No more.. - Loan Modification Forum

cjbory · 10-01-2009, 02:41 PM

Decided to stop tapping in to what little savings I have left so I will be short $800 dollars this month to pay 10/01 mortgage. If I do that ill have enough money to pay the 11/01 mortgage but I don’t know if I should pay or If i should let it go delinquent for at least 90 days? One thing is certain, I will be at least 30 days pass due starting on November. How fast would they start the foreclosure process??

Evan Bedard · 10-01-2009, 03:03 PM

Hi cjbory,

Quote:

Decided to stop tapping in to what little savings I have left so I will be short $800 dollars this month to pay 10/01 mortgage. If I do that ill have enough money to pay the 11/01 mortgage but I don’t know if I should pay or If i should let it go delinquent for at least 90 days? One thing is certain, I will be at least 30 days pass due starting on November. How fast would they start the foreclosure process??

You should have at least 90 days before BofA starts the foreclosure process. But even then you will still have time before a sale date is set..

cjbory · 10-01-2009, 03:16 PM

Is it true that Fannie Mae only looks at 90 days + delinquent accounts?

davephx · 10-01-2009, 03:29 PM

No, you can be current but in "immanent danger of default" at least according to the directives that don't seem to be followed.

Once in default the clock starts ticking till you get foreclosure notice and home is sold. Time depends on servicer and your State laws on foreclosure sales.

Slim Shavings · 10-01-2009, 05:34 PM

BA told me I"m 19 months behind. Really only 8. had to send them paper work to prove it. And I had to call them. The only thing I got so far was a notice to accelerate but that was before I proved to them that I had made all the pmts up to the last 8. I've been trying to get ANYTHING done since Feb. My online account is a TOTALLY screwed up. But nobody seems to be in a hurry.

cjbory · 10-02-2009, 08:05 AM

I am doing the Household Expenses list and I have a question. My health care is provided by my employer so payment is deducted from my pay check. Do i put it on the list or not? ffice

ffice" />>>

caldwellb02 · 10-02-2009, 08:11 AM

I'd think that the amount the employer deducts would be your health care expense. I've never understood why they use gross income (I mean - who among us doesn't get a significant chunk for FICA, etc taken out?).

cjbory · 10-02-2009, 08:21 AM

yep.. thats what i say but who knows why the do that.

The other thing is that I put 10% of our income on 401k. I know they are not supposed to look at that but do they?

10-01-2009, 02:41 PM	#1 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	No more.. Decided to stop tapping in to what little savings I have left so I will be short $800 dollars this month to pay 10/01 mortgage. If I do that ill have enough money to pay the 11/01 mortgage but I don’t know if I should pay or If i should let it go delinquent for at least 90 days? One thing is certain, I will be at least 30 days pass due starting on November. How fast would they start the foreclosure process??

10-01-2009, 03:16 PM	#3 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: No more.. Is it true that Fannie Mae only looks at 90 days + delinquent accounts?

10-01-2009, 03:29 PM	#4 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,172 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: No more.. No, you can be current but in "immanent danger of default" at least according to the directives that don't seem to be followed. Once in default the clock starts ticking till you get foreclosure notice and home is sold. Time depends on servicer and your State laws on foreclosure sales.

10-01-2009, 05:34 PM	#5 (permalink)
Slim Shavings Senior Member Join Date: Sep 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: No more.. BA told me I"m 19 months behind. Really only 8. had to send them paper work to prove it. And I had to call them. The only thing I got so far was a notice to accelerate but that was before I proved to them that I had made all the pmts up to the last 8. I've been trying to get ANYTHING done since Feb. My online account is a TOTALLY screwed up. But nobody seems to be in a hurry.

10-02-2009, 08:05 AM	#6 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: No more.. I am doing the Household Expenses list and I have a question. My health care is provided by my employer so payment is deducted from my pay check. Do i put it on the list or not? fficeffice" />>>

10-02-2009, 08:11 AM	#7 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: No more.. I'd think that the amount the employer deducts would be your health care expense. I've never understood why they use gross income (I mean - who among us doesn't get a significant chunk for FICA, etc taken out?).

10-02-2009, 08:21 AM	#8 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: No more.. yep.. thats what i say but who knows why the do that. The other thing is that I put 10% of our income on 401k. I know they are not supposed to look at that but do they?

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