Time to hit the ground running....

[Newman]

And fast. Found out today that the lender just put us in foreclosure status. After I had worked out repayment details with them. Now I need to solve this, and fast.

First, to litigate or not?? Hire an attorney to help us wade through these treacherous waters full of sharks?

Second, she said the foreclosure would go on our credit, but does the the word foreclosure trash us, or does it have to be sent all the way through to the end? I.e. Sale?

Third, I need advice, research, options..someone get to me I WILL NOT LOSE THIS HOUSE!!!!!!! I REFUSE TO!!!! Anyone wanna fight with me come on along...... BTW, lender is First Franklin....depending on who you talk to, they are either bad or good, but never great....

[Moe Bedard]

Hi Newman,

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

What is your interest rate at?
Is it fixed or adjustable?
If adjustable when does it adjust?
Are you paying interest only or PITI?
How many months behind are you?
Did you break the repayment plan?

[Newman]

Originally Posted by *** Damiano

Hi Newman,

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

What is your interest rate at?
Is it fixed or adjustable?
If adjustable when does it adjust?
Are you paying interest only or PITI?
How many months behind are you?
Did you break the repayment plan?

Hi ***....


rate is 7.2, adjust in October.

Adjustable after Sept.

Interest only on the loan

4 months behind

Never was a repayment plan set up.

they are saying get them a few docs, and we can set you up on repayment, and modify the loan....but I am afraid of our name being published, our friends maybe seeing it....and our credit being gone just by the mere mention of the word "foreclosure" on it....

[wchamilton]

Originally Posted by Newman

Hi ***....


rate is 7.2, adjust in October.

Adjustable after Sept.

Interest only on the loan

4 months behind

Never was a repayment plan set up.

they are saying get them a few docs, and we can set you up on repayment, and modify the loan....but I am afraid of our name being published, our friends maybe seeing it....and our credit being gone just by the mere mention of the word "foreclosure" on it....

I believe the stage of the foreclosure determines how readily available the information is. Once there's a sale date then it has to be published in the newspaper for a certain period of time prior to the sale. Before that stage I know the records that the house is being foreclosed on are available if you go specifically looking, but I'm not sure where you'd go for that.

[Newman]

Originally Posted by wchamilton

I believe the stage of the foreclosure determines how readily available the information is. Once there's a sale date then it has to be published in the newspaper for a certain period of time prior to the sale. Before that stage I know the records that the house is being foreclosed on are available if you go specifically looking, but I'm not sure where you'd go for that.

No sale date set, just the very first start..but a lot to do today, getting stuff faxed, maybe nip this in the bud...try to set up a payment plan that makes sense, and go from there...never been more scared in my life, never felt more of a failure as a husband, as a man, as a son...........

[wchamilton]

Originally Posted by Newman

No sale date set, just the very first start..but a lot to do today, getting stuff faxed, maybe nip this in the bud...try to set up a payment plan that makes sense, and go from there...never been more scared in my life, never felt more of a failure as a husband, as a man, as a son...........

We've all been there... my pending foreclosure with Countrywide was just canceled with a loan modification, and before that I spent countless nights staring at the ceiling, worrying about what would happen to me and my family and, like you, feeling absolutely worthless and absolutely terrified. But this site helped me realize I wasn't alone and it gave me the tools to save my house and realize I'm not worthless; I'm just another homeowner that got myself in a mess that I just needed some help getting out of. Just like you.

Hang in there, we're all here for you. Please keep us in the loop as you work this out.

[Newman]

Originally Posted by wchamilton

We've all been there... my pending foreclosure with Countrywide was just canceled with a loan modification, and before that I spent countless nights staring at the ceiling, worrying about what would happen to me and my family and, like you, feeling absolutely worthless and absolutely terrified. But this site helped me realize I wasn't alone and it gave me the tools to save my house and realize I'm not worthless; I'm just another homeowner that got myself in a mess that I just needed some help getting out of. Just like you.

Hang in there, we're all here for you. Please keep us in the loop as you work this out.

I'll try...if ya don't hear from me, it's cause I said screw it, and stepped off a bridge.

[Newman]

Question...I have a boat, a NICE boat, paid for. If I sold it, paid off the arrearage, would that stop the foreclosure process and allow me to modify the loan???

[Moe Bedard]

Newman,


What type of repayment plan had you worked out with First Franklin and were you dealing with the Loss Mitigation Dept.?

First Franklin
Loss Mitigation
1-800-622-5035

[Newman]

Originally Posted by *** Damiano

Newman,


What type of repayment plan had you worked out with First Franklin and were you dealing with the Loss Mitigation Dept.?

First Franklin
Loss Mitigation
1-800-622-5035

No repayment plan yet, have not ever really sat down with them as of yet, I only found out Thursday night...just looking at options...from what I have heard and read...FF is not going to be able to help, and we have no money to hire a lawyer at the moment...so..sell the boat???

[Moe Bedard]

If that is what is needed......you might not have a choice.........

If you have never called First Franklin Loss Mitigation to start a modification how would you know that the investor on your loan doesn't have any options for you...........that should be your first step.........

[donna317]

you need to take a breath and get your plan of action written
set your priorities
then check them off one at a time
follow the advice you get from *** and moe and forum members
trust me
you can do this
you need to do this for yourself and your family!
keep us posted as you
hit the ground running

[Newman]

Originally Posted by *** Damiano

If that is what is needed......you might not have a choice.........

If you have never called First Franklin Loss Mitigation to start a modification how would you know that the investor on your loan doesn't have any options for you...........that should be your first step.........

