Losing My Home

[thedoves]

I bought a house in july from the home building company that I was working for. They convinced me to purchase a home from them. one month after it closed I was layed off even though during escrow I was assured that eouldnt happen, since I was buying a house from them. So on oct 23 I sent a workout package to my lender and I was told it would gtake 15 working days for me to get a response. I followed up right away to make sure they got it, and 30 days later called them to see what was going on. They told me now the wait was 45 days and that my case had been assignes to a certain person and I could call him with any questions I had. So we called him and left 2 messages. Me and my wife have 9 kids, two of them year old twins, and I have another set of twins on the way. We decided that my wife should go back to work while we waited for any response. I kept calling and leaving messages, even speaking with anyone who would answer and I was always told not to worry, that my loan is on hold and nothing is gong to happen, but I still had them notate that I was trying to contact the loss mitigator and getting no respponses. well he never called back. We must have called about 10 times and even though his answering service said we would get a return phone call in 48 hours we never did. by this time we had saved enough to make up two house payments, wich was very hard with the amount of kids in our household. About 3 weeks ago we received a letter saying that we did not qualify for this program and that we had to pay the whole past due amount. We called again but this time left a message for his supervisor. the next day he finally called telling us that we could send my wifes income to see if we could qua;ify that way, and that we had ten days to do this. We sent it out right away, and started calling again. Again dont receive phone calls back, and they have started forclosure . We even received a certified letter from there attornys today on thgis issue. Is there anything I can do? Can this company or individual that did not let me know what opyions I had when there was still time be held Liable? Can I make a couple of payments and still keep my house without having to go through this? any help would be appreciated.

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

Are you back to work yet? Your wife is working so that is good. Who is the lender? What is the loan amount (s)? When is your foreclosure date? How much in back payments or how many months do you owe? Did you put any money down in the transaction? Who was the builder? What was the sales price and what is it worth today?

Please if you could answer these questions and add anything more that you think would be helpful.

[thedoves]

No i am not working yet.. I am getting unemployment. Your wife is working so that is good. The Lender is First Horizon Bank. The Loan amount is 367,000$ My forclosure date... well they files court papers on the 12th of feburary. They say its a total of 18,000 but Im sure thats including legal fees now. The builder is American Heritage communities, in partership with corman leigh. As for money down we didnt put anything...

I am so sorry that you have not been able to find work, the truth is sadly is that without a job to support the required payments there may be no way to forestall the foreclosure proceedings. It is very hard for one income to support the entire household and all of the payments required to run the household.

All of the lenders are slow on the modification process, and there is no way to hold them liable because they are slow. First Horizon does not really do any exotic lending, they primarily do fixed rate agency loans so I assume that you have a fixed rate loan. If that is the case then the loan may not be able to be modified if it is an agency loan. I wish that I had a solution to your problem, I am so sorry.

[thedoves]

do you know if they would consider adding the late payments to the end of the loan? do you know how I can negotiate this with them.. any advice?

If you had the income to support the current payments that might be considered, however if this is a fixed rate agency loan, with the early payment default that they have experienced, I doubt it. Realistically you have to face the fact that this may not be a solvable problem. The income in the household may not support the payments going forward, you wife is pregnant and will not be able to work soon for a while.

The loan had an early payment default which is that after you got the loan it became delinquent early in the life of the loan. The concerns that the lender has are that you are not working, this is an early payment default and the income into the house does not appear to support an ongoing solution to the present problem --- that the present problem is one that will continue both short term and long term in the history of the loan.

Please you need to be realistic, this is not a situation that appears that will have a happy ending. There is little that anyone can do about this, try calling HOPE 888.995.HOPE and see if they have any assistance that they can offer you, however due to the household circumstances I am not real optimistic that they would be able to assist.

Please call them and keep us posted.

[thedoves]

Well.. Its been a couple of months but I spoke to city of hope.. and did a lot of praying.. and they allowed me to keep my home.. I just need to resume my normal payments....but thank you to referring me to that company.. they took my information down.. and it took a while but a couple of weeks later I receoved the good news.. thanks!

Please resume the normal payments and if your loan is due to adjust, you need to stay in touch with HOPE and see if they can assist you with a modification to the loan as soon as it is considered current and over 12 months current and paid out. They will not look at modification until at least 12 months payments have been received and the loan is getting ready to adjust.