Homecomings wouldn't help until we default! - Loan Modification Forum

KC~in~Cali · 10-10-2008, 08:42 PM

This has become a nightmare! My husband got a much better paying and stable job, and we needed to relocate 450 miles away! Our house went up for sale immediately, in hopes of selling it. We then moved and leased another home in new town, and asked Homecomings what we can do to reduce the mortgage, as we can not pay for both homes much longer.
FIRST, they said they would not discuss anything with us as were current on payments!!! HA! We get punished for paying our mortgage on time!!! And that we had to default before they could help us!!!!!!

That was 4 months ago, and we have defaulted 2 months now. They said that our beest option is to try a short sale. We had 2 offers and both wer too low for bank to except.

I am sooo sad that our credit is now ruined, and that our house is still sitting there empty and waiting for the foreclosure notice. They said it is on hold for now, and they will give us time to try and sell.

We NEED to buy another home at some point, and can not imagine being renters for the rest of our life.

We have given any equity we could have made away, and now have terible credit. IS THERE ANY HOPE FOR BUYING A HOME AGAIN SOON?
How in the world did we end up like this? We had never been late on a mortgage in 15 yrs, and now are having remorse that we let them tell us that we had to default first for help, and now we are just sitting here waiting for nothing!!!!!! At least if they would foreclose NOW, we could start the credit time that it will be on our reports for, insteadof losing time.

How long is a short sale or foreclosure on your credit report for???

I am so sad and devestated!!!!!!
Thanks for reading and for any responses!
~KC in Caliornia

Moe Bedard · 10-11-2008, 12:12 AM

Hi KC,

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

This thread posted at an earlier date by Moe should be able to answer the questions that you have here...........

The affect on your credit from foreclosures, short sales and deed-in-lieus

KC~in~Cali · 10-13-2008, 04:52 PM

What does this mean? We didn't even ask for a loan mod, as we are trying to sell first, in hopes of even a short sale. Since we have already moved, we can not afford the payments anymore.

But why would they send us an official letter stating they are re-doing our 2nd mortgage with them, when the first is in jeopardy too?

Does this make snese? Why one and not the other?????

Thanks for ANy opinions!

10-10-2008, 08:42 PM	#1 (permalink)
KC~in~Cali Member Join Date: Oct 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Homecomings wouldn't help until we default! This has become a nightmare! My husband got a much better paying and stable job, and we needed to relocate 450 miles away! Our house went up for sale immediately, in hopes of selling it. We then moved and leased another home in new town, and asked Homecomings what we can do to reduce the mortgage, as we can not pay for both homes much longer. FIRST, they said they would not discuss anything with us as were current on payments!!! HA! We get punished for paying our mortgage on time!!! And that we had to default before they could help us!!!!!! That was 4 months ago, and we have defaulted 2 months now. They said that our beest option is to try a short sale. We had 2 offers and both wer too low for bank to except. I am sooo sad that our credit is now ruined, and that our house is still sitting there empty and waiting for the foreclosure notice. They said it is on hold for now, and they will give us time to try and sell. We NEED to buy another home at some point, and can not imagine being renters for the rest of our life. We have given any equity we could have made away, and now have terible credit. IS THERE ANY HOPE FOR BUYING A HOME AGAIN SOON? How in the world did we end up like this? We had never been late on a mortgage in 15 yrs, and now are having remorse that we let them tell us that we had to default first for help, and now we are just sitting here waiting for nothing!!!!!! At least if they would foreclose NOW, we could start the credit time that it will be on our reports for, insteadof losing time. How long is a short sale or foreclosure on your credit report for??? I am so sad and devestated!!!!!! Thanks for reading and for any responses! ~KC in Caliornia

10-11-2008, 12:12 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings wouldn't help until we default! Hi KC, Welcome to the forum and thank you for joining................ This thread posted at an earlier date by Moe should be able to answer the questions that you have here........... The affect on your credit from foreclosures, short sales and deed-in-lieus __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer 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.

10-13-2008, 04:52 PM	#3 (permalink)
KC~in~Cali Member Join Date: Oct 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Approved for loan mod for 2nd mort only! Confused! What does this mean? We didn't even ask for a loan mod, as we are trying to sell first, in hopes of even a short sale. Since we have already moved, we can not afford the payments anymore. But why would they send us an official letter stating they are re-doing our 2nd mortgage with them, when the first is in jeopardy too? Does this make snese? Why one and not the other????? Thanks for ANy opinions!

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