***, your right....when I spoke breifly to them on Thursday, they said that I needed to finish up my packet with a few items, then set up a repayment plan, while modification was being worked on...but, from what I have read on here, repayment doesn't work, and if you do not stay current, they restart the process again.....

Also, FF says "don't hire a lawyer, they can't do one thing more for you than you can do for yourself". Lawyers say "hogwash, watch and learn kid". What is the take on hiring a lawyer?? Does it work...do they have advantages with the lender that I don't?? IS it worth the money??

[Newman]

I'll say this.....the more I read, the more depressed and hopeless I become....if I have no hope, how do I give my wife hope?? Where will we go? what will we do?? How, how HOW did it get to this point???? My fault, all my fault, I don't have the heart to tell her, that I screwed it all up...maybe she would be better off without me...no, she would be...one word sums it all up......FAIL.

[schwefls]

Newman:

Hang in there, do not give up, the only thing we have is our family here at loansafe and hope. You can do this. You just need to be focused, patient, polite yet persistent. We will be here for you every step of the way.

[Newman]

I already called the company associated with this site for help...she (the lawyer) said 3000 up front, I said I didn't have it, she said best of luck to you...nice...are you sure people are here to help??

[wchamilton]

First off, try not to panic. I know it's hard, but if you panic all you're going to do is run in circles. You need to be calm as you work on this.

Repayment plans CAN work IF you can afford the payments. If it's not going to work for you, you should be asking for a modification from your servicer. If you call them they should be able to tell you what's available. As far as the boat goes, sell it. That's not a necessity and if there's equity in it you can free up by all means do it.

[Newman]

Originally Posted by wchamilton

First off, try not to panic. I know it's hard, but if you panic all you're going to do is run in circles. You need to be calm as you work on this.

Repayment plans CAN work IF you can afford the payments. If it's not going to work for you, you should be asking for a modification from your servicer. If you call them they should be able to tell you what's available. As far as the boat goes, sell it. That's not a necessity and if there's equity in it you can free up by all means do it.

Sorry, too late, already in panic mode, been there since Thursday...and to make it worse, I am quickly finding who friends are in this, and trust me, theres not a lot....everyone wants money up front?? Pay it forward, huh guys?

[angel83]

I agree it would be helpful if the attorney associated with this site at least considered a payment plan. We are already asking for help because we are struggling and having to come up with funds up front kind of defeats the purpose of what we are trying to do in the first place. Just a suggestion and a strongly encouraged one at that.

[Moe Bedard]

Newman,



are you sure people are here to help??

WOW....
Newman, I have been helping you since you joined and advising you on what you need to do.........and I offer that advice on this forum to every member for FREE.....just go into the Success Section of the forum and see how the advice and direction given on this forum has helped many members get successful modifications........

You just need to be proactive and get the required paperwork into First Franklin....you need to ask what options are available to you from the investor on your loan..........and only you can do that........we can't do that for you........

If this is something that you are not able to do yourself, then try one of the non profit counseling agencies such as HOPE or NACA..........

1-888-995-HOPE
NACA

[Newman]

***, I wasn't talking about you, I was talking about the attorneys I have dealt with so far.....while you are genuine and here to help, they are not, and are certainly here for the money, not to "pay it forward" as someone else here suggested....so I guess some things never change, and that includes greedy attorneys...

[wchamilton]

Originally Posted by Newman

***, I wasn't talking about you, I was talking about the attorneys I have dealt with so far.....while you are genuine and here to help, they are not, and are certainly here for the money, not to "pay it forward" as someone else here suggested....so I guess some things never change, and that includes greedy attorneys...

I would do what *** suggested... you need to be proactive and speak directly to First Franklin and find out what your options are. The lender doesn't want your house; that's a worse-case scenario for EVERYONE involved. Call them and ask specifically if your investor allows modifications and, if they do, what you have to do to initiate one. Make a record of every person you talk to, the time you talked to them and what exactly you were told to do.

It's possible to do this without paying an outside agency or an attorney; it just requires a bunch of phone calls and some diligence.

[Newman]

Thanks..but I am not convinced, (yet) that I can achieve the same results that an attorney can...thus, my confusion....

[wchamilton]

Originally Posted by Newman

Thanks..but I am not convinced, (yet) that I can achieve the same results that an attorney can...thus, my confusion....

It depends on how far into foreclosure you are. If you have a sale date that's in four days then yeah, you might need an attorney. If they've just begun the foreclosure then you might have time. Regardless, you're not going to know until you call.

Call your lender and specifically ask when your sale date and if there's not one assigned when you can expect one to be assigned. From there, specifically ask for a loan modification. They'll most likely ask for a hardship letter (examples of which can be found in the Homeowner Toolbox to the left) and copies of paystubs, expenses and bank statements, but that will get the ball rolling.

The most important thing to do now is to buckle down and get moving. You don't have time to waste spinning your wheels and panicking. Now is the time for action, take ***'s advice and just do it.

Let us know how this goes... trust me, we've all been through this mess and are all here for you. I know EXACTLY what you're going through... heck, we all do. It's scary and stressful but you can't ignore it.

[Newman]

Update..after finally getting in all of the paperwork to them, they now tell me the loan is being transferred to another holder. Of course, all of the work being done to modify it stops, but the foreclosure process does not. So I have lost all this time in getting the loan modified to this. Sale date is set to be set in beginning of Dec. Merry Christmas, huh??? Do not know if I have enough time to work this out, and am getting frantic with it all.....FF says they have not gotten stuff and have sent it several times....