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Used to be in the "success stories" part of the forum...

Discussion in 'Foreclosures' started by amyjeans, Jul 19, 2013.

  1. amyjeans

    amyjeans LoanSafe Member

    Now I am here in foreclosure. We stopped paying the mtg march 2012. My husbands job and income was slowly taken from him by his boss. We wee in a temp mod. Our rate is now 10%, 5000$ a month. Then last September my husband was injured at work, workmans comp case. Got an atty working that for us, but no news until sept or oct of this year. Husbands income disappeared. We had to go on state support. He found a new job, got off the help, and we were just barely pulling ourselves out of he water, when the foreclosure papers came. I tried like hell to do another mod, but we were denied because apparently our mortgage only allows 5 events during the 30 yrs. 2 events were, they pushed off 2 payments to the end of the loan, without us knowing, and 3 modifications we requested and received. So we got 5 small kids, a dog, and a mediation date in August.
    What is really freaking me out are all the slow drive by people, and photographers taking pictures of our house.
    We could afford to live here if we could get a 3 or 4% mtg. But they just are not going to budge.
    I am beyond depressed. I am filled with despair and don't know what to do.
  2. acesfull

    acesfull LoanSafe Member

    Hi Amyjeans-

    One thing is not to panic or loss hope. You are not alone in your struggles and many folks share and feel your pain.

    Your 10% mortgage rate borders on criminal especially since you have had 3 modifications. In August your mediator should address this rate with harsh words to the bank attorney. Also please keep in mind that your state (CT) is a judicial state and all foreclosures go thru a court process, the process could take between 2-3 years. So please don't panic about being thrown out. The court process is your friend.
    In your August Mediation meeting, please articulate to the mediator your desire to keep the property while also venting your outrage at the mortgage rate and the banks lack of concern for your unexpected financial issues.
    Amyjeans, hang in there and please keep us posted on your progress.
    Blessing's and best regards,

    NJ-33 Months
  3. jhn_plsn

    jhn_plsn LoanSafe Member

    Sorry to hear of the hardships, but please keep us posted.
  4. amyjeans

    amyjeans LoanSafe Member

    so, we had our 2nd mediation meeting. They offered less money for us to do DIL. first it was $30k, then $20k, not $16k. we can only do DIL at this point. No lotto winnings or income. They keep dropping the $, and I bet they will not give us a dime in the end.
    problem is they want the house in pristine shape in order to accept DIL. They made it sound like they will come and throw a fore sale sign up at the inspection.
    its not getting better yet.
  5. SBinJuly

    SBinJuly LoanSafe Member

    I am a bankruptcy lawyer in Georgia. I urge you to at least consult with an experienced chapter 13 bankruptcy lawyer licensed in your area. You can continue to negotiate/modify mortgage loans while in bankruptcy and, at least in my district, the court routinely approves mortgage loan modifications and refinances that improve the debtors' financial situation.
  6. amyjeans

    amyjeans LoanSafe Member

    thanks, but that isn't going to work for us.
  7. SBinJuly

    SBinJuly LoanSafe Member

    Fair enough. But if you don't mind sharing, I'd really like to know why. (I'm not licensed in your state, so I'm not trying to solicit here. Just curious.)
  8. Evan Bedard

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

    Hello AmyJeans,

    Did the mediator state why another modification will not be possible at this time? It's really hard to believe that after 3 modifications you are stuck with a 10% interest rate, that's just absurd! Were any of the modifications you received in the past under HAMP?
  9. amyjeans

    amyjeans LoanSafe Member

    HFC said if we paid 40% of the 90k past due, they would accept our application for a temp mod of 6 months. They will not confirm if we would be approved or not, no matter how much money we throw at it, and last I checked- we had $47.00 to our name.

    The mediator did nothing accept say that HFC is the hardest of ALL the mortgage companies to deal with on any level.
  10. Evan Bedard

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

    I can't agree more with this statement! IMO you need to reach out to everyone you possibly can to bring some attention to your account, paying off 40% of the arrears for a 6 month modification will leave you in the exact same situation you are in now. You may also want to contact Michael from the Loan Mod Help Center and have him review your numbers to see if his team can assist you with the modification. He will need the following inputs to run your numbers:

    (855) 678-6690 or email loansafe@loanmodhelpcenter.com

    1. Loan Balance Now=
    2. Past Due if any=
    3. Gross Monthly Income for Borrower and Co Borrower=
    4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
    5. Real Estate Taxes per month=
    6. Hazard Insurance and/or HOA per month=
    7. Home Value (check zillow.com or chase home value estimator)=
    8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)
    9. Other monthly debt payment total for credit cards and collections =
    10. Current interest rate =
    11. Fixed Rate or Adjustable Rate? =
    12. Have you been modified before?
    13. When did you get this loan, what year? =
    14. If you own any other properties, it is best to set an appointment to discuss =

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