Questions

[serenevenice]

It has been many months since I last posted. Our loan modification request was cancelled in March, because they said that we had not supplied paystubs. We had supplied them in November, but by the time they cancelled the modification we no longer had sufficient income. So we haven't spoken with them since March and avoid their calls. About 2 weeks ago we recieved the Making Home Affordable package with the first payment due 8/1. We still don't have sufficient income, but are working on it. The last payment that we made was October and haven't made another payment since then. Our last note of intent to accelerate expired 3/1/09. Here are my questions:

1. Isn't it better to not speak to them until/if we can qualify? It seems if we give them another financial statement on the phone or by mail or fax , it could speed up the foreclosure process.

2. How long is it taking them to post the first notice of default on your house? It seems like we would have had it by now. Even with my hatred of countrywide/bofa, it seems like they have been very generous with time?

3. after having a notice of default posted on the property, if we get the sufficient income to begin modification, is it too late to bring the foreclosure cycle to an end and qualify for a modification?

4. We live in a gated community. How do they post a notice of default on your house if you live in a gated community?

I appreciate any information that can be provided.

[Evan Bedard]

Hi serenvience,

1. Isn't it better to not speak to them until/if we can qualify? It seems if we give them another financial statement on the phone or by mail or fax , it could speed up the foreclosure process.

2. How long is it taking them to post the first notice of default on your house? It seems like we would have had it by now. Even with my hatred of countrywide/bofa, it seems like they have been very generous with time?

3. after having a notice of default posted on the property, if we get the sufficient income to begin modification, is it too late to bring the foreclosure cycle to an end and qualify for a modification?

4. We live in a gated community. How do they post a notice of default on your house if you live in a gated community?

A notice of default is usually served within about 60 days or so from when you start missing payments. This will not be posted on your home, it will be a letter via fedex from CW. It is not too late if you can find income to continue with a modification, but you will need to fast because they may set a sale date very soon.

[serenevenice]

Evan, I'm confused. In Washington state the process on a non-judicial deed of trust foreclosure timeline is: 120 days before the sale date, a notice of default is posted on your home. 90 days before sale date, you get a notice of trustee sale. the trustee sale date is on a friday unless it is a holiday. After the sale date you have 20 days to vacate your home. What am I missing here?

[serenevenice]

It has been many months since I last posted. Our loan modification request was cancelled in March, because they said that we had not supplied paystubs. We had supplied them in November, but by the time they cancelled the modification we no longer had sufficient income. So we haven't spoken with them since March and avoid their calls. About 2 weeks ago we recieved the Making Home Affordable package with the first payment due 8/1. We still don't have sufficient income, but are working on it. The last payment that we made was October and haven't made another payment since then. Our last note of intent to accelerate expired 3/1/09. Here are my questions:

1. Isn't it better to not speak to them until/if we can qualify? It seems if we give them another financial statement on the phone or by mail or fax , it could speed up the foreclosure process.

2. How long is it taking them to post the first notice of default on your house? It seems like we would have had it by now. Even with my hatred of countrywide/bofa, it seems like they have been very generous with time?

3. after having a notice of default posted on the property, if we get the sufficient income to begin modification, is it too late to bring the foreclosure cycle to an end and qualify for a modification?

4. We live in a gated community. How do they post a notice of default on your house if you live in a gated community?

I appreciate any information that can be provided.

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