Help...close to foreclosure!

[psangel4]

I received a phone call from CW saying that they were mailing out information to help me with my loan. I wasn't home when they called but they left a message. The phone number was 1-000-000-0000.

On May 31st I will be 90 days late on my mortgage. I had lost my job in October and my husband moved out same month. I started working on a rate modification in October as soon as I got laid off, which is when my rate starting adjusting also. It has been hell the past 8 months. Last month when I called for the 100th time...I had been told that I didn't qualify for the modification because they felt I could make my payments. Thanks CW! They finally lowered my rate down to my original rate and fixed it for 5 years...but they are forcing me to escrow now and my payments are still to much for me.

I hope this is good news for me...I don't want to lose my house. How long do I have in my house if I can't bring my mortgage current?

[psangel4]

What would happen if I didnt have a surplus on my income after my expenses. I am actually in the hole right now. My husband moved out in October which is when I got laid off from my job as a mortgage processor (go figure). I know all the posts say I should have a surplus of $100-$250, but I don't. I am 1 week away from being 90 days late on my mortgage. My husband is supposed to pay half of all the bills we incurred together, including the mortgage, but he hasn't given me anything because he is on workmans comp and they have suspended his checks for maybe a few months. I am finally working but I had to take a huge loss in income because my unemployment was going to run out.

I don't want to walk away from my house, but I don't know what else to do. CW did fix my rate to 8.2% which was my original rate before it started adjusting in September....but I was paying I.O. before and didn't have to escrow my taxes. Now I have to escrow and mortgage payment is $1,200, I only have $2,300 coming in a month until my husband starts to give me money.

Can CW drop my payment down enough for me to be able to stay in my house? If not....how long do I have in my house before I will be forced to leave?

[Cat Damiano]

Hi psangel4,

Welcome to the forum and thank you for joining........

What state are you in?

If you don't show a surplus you will not be approved for a modification or a forebearance.........you have to have a surplus..........

If you taxes were also not being paid.........that would mean that your lender has paid them and now they want them back........and they have every right to escrow for them...........it is in the documents that you signed at closing......

[psangel4]

I am in PA. I had only owed for 2007 and I was just getting ready to pay them in Jan. when they paid them for me.

[Cat Damiano]

If 2007 taxes were not paid the lender has to pay them to avoid a lien on the property and they can do this.........

Here is the foreclosure timeline in PA........you really don't have much time........there is not a redemption period in PA.............so once the property is sold........that is it.......



Pennsylvania Foreclosure Law

[psangel4]

I understand about the taxes.

How long do you think I have before I have to move, if my mortgage will be 90 days at the end of May?

[Cat Damiano]

That isn't something that I really can't answer..........lenders usually send the NOD after day 91, but some take a bit longer.......once you receive the NOD you have 30 days to cure the default according to PA foreclosure law.......after that time they go to the court to file the foreclosure and that is when the sale date is set...........

so you might want to ask an attorney in your state how long you might have because this is just a generalization based on your states foreclosure law........you should be able to phone a foreclosure attorney and ask this......