Home Loans and Support

Question on initiating foreclosure

Discussion in 'Loan Modification' started by jer2008, Apr 20, 2010.

  1. jer2008

    jer2008 LoanSafe Member

    My loan was with Citimortgage and was sold off to a hedge fund with SLS as the servicer.

    I had to start the loan mod process over. They keep telling my I am 8 months late (since it was over 8 months ago that I started this process with Citi)

    I had been making citi's trial payments -but I guess those don't count. I have not made any payments to SLS since the loan was sold (it's non recourse and I don't want to throw money away if they won't give me a mod)

    So I am now being told that tomorrow my loan MAY start the foreclosure process.

    Does anyone know if they are allowed to do this while in the mod process? I have a non-hamp loan and we are waiting on the escrow analysis from SLS. Who decides to start the process -SLS or the investor?

    Thanks!!!!!!!
  2. Evan Bedard

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

    Hi jer2008.

    Most servicers will delay the foreclosure process while a modification is in process. But after a while they can begin foreclosure if they choose to do so. As long as you continue to follow up and pursue a modification they should continue to postpone any foreclosure proceedings.. Many people end up with a sale date, but it tends to get postponed while attempting to work out an agreement with your lender..

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy