In Foreclosure, need help

[lastchance2008]

hi im new to the board and have been reading many of the threads here, but i havent come across a situation like mine and hoping that i can find some advice, suggestions, ideas, etc. for what would be the best steps to take in saving my home.

my first and only home purchase.
15 months in default with first and second mortgages.

1st mortgage with first franklin $225k, interest only 1 yr fixed at 6.75%, 29 year arm currently just over 9% interest [goes up ever 6 months].
2nd mortgage with ditech $85k, 30 yr fixed at 10.75%.

no sale date set.

i have contacted hope for homeowners and they submitted a request for modication for both loans on 12/23/08.
HOPE said i should hear from both mortgage companies in a few weeks.

i considered hiring a midigator [a mortgage broker with attorneys] for $3500 to work both mortgages and another one that will do the first mortgage only first for $1500 and then the second for another $1500 later. but that alot of money on a chance and no guarantee. and not knowing what expenses/cost i could face if the mortgage company is willing to work with me.

i recently recieved from loan services [1st mortgage] a modification application dated on the same day 12/23/08 i spoke with the mortgage company which said i couldnt request another modification until mar of 2009 [when attempted but went nowhere in mar of 2008, only 1 per year] and they said i owe $35k in mortgage pymts, late and attorney fees. and that only a repayment schedule would be considered if i came up with a sizeable down pymt of money owed and the rest would be put on the back end of my monthly pymts. which would only leave me in default again as the payments are too high as they are.

why i waited so long? i thought there was no way to fix this, i couldnt refi, my house market is upside down, and i had a long list of personal issues. then i was considering that there was no way to keep the house. was going to file a chapter 7 but its my home, where im raising my kid. and i feel that i got a raw deal by the banks that gave me these loans that i cant afford to pay and keep up with all the other expenses of having a family.

i am going to prepare a harship letter and submit the application. i am hoping FF will work with me, but there is so much different info out there and nothing seems to be happening in the volume it should be for all homeowners who are going through the same thing. but i need help on what direction to take this in, how much time do i have left, what do i tell them when if they are willing to modify the loan but not in terms that i feel in the long run will let me keep my house. i dont want a quick fix. i want a long term solution. i want to be able to pay my mortgages today and 20,30, even 40 years from now. how can i get that, at a time that they dont seem to helpful in keeping us in our home?

[Moe Bedard]

Hi lastchance2008,


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

Being that far in default and not having a date of foreclosure just yet.........you may not want to approach the lender on your own........you don't have to pay a company either................FF investors are going to be difficult........the servicing of FF which is the only part of the company that is still in operation is being sold to Bank of America very soon, and that could be what the hold up is on a foreclosure date...........

You may want to start the modification process with NACA instead and see if they are able to help you...........you will have to meet the criteria..........so click on the link to see if they can help.

https://www.naca.com/refinance/refinanceTenStep.jsp

[lastchance2008]

***, thank you very much for your reply.

i have started the process with NACA. i dont know if they will help me at this point, but i have done everything i can through their website. i will make my first attempt to contact them by phone tomorrow to make sure they received everything and see if they will help me.

knowing there are so many that are reaching out to NACA, is there a high turn away rate? has anyone been successful in getting a modification with NACA's help?

if you or anyone else has anything else to share please feel free.

thanks again!!

[Moe Bedard]

you will find NACA success stories in the success section of the forum with the word NACA in the thread title...............and there are many members currently working with them...............the timeframe is roughly 45-90 days and the length of time would depend on having to contact the investor of the loan to sign off on the NACA proposal. The NACA proposal is a long term low fixed rate modification but they do have a criteria that they adhere to and one of these terms is that this would need to be an owner occupied residence and the only property you own.

[lastchance2008]

thanks again ***!

i did read alot of the fine print and i do think i meet the criteria. so that shouldnt be a problem. i guess the future of my home is in the hands of the investor.

thanks for the additional info and i will review the success section of the forum to see what others have been through going in this direction. god willing i will be added to that list. wish me luck!!

i will keep you posted..

[Moe Bedard]

I hope we can add you to the success meter too........


Good Luck with the mod!