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foreclosure loan modification partiial release

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by turnpikere, Sep 24, 2010.

  1. turnpikere

    turnpikere LoanSafe Member

    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
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    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..

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