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| Stop Foreclosure and Tell Us Your Story Trying to stop foreclosure alone can be a painful and a depressing process. This section is where you can unite with other homeowners and let out your questions, frustrations and post your whole story. The more we know, the more we can help you stop foreclosure. No one will be judged or criticized for posting their story. |
This is a discussion on In review limbo, any suggestions? within the Stop Foreclosure and Tell Us Your Story forums, part of the Foreclosure Forum category; We had a rental property we had been living in and had it under contract. We started looking for a ...
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| Junior Member Join Date: Jul 2009
Posts: 2
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | In review limbo, any suggestions? We had a rental property we had been living in and had it under contract. We started looking for a house for our primary residence and bought one March 2006 with an 80/20 loan totaling $135K.The first loan was bought by ASC and the second by Saxxon. The rate on the first is 7.5 and 14.55 on the second. We knew they were ridiculous but we were going to refinance in a couple of months when we closed on the rental and pay off the second loan entirely. Well, the sale fell through and it took over a year to sell the property and walk a way with nothing. We were also hit by the high oil prices as the rental ran on oil. So before our debt ratio was bad and our credit good. So now our credit is shot but our debt ratio is good. We can't refinance because our house is appraising at 75k now. We were contacted by a loan mod company and it seemed like a great idea. They told us not to pay our mortgage and sign on with them and they would modify the loan. We did as they suggested but we wanted to see what they would do in writing. When they would not show us, we decided to modify on our own. We started on 12/23/08. Saxxon said they would do nothing as it was a second. ASC denied it 2/09 and then put us on a special forberance plan with a mod at the end. We made our last payment 6/09 and have yet to be assigned a negotiator. If I make a payment they refuse to put it against my balance they will just hold it in a suspense account until they get to our loan. We call every other day and don't get any further along. We were contacted by a CA law firm who states they think they can get the Saxxon mortg. wiped out and negotiate the ASC. They want $2995 to do it. I am not sure if it is wise to hire a lawyer in a different state to represent us and I don't even know if I trust them. The docs they sent are almost identical to what is in the free loan mod booklet on this website. I just don't trust anyone anymore. It just seems as though we are getting nowhere on our own except deeper......Any suggestions would be greatly appreciated! |
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| LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California
Posts: 2,168
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: In review limbo, any suggestions? Hi skeptical and confused welcome and thank you for joining the forum. Quote:
Here is the link to the site. https://www.naca.com/index_main.jsp?language=null
__________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here. | |
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| LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California
Posts: 2,168
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: In review limbo, any suggestions? Even though they are not close they should still be able to help...
__________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here. |
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