit Bad? Here's a little extra security deposit. If you don't like me, I'll go down the street and rent that one. What do you think any potential creditor could say? OMG you have a foreclosure on your report! Like thats any surprise nowadays.

[dtap57]

briknote, Did you negotiate your terms on your 3 month trial or did they just give you what they wanted?

[Chased around and around]

briknope, I spoke with a few landlords in my area about foreclosures and they told me they feel for us, and have no problem as long as your credit only shows lates on mortgage...

[briknope]

Originally Posted by dtap57

briknote, Did you negotiate your terms on your 3 month trial or did they just give you what they wanted?

Back in May of this year they proposed lowering my interest rate to 4.875% to get the smaller payment. I asked about converting to a 40 year or going lower on interest, they said no way. This is before the making home affordable program was implemented for Ginnie Mae. In my case it needs to be about 3% interest to make it affordable, or they can have the house back. I will ask for cash for keys or I'll put a household sale sign on the street before I leave. Bring your own tools. Cash and carry.

[dtap57]

I hope this new FHA program will help us? I know this is very frustrating, but keep hanging in there! Maybe we will finally get help this time!