I am in the middle of the Foreclosure Process. Can I still stop it?

[Mayra1215]

I have a property in NY. I was served on 10/2006. I entered into a forebearance agreement with the mortgage company in 11/2006. I fell behind on payments again and now the process has continued. I just received copies of the next set of motions that were filed in the county court. I'd like to know if the process can still be halted if the mortgage company offers me another forebearance agreement.

Please advise. I am desperate. My lapses in payments have been due to illness.

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

Have you contacted the Lender/Servicer yet and explained the circumstances as they need to have contact to understand the circumstances. Apparently you were in forbearance and then the payments became a problem, yes? How many months are you behind from the first forbearance until now? Total number of all months delinquent at this point?

I also need to know fixed rate or ARM, when loan was originated, was it a refi or purchase, servicer/lender, value of home today and then. Amount of loan...rate....anything else you can think of.

[Mayra1215]

Thanks for replying so quick. See below for the information requested.

Have you contacted the Lender/Servicer yet and explained the circumstances as they need to have contact to understand the circumstances? Yes. They are willing to offer another agreement.

Apparently you were in forbearance and then the payments became a problem, yes? How many months are you behind from the first forbearance until now? 9 months

Total number of all months delinquent at this point? 12 months

fixed rate, loan was originated 2003, it was a a refi, Option One Mortgage, value of home today approx 400000 orginallly valued at 389000 . Amount of loan= 255000 at 6.75%

Call Option One immediately, they will do forbearance, and they will do it multiple times....I have a little birdie on my shoulder as to that fact. Will they do it for you, I do not know the exact circumstances. But they do repeat the process if there is a chance for repayment. You have a very reasonable rate and terms, if at all possible, you should see about reapplying for the forbearance and having them stay the foreclosure, which they will also do as well again if there is a reasonable expectation of repayment...

Please call this person or e-mail them and stick at it until you get through to them. Get the hardship letter written and the third party documentation as to the illness. Also put together your current income and expense situation. Please try this party at OOMC, first thing Monday AM...CA time/pacific. They are there early like 7:00AM Pacific Standard. Let me know.....I have other resources...but would like to try this first.

OPTION ONE CONTACT INFO

Amy Sessner Macedo

Homeownership Preservation Office-OCA

Customer Advocacy Specialist

(800) 704-0800 Ext 43782

Rightfax (866) 817-1620
amy.sessnermacedo@oomc.com

[Mayra1215]

Thanks Poppy.

That is exactly what i will do... Wish me luck. I'll definitely keep you posted....

Please explain why you did not get a hold of them when this initially began again, you have to contact the lender and if you do they do and will work with you .... I do understand the fear, and the horrible feeling in the pit of your stomach....but you have to be real honest with them about all of that.....

Keep me posted and I will try to help as best I can.