Anybody With A FHA loan Been Foreclosed on!

[dtap57]

Has anybody who has a FHA loan been foreclosed on? Please let me know if you have a FHA loan how far you are behind and if they have started foreclosure against you. Thanks in advance.

[OH-WAMU]

Fha loan
ohio
just tipped into 6 mo. Behind

not all 6 months at once. A slow slide to 6 mo. Over the course of a year.

No foreclosure yet.

[dtap57]

Thanks OH-Wamu, I am 4 months behind and so far they haven't foreclosed on me either. Im hoping we will hear from more people with FHA loans. Im trying to gauge how long we can go without getting foreclosed on. Please anybody who has an FHA loan and is behind please reply.

[aubie37]

FHA Loan
Alabama
now at month 7 behind.

I have been on two back to back payment plans but no resolution and I cannot pay $8000 plus now as a lump sum. The first plan helped to get me even further behind thru June with half payments and the second one was for my "normal, non-modified" payment. Each time the only "end payment" has been for a balloon.

[dtap57]

Thanks Aubie, Has Naca had any success for your FHA loan? So far they haven't tried to foreclose on you?

[shay01]

Originally Posted by dtap57

Thanks OH-Wamu, I am 4 months behind and so far they haven't foreclosed on me either. Im hoping we will hear from more people with FHA loans. Im trying to gauge how long we can go without getting foreclosed on. Please anybody who has an FHA loan and is behind please reply.

Hi I have an FHA just made 6 months behind nothing yet. I know Melainie 702 also have FHA. I have been trying to get MOD since May nothing yet I have not even spoke to neg. Someone from the OOP promised I would get a call this morning and of course nothing yet.

[dtap57]

Thanks shay, I haven't seen anybody yet that has a FHA loan that has been foreclosed on. Im hoping to still hear from more FHA homeowners.

[OH-WAMU]

I think early on FHA had language in their programs that said we absolutely had to be considered for all programs if were were in default. I wonder if we will get any of the FHA Partial Claims to get caught up. Or, a combination FHA Partial Claim and loan modification.

We may be low on the totem pole, priority-wise.

[shay01]

Originally Posted by OH-WAMU

I think early on FHA had language in their programs that said we absolutely had to be considered for all programs if were were in default. I wonder if we will get any of the FHA Partial Claims to get caught up. Or, a combination FHA Partial Claim and loan modification.

We may be low on the totem pole, priority-wise.

I hope not sure dont want these behind months to keep adding up. There is no way i will be able to come up with this kind of money.. My payments are 1900 a month.

[OH-WAMU]

Same here, we are living paycheck to paycheck. It scares me when people start talking about BALLOON PAYMENTS at the end of forebearance/trial periods!

[dtap57]

I agree with you guys also. They have to figure if we are several months behind there is no way to bring it current with a balloon payment. Has anybody tried getting a partial claim to bring them current?

[briknope]

I'm FHA also. 6 months behind. No foreclosure. I think the longer the bank waits the bigger the partial claim will be and then they get their money one way or another.

[dtap57]

Briknope, i agree with what you are saying! I wonder how long they will let us go before foreclosure happens. I hope FHA has enough money to be able to pay partial claims.

[cleach]

Here's how long they will let you go: my last payment was 11/08. My sale date is today. This was after trying unsuccessfully for TWO modifications with Wells Fargo.

So, it does happen.

I suppose some of it depends on your lender, since it's not actually the FHA doing the foreclosing.

Good luck!

[briknope]

OK, you got my attention Cleach....I read your posts elsewhere on this forum and didn't see any details on the home being foreclosed upon. May I or we ask if the home is underwater or the LTV ratio? I think that would give us a better feel for what some of us are up against. I truly feel sory for your situation, and the frustration you probably experienced. Did Wells Fargo offer any type of trial payment plan or was there any mention of a partial claim which should be available with an FHA mortgage. If its any consolation, at least you got a place lined up to go into that you in fact own and won't be a renter.

Take care.

[cleach]

We still owe $127K (this of course, includes fees & other "stuff" in the amount of approx. $4K). The value right now is maybe $95K?

Wells Fargo told us in October 08 that they COULD NOT HELP US until we were 90 days behind. We called them when we first new we would be late, & this is what we were told. We called every week, to "keep in touch".

After 90 days, we had someone from Loss Mitigation call us, work out a 3 payment trial plan for modification which we readily agreed to, and made our payments successfully. When we called to find out the status after the 3rd pmt, we were told it was in review & at that time I updated our financials (income/debt). Meanwhile, we received a letter from McCalla Raymer (THE foreclosure attorney in the SE). When I called WF @ this, they said to disregard, it got crossed in the mail.

Called back the following week to check on status of mod, told it was denied b/c we had not updated our financials. When I told them to go back & look, they saw it and said we still didn't have enough income. What they had as our financial information was TOTALLY WRONG & I know that is not what I told them. So, he offered to set up another trial payment plan, 4 pmts this time - and only $1 less than our normal pmt amt. Which we agreed to, thinking what choice do we have - on the day we were supposed to make the 1st pmt., we got another certified letter from McCalla Raymer with the NOS in it. So, we elected not to make the payment because - HELLO - it is obvious that no matter what we did they were still planning to foreclose. Just trying to squeeze money out of us before it goes through. Sure wish I had back the money I paid on the first BOGUS mod trial.

So today is the day of the sale, I suppose. What REALLY ticks me off is that I HELD UP MY END OF THE BARGAIN, stupidly beleiving I was doing what I should do. WELLS FARGO LIED TO US & now we're losing our home.

Although, I just really don't care any more!

[dtap57]

Cleach, im also sorry this has happened to you. Did you try talking to HUD at all? They are supposed to help you anyway they can so you can save your house. I know you don't care anymore and i can't blame you but any info you can provide us can help. Did they drop your payment very much when you did the 3 month trial? Thanks

[shay01]

Originally Posted by dtap57

Cleach, im also sorry this has happened to you. Did you try talking to HUD at all? They are supposed to help you anyway they can so you can save your house. I know you don't care anymore and i can't blame you but any info you can provide us can help. Did they drop your payment very much when you did the 3 month trial? Thanks

Yes sorry... This is such a tough spot. I dont even have a plan B yet. I dont know why I think these people will help. Being 6 months behind no forclosure yet there is no telling what they are up to. And there is no way i will be able to come up with this money. The only way I can save my home is with a decent MOD and all past due tacked back in the loan. I have been praying somehow I just hope they are answered.

[SBBLUEWATER1]

I think the question of if and when they foreclose depends on how big a loss they will take by foreclosing. You said you owed about $127k and the house is only worth $95k so that is a loss of roughly $32k. Our situation puts the loss at over $200k if they were to foreclose now so maybe that is why they have not foreclosed on us.

[weneedpeace]

Cleach, I'm so sorry and hope there is a silver lining for you in this..

We also have Wells Fargo (VA mortgage)

Essentially, a lot of common elements with being told 'can't help you till you're in default', lost paperwork or financials not 'updated', and I truly believe their latest 'offer' (which is ridiculous same PITI plus a balloon for all arrears due in January) is based off of INCORRECT financials. They said we have a surplus, they also said based on our payment history prior (never had been late until they pretty much told us we had to be, with their not caring that husband was donating plasma and husband and I were skipping meals to have enough to make the payment).. those were two factors that they claim were part of their reasoning for it to not be in the 'investors best interests to grant us a perm. mod'

They can shove it.

[dtap57]

Shay, i am hoping for the exact same thing youare. I need a decent mod and put all my payments to the end of the loan. If they don't do that for me i don't have any ideal what i will do either.

SBBLUEWATER, Do you have an FHA loan? and if you do are you behind? Thanks

[cleach]

SBBLUE - I think you are right. They don't have that much to lose (relatively speaking, of course) with us.

When we got the 1st "mod" yes, the dropped the payment significantly - to $335/mo, our original payment being $1006/mo. We paid it as agreed. Yes, I originally talked to HUD, they supposedly spoke to WF on our behalf - but at the time we had no income, and so we were told there was nothing they could do.

Man, I wish I'd found this forum earlier!!! Our BIGGEST MISTAKE was believing that WF wanted to help us keep this house. The truth however, is that SINCE THEY WILL BE PAID BY FHA, they really don't care. They are trained to get as much $$ as they can before the deal is done - hence the bogus mods.

YOUR MORTGAGE COMPANY IS NOT HERE TO HELP YOU.

[SBBLUEWATER1]

dtap57 -
No, we do not have an FHA loan. We have not been able to even find out who does have our loan, but according to one of the websites it is not FHA or Fannie. We were 90 days behind before they put us in the trial mod program.

[shay01]

Originally Posted by dtap57

Shay, i am hoping for the exact same thing youare. I need a decent mod and put all my payments to the end of the loan. If they don't do that for me i don't have any ideal what i will do either.

SBBLUEWATER, Do you have an FHA loan? and if you do are you behind? Thanks

Hey Guys,

how do you find out what the house is worth. I still owe 238K but the house next door to me same exact house was on the market 2 yrs and just sold for only 127K. I heard it forclosed so that just shows same house just sold 127K i still owe 238K i know i have to be under water really bad..All i want is a decent MOD i am not asking for any handouts. Just to stay in the home. If not I have to figure out what I will do I dont have another plan at this point. And now because of the late payments my credit is screwed.

[cleach]

Shay, you should be able to call a local realtor & get an approx. value for your house. Of course, it won't be EXACT but you should be able to get a fair idea.