well, trying not to be dramatic here, but 2more hours and we leave to go file our bankruptcy, its upsetting because Gmac last week extended at the last min. after we wired them $8,000.
God bless his soul. Mr. Olinski is the only person out of min 12 people we faxed , called , begged,
Last night he sent message email around 6pm and see he would see if there was anything he could do. we contacted this morning, but nothing, and time is running out.
We did give a bk attorney $5,000 in Nov 09 , just let him hold the deposit. the the total amount is $25,000 to file a chapter 11. money we do not have. damn, we dont even have now the $1,000 to file and need to do installments as our funds dont come in till friday. we sent bank statements everything showing we do have consistent cash flow , but with attorneys, tenants just moving out, modification deposits of $16,000 and trying to pay bills, its horrendous, so atty is preparing paperwork and we must file on our own, he will step in when we give him balance of retainer.
QUESTION, IS THERE ANYTHING THE LENDER OR CREDITORS CAN DO TO TAKE OUR HOME OR ASSETS IN THE NEXT 30 DAYS ONCE WE FILE? ANYTHING THEY CAN DO TO LIFT THE STAY? RIGHT AWAY?? PLEASE ADVISE
Year 1 - 3% rate for five years # of payment 60
Year 6 - 4% rate for one year # of payment 12
Year 7 - 5% rate for one year # of payment 12
Year 8 - 5.25% for remainder of the life of the loan, # of payments 236
Old payment was 3800. new payment is 2300.
Get a loan audit....Indy Mac bank (among many others) have made mistakes. A loan audit will test for any federal violations in your note. It is a great tool to negotiate with your lender. I have found in some case because the mortgage has been sold, the original lender has gone under or a servicing company is now servicing the loan the note has vanished. It is time homeowners fought back and make the lenders jump through hoops for a change. JKL CO. specializes in loan audits. 207-887-3849
Freedie Mac. I know that Aurora was the investor, and they originally said they will not modify. We stopped paying our mortgage (per our attorney) and that is when we were "noticed". We started getting calls from them saying that they are willing to work with us. The terms were a payment plan to get us to "catch up" we told them we couldn't afford the large payment anymore, and it was going up. We held out, and were very nervous they would foreclose. Like I said before, we were shocked they gave this to us. My husband still had a good income, and we assume they knew we had the ability to pay on the new modified payment.
Strange, we call lender, they will not escalate the call, we are still nice, they say we need $60,000 by the 1th of febuary 2010 . I remind them there is a sale , auction scheduled for thurs , tommorrow. at 10:30 am. he responds NO ITS ON HOLD, till feb 11th. 2010 . I call the trustee and they say its a hold but it might be a hold from our old payment plan, but on realty trak it shows going to sale tommorrow, also the 14th.
what does one do here? declare bankruptcy, then stop it, if they did extend? can you do that?
curious. so we are at the court house on temple street yesterday to file our chapter 11.all papers in order. we get a call from 512 number. its david rodriquez.of indymac, he says they have all been working on my file all day(all 10 of the executives i sent emails to?I find that hard to believe) I wanted to say. why dont you all save your time and just go directly to the part of my letter where i tell how we were granted a modification, we accepted that modification. then we were asked for an updated profit and loss, we kept sending, faxing, fedxing, faxed 6times, fedx 3times. with routing numbers,we then were told we were denied because we did not send the required documents....when given the proof source, traking numbers, names, INdy mac response? "how do we know what was in the fedx? so, I just listened, i was polite, he said you are not going to like my news, i said nothing, "we can do nothing for you anymore" ok, thank you for your call.
so, CAN ANYONE TELL ME, IF YOU FILE CHAPTER 11 AND THEN STOP IT, ARE THERE REPERCUSSIONS? DO YOU HAVE TO WAIT 180DAYS BEFORE YOU CAN FILE AGAIN?
oh, today, we went on line, indymac had extended the sale date another 30 days, this stuff is just crazy.