Question about Sale Date Postponement

[sandbchristy]

I am in Arkansas. We had a sale date that was originally set for 7/2/09, but was rescheduled for 7/28/09. I found out last week that it has been put on hold and that we currently have no sale date, pending the review of our Modification request. I thought I read somewhere that if the rescheduled date did not happen within 30 days of the original auction date that the lender had to start over with the notice of intent. I'm wondering if that is correct and trying to determine a time line should our modification not be approved. Thanks!

[Evan Bedard]

Hi sandbchristy,

I am in Arkansas. We had a sale date that was originally set for 7/2/09, but was rescheduled for 7/28/09. I found out last week that it has been put on hold and that we currently have no sale date, pending the review of our Modification request. I thought I read somewhere that if the rescheduled date did not happen within 30 days of the original auction date that the lender had to start over with the notice of intent. I'm wondering if that is correct and trying to determine a time line should our modification not be approved. Thanks!

I'm not exactly sure if they have to start over with a notice of intent? But from my experience dealing with CW they would usually postpone a sale as long as needed be to complete the mod. I have seen a few sale dates postponed about 3-4 times..

[disillusioned]

Hi Evan,

I wonder if Wells Fargo would do the same. I live in CA and wondering how to delay my foreclosure. Thanks.

[Evan Bedard]

Hi disillusioned welcome and thank you for joining the forum.

Are you currenty in the modification process?

[sandbchristy]

Thanks Evan... I too am dealing with CW/BofA. It has been such a mess, We are working with NACA now. If this modification isn't approved, our plan is to move. I just can't go through this again, wondering right down to the day if I have to move or not.

[disillusioned]

Evan, first of all, thank you for providing answers in this forum. This forum is an invaluable resource as well as a source of comfort for troubled homeowners. I have been lurking here for quite some time trying to find answers as well as to best decide on what to do with my property and to take care of my family. I have tried to work out a loan modification with Wells Fargo since November of last year. I even contacted the Executive group and the person I was able to get hold of in March was really helpful. We have hardship because of my wife not able to work due to circumstances we were in. My daughter had a medical condition and needed to have couple of surgeries done in December '08 and April '09. I knew it was imminent that we are going to miss our mortgage payments. So I have been anxious to have the loan modification done before we ever miss a payment. Eventually, I missed the payment in Mar 2009. I contacted the executive guys at Wells Fargo, they gave me a forbearance agreement, which only reduced my payment by $150. From $2500 -> $2350. Which is not really much help, but they mentioned that after the 3 payments they might do a loan modification (again, no guarantees). I payed the first payment in May 2009. But because of my circumstances, I'm not able to pay the next 2 payments, then on top of that, the balloon payment too. So now they denied to give me a workout agreement. My wife and I had thought about this, sleepless nights, and so we decided to simply give up and foreclose because we have no way of paying all those payments that we missed including the balloon payment. We just want to move on another cheaper state. But we are thinking, how we can stay in the house as long as we can, so we can keep some money before we move. So I have the following questions, remember I'm in CA:
1. Can I apply for another loan modification, just to delay this process? Or we may even decide to stay if the modification goes through that would lower our payments.
2. Isn't there a moratorium in CA to delay the foreclosure process? How to take advantage of that?

Please help.

[disillusioned]

Evan, do you have an answer? Thanks.

[faith]

Originally Posted by disillusioned

Evan, first of all, thank you for providing answers in this forum. This forum is an invaluable resource as well as a source of comfort for troubled homeowners. I have been lurking here for quite some time trying to find answers as well as to best decide on what to do with my property and to take care of my family. I have tried to work out a loan modification with Wells Fargo since November of last year. I even contacted the Executive group and the person I was able to get hold of in March was really helpful. We have hardship because of my wife not able to work due to circumstances we were in. My daughter had a medical condition and needed to have couple of surgeries done in December '08 and April '09. I knew it was imminent that we are going to miss our mortgage payments. So I have been anxious to have the loan modification done before we ever miss a payment. Eventually, I missed the payment in Mar 2009. I contacted the executive guys at Wells Fargo, they gave me a forbearance agreement, which only reduced my payment by $150. From $2500 -> $2350. Which is not really much help, but they mentioned that after the 3 payments they might do a loan modification (again, no guarantees). I payed the first payment in May 2009. But because of my circumstances, I'm not able to pay the next 2 payments, then on top of that, the balloon payment too. So now they denied to give me a workout agreement. My wife and I had thought about this, sleepless nights, and so we decided to simply give up and foreclose because we have no way of paying all those payments that we missed including the balloon payment. We just want to move on another cheaper state. But we are thinking, how we can stay in the house as long as we can, so we can keep some money before we move. So I have the following questions, remember I'm in CA:
1. Can I apply for another loan modification, just to delay this process? Or we may even decide to stay if the modification goes through that would lower our payments.
2. Isn't there a moratorium in CA to delay the foreclosure process? How to take advantage of that?

Please help.

Welcome to this forum,
I am sorry to hear about your situation with your daughter. I hope that everything will be fine with you. Rest assured that you are not alone, people all over the world are suffering because of this market crises and their family situations. I hope that the right solutions will be given to each of us soon by the leaders we have elected. Just be patient, be persistent, I know Moe and this site helped a lot of struggling homeowners like you and me. Thank God for him.

Profesor Shays has a lot of information about Foreclosure Process, 90 day moratorium and all informations that he has given all of us and it's been very helpful. There's a lot of information that Moe has provided about Foreclosure and what to do.

Here's the link to some of them, if you take time in reading them, you will be informed, armed with wisdom and knowledge on how to handle things like Foreclosure, Short Sale, Loan Modifications etc.


http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/12628-californias-90-day-foreclosure-moratorium.html

http://www.loansafe.org/forum/search.php?searchid=228296&pp=25&page=2

http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/
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http://www.loansafe.org/forum/loan-modification/
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http://www.loansafe.org/forum/foreclosure-prevention-services/

Please take time to read it, it will really help you.

God bless you and take care.

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