Help!! Getting Letters That A Foreclosure Is Set For July 27th!!!

morgan2015

LoanSafe Member
#1
Ok so I was here a few years back asking for help with a loan mod. I was very successful with my first mortgage. Lower payment, lower interest rate, $30,000 loan forgiveness. My second lien on the house they would not touch.

I asked to modify it several times and they always said no. so at the advice of this website I simply stopped paying on it. It was for $52,000 and it was interest only and at the time I quit paying on it I had paid $36,000 IN ONLY INTEREST PAYMENTS!!

I was told they probably would not foreclose because they would not get anything out of it. Well now it is back at me and everything I am getting in the mail says I'm on the chopping block for July 27th. I owe $218,000 on my first loan and now $57,000 on the second.

My house is only worth about $187,00 so the company about to foreclose on my home will not get a dime as all of it will go to the first mortgage.

WHAT DO I DO NOW??? Please someone help me with the next move. Please!

Thank you!!!
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
Hello,

I think they are just bluffing you with the threat to foreclose. It is a scare tactic to place fear in you so you pay up. I do not think they will ever foreclose because as you stated, they would not get a dime and they are in the business of making money, not foreclosing on borrowers to make a point. They will only foreclose to make a profit and if they cannot, they will do what they need to do to "minimize" the losses.

So, what do you do now? Keep ignoring them and enjoy the summer.
 

morgan2015

LoanSafe Member
#3
Thanks Moe!! I knew you would ease my mind! You always do! You enjoy the summer too!



Hello,

I think they are just bluffing you with the threat to foreclose. It is a scare tactic to place fear in you so you pay up. I do not think they will ever foreclose because as you stated, they would not get a dime and they are in the business of making money, not foreclosing on borrowers to make a point. They will only foreclose to make a profit and if they cannot, they will do what they need to do to "minimize" the losses.

So, what do you do now? Keep ignoring them and enjoy the summer.
 
#4
This is the problem with the "do nothing" advice. At some point doing nothing may come back to bite you. Maybe it is a bluff, maybe it is not a bluff. Maybe the threat was done to get you off your you know what.

If you truly have no equity in the home after consideration for the first maybe you should be talking to a bk attny about filing a Chapter 13 to strip off that second or maybe you should be negotiating a buy out of the second. Then again, maybe you should do nothing and continue to worry about what may or may not happen and, it sounds like you will know that answer on July 27, 2017. (I assume you have a copy of whatever foreclosure documents were issued. If not please get a copy.)

Des.
 

morgan2015

LoanSafe Member
#5
Now today I have a large amount of letters from attorney's and I got a letter from the county about assistance with my foreclosure. I don't want to lose my home but I don't have money to pay an attorney. How do I figure out who started this process? I received a letter from that attorney in Ohio back in April. Did he start this? Is he whom I should call? My second lein was sold to someone else I think and it doesn't even show up on my credit report. Who should I be calling to work this out?
Thank you for your help.
 

morgan2015

LoanSafe Member
#7
SO...i finally called the phone number on my paperwork and spoke to the person who apparently bought my loan. I told her my house was underwater and she would spend $60,000 to get nothing. After hearing her say..."well we don't want to have to foreclose" I said well you can't really because unless you want to waste your money you cannot get blood from a stone! I told I would settle if she would remove the lean from my house. She said ok let;s negotiate. I said I'll give you $3000.00. She said " That is not an acceptable offer. Call me back in a few months if you change your mind." Then I said, Ok, and you call me back if you change yours." And hung up. Then today someone showed up and taped a note to my door that my house would be sold at a sheriff's sale on July 27th. I called the number on the paper and got the attorney that was hired by the woman I spoke to on the phone. I told HER that I was current on the first loan and that they would get all the money and that I spoke to the woman a few days before. The attorney said, "we I will contact our client because she didn't tell us she spoke to you and I will get back to you on Monday."

Soooo...my questions to you all are...why didn't I get anything from the county about having to appear in court? And what exactly happens in a sheriff sale???