Greenpoint Mortgage (Capital One?) - Just starting...

[Rita7293]

We bought our house in 2006 because my father was very ill and I became his caregiver. We needed more room in order to accommodate him and his disabilities.

There was a problem with my credit just before the loan went into escrow, so my sister ended up getting the loan in her name. Our broker (a family friend) assured us we'd have no problems refinancing, we just needed to wait until the prepayment penalty period was over (2 years). Never happened primarily because the house won't appraise for what we owe. Long story (and a different thread!) regarding what this "family friend" did with this loan!

Long story short, my husband was laid off two months ago. I knew it was coming so I've been in contact with the lender, but basically up until last month, the answer was "We don't have any programs to help you out until you're really late with payments, usually 90 days." We haven't been late yet, it's been a struggle to keep up with payments, but we've managed.

Anyway, last month, after calling them again, I was told they will work with us even if we're not late. Change of tune :-) They can do a forbearance to start with and go from there. I've received the documentation they sent to start the process.

My issue now is that although we've been making payments and I've been in contact with the lender, the loan isn't actually in our names. My sister lives with her boyfriend in their house (in his name) and they're just about to refinance it.

How can I get around this? We can sell short (5 foreclosures in our neighborhood, 3 in our block), I don't know if the bank will go for it. We can walk away, my sister takes a hit on her excellent credit, but we would really prefer to stay here. Do we have any options?

[schwefls]

Hi Rita welcome to our forum:

I wanted to stop in say hello and welcome you, shortly someone will be reaching out to you for additional info to provide advice/suggestions. In the interim please hang in there and know that help is on the way. We are here for you

[Moe Bedard]

Hi Rita7293,


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

Is the forebearance agreement going to be up soon?

What is the interest rate at?
Is it adjustable or fixed?
What state are you in?

[Rita7293]

Hi,

We haven't started on the forbearance. The paperwork we received and are supposed to complete is to determine whether we "qualify" or not. I'm hoping they will work with us. We've somehow managed to pay the mortgage before 30 days is up, so technically we've never been late.

It's a fixed loan @ 6.25% (I'm not sure, I'd have to check the loan docs, but that should be close), and I'm in STOCKTON, California (I don't know, are we still the Foreclosure Capital of the U.S.? Sure looks like it on my block!).

We also have a HELOC 2nd on this home through GMAC, who surprisingly enough have been easier to work with.

Thank you!

[Moe Bedard]

Rita,

Why were they going to offer you a forebearance when you are not in default? Also is your loan FHA, or Fannie Mae? Did Greenpoint tell you that they would modify a 6.25% fixed rate?
Also is the refinance of the boyfriend's house staying just in his name?.......if your sister is going to put it in her name too..........that could cause occupancy issues because now the house that you are in is an income property..............

I am not sure that they will be able to do anything with a fixed rate that low.........

[Rita7293]

Exactly why I'm on this forum --- we don't know how to proceed and the lender isn't really very informative. We feel we're caught between a rock and a hard place (basically, the lender and my sister).

When I started talking to the lender back in October about maybe not being able to make our mortgage payments, I was told they would not be able to help me at all until I'm at least 90 days late. I'd be more than happy to be 90 days late! But there's my sister who somehow still thinks we could A) sell the house for what we owe, or B) rent the house equal to what we pay monthly. So we've struggled to make the payments trying to do the right thing.

I am making the payments within the 30 days, so technically it doesn't get reported as being 30 days late, but I'm getting dinged for the late fee each month. The lender always calls wanting to know when I would be able to make the payment, and I tell them each time it'll be within 30 days. This month, though, the person I talked to said if we fill out the paperwork, they can probably do a forbearance starting in July because there is no way we can make the July payment, even if my husband got a job. That's how the forbearance talk started.

The deed to the house is in my sister's and our names, if that matters. I think they are considering taking out a refi on his house in both their names. I'm not sure. What is an occupancy issue?

All we'd like to do is get some relief and then work out some way to repay any late payments at the end of the loan when our financial situation is healthier. If that doesn't happen within an acceptable period of time, of course we (including my sister) don't have a choice but to let it go.

A lot of people are telling us to let it go now. A few friends have said that they've contacted their lenders and told them they're giving up their keys and forgo the whole foreclosure process and the lenders have bent over backwards to prevent that from happening.

It's a dilemma but no one really seems to have good, honest, REAL information.

[Rita7293]

More... No, the loan is not FHA nor Fannie Mae. Greenpoint hasn't actually said anything about load mods, all they've said is MAYBE we can do a forbearance if we can't make the July payment. However, they don't realize they're talking to me, not my sister. :-(

I don't know how my sister qualified for this loan, I know our "friend" was scrambling to get it through and I get the feeling we got scr---d somewhere, but that's beside the point now.

[Moe Bedard]

I guess in this case all you can do is wait and see what it is exactly that they are offering you...............

[Rita7293]

Well, I didn't pay the June mortgage so now we're late. I also contacted our mortgage broker to see what he suggests. Also talked to my sister, and we might decide to go ahead and contact an attorney (the one listed on the site) regarding fraud.

I looked up mortgage fraud, I see what you're saying. Our broker assured us this would NOT be a problem, so I'm really ticked off. Apparently my sister has been in contact with him too about the mortgage and his response each time was, "Tell your sister to keep paying it!" He knows our situation! Auuugggghhhh!

[Moe Bedard]

That might be a good idea to do the doc review...........you might find some information to help the cause.............