foreclosure loan modification partiial release

[turnpikere]

I am being foreclosed upon at my home. I had a buyer willing and able to purchase a portion of land that I had subdivided and had all the necessary approval from the local boards. My loan balance is approx $400k and the buyer was going to pay $180k therefore I could become current with my missed payments and pay down the outstanding balance. I sent over the Purchase and sale to the bank and a copy of the buyers deposit check. Their atty for the buyer wanted to schedule a closing. I contacted the bank and they order an appraisal to insure that their value was there. I got a copy it was for $529k without the additional land. I thought that I would be all set. No. This all took place in April 2010 now the buyer in July 2010 decided that they could not wait for a response from my bank. I have left messages with the bank no response and I have emailed them no response. I drove over to the bank but I could not see the person in charge of the collection division. I contacted HOPE to see if they could assist and because the bank is a local bank and the loan is not backed by Fannie Mae or Freddie Mac they could not assist. Is there anything that I can do The auction has not yet been scheduled but will probably be within a couple of weeks. Thanks

[Evan Bedard]

Welcome and thanks for joining.

I'm very sorry to hear what has happened and it is unfortunate that the buyer has dropped out. If you are getting close to a sale date it is important you stay proactive and do everything you can to get it canceled or postponed.

Have you considered pursuing a loan modification to help lower your monthly payments? with a loan modification you may be able to get the sale date postponed and possibly even catch up on your missed payments and/or lower your current payment..