If we obtained a place to rent before the foreclosure hit, and kept our mortgage current, would we have to prove to the landlord that we can afford the mortgage AND the amount of the rent? There are also government options such as Making Home Affordable. That had helped at the time but in late they decide to try refinancing once again with help of some lady, who told them to stop payments for 3 months. She also asked for 5 thousands dollars then she disappeared. They completely stop working with this lady and went straight with bank to get help from them.
They have continued paying the mortgage but they very close to losing our home. What advice can you give to help prevent that from happening. Heather-does ur company ever buy properties at foreclosure sale and lease-option back to heir? Cash or cashier check required at foreclosure sale as u probably know. But he has been very ill, in and out of a coma in the hospital for months. My brother is POA. How could we stall this process? I have been assisted by a broker who told me he would get me my loan modification. He had a lawyer who would help but I learned three years ago that no documents were actually submitted and the bank has recently taken ownership over the house.
I am still in my home but I am fighting eviction and just want my house back. This was done initially because of the high interest rate but now I am faced with possible eviction. I just have one question. I am 2 months behind on my mortgage payment and I am putting my house up for sale by owner. Can my mortgage company hinder or stop the sale due to the delinquency? I would appreciate any feedback, Thank you! I would suggest treating the bank the same way as your neighbor treated you. These villains have no sympathy for you. So no pity will be given unto them.
My bank has informed my attorney that they are going thru with the foreclosure on my home even after telling us both they were going to work with us and allow me to make payments but no letter. The bank understands the tragedy that took place to me and that I was unable to work for 1 year after being shot multiple times by my neighbor; which is the reason I had an attorney prior to the foreclosure.
My attorney believes my best chance at this stage is to file a Chapter 13 Bankruptcy to slow the process down thereby giving time for the land owners insurance to settle the injuries I acquired from being shot multiple times. He is arranging a meeting for us both to speak to the bankruptcy attorney together…he may be scared of losing his percentage of the insurance claim but is hoping to bring this issue before a Judge I guess. We have also just found out that my home is listed under web sites that sell foreclosure properties before the foreclosure has been filed or taken place; we also believe the bank has a buyer already which is being looked into.
Up above you talk about a partial claim. How do I go about looking in to that? I do have a FHA loan. My wife had become very ill 5 yrs ago with a lifelong illness. We fell behind on 4 months of payments over the past 5 years due to huge medical set backs. The bank is giving us the chance to apply for loan modification but our home is in pre-forecloses and they stop taking payments which is putting us further behind we are saving every monthly payment.
Will we lose our home? Do I need a lawyer? Hi Patrice, Thank you for your comments. I have not seen anything new happening. Or more of the same documents, already submitted. The only thing that had changed from hiring an attorney is that they submit the package for me, and ask me only for what new or current docs that are requested by the bank.
How to Keep Your Home and Avoid Foreclosure
Although it alleviates the stress of me having to deal with the bank directly, if no momentum in the process is gained…what actual benefit is there. Oh, and they do attend the settlement conferences…two so far with no assertive action by the court. I have asked my attorney to contact the banks attorney and work to make something happen. But nothing new has transpired. I could not afford that financially or emotionally.
I did contact another lawyer for advice to see if my current representation was on the right track. I thought once the courts are in the picture it should expedite this process. This has certainly taken its toll on me and on my husband.
I have a follow up call with my lawyer today to discuss what options there are to put us in a stronger position. This whole nightmare feels never-ending and I feel completely helpless! I am open to trying anything at this point. Or possibly consult a lawyer. Let me know what I could add that would be more helpful. No offense, Colin, but I see no advice given from you!
You always seem to just pass the buck! What did the lawyer actually do for you? You should have asked him these questions. He sounds as if he passed the buck, too. Just what did he do you? Thanks so much Colin…I really appreciate the advice. I am going to speak with my attorney about reporting the bank to the CFPB.
I think that would be a great next step. I will ask them. I hope and pray there is an end to this nightmare, sooner rather than later. Will let you know how things go.
How to Keep Your Home and Avoid Foreclosure | The Truth About Mortgage
Sorry to hear that, it sounds truly awful. Maybe that will motivate them. The bank did nothing to help. Well…unfortunately that is where we ended up, late as we told them we would be. Then they tell us, you have to be current for them to help us. We had to hire an attorney…after the bank filed a foreclosure on our home, and after us submitting countless mod packages never seeing the bank review one of them.
The worst part is that it is a Sonymae mortgage and the lender does not participate with any of the government assistance programs that any other mortgage could help us. This lender ends up getting paid for the home whether we pay it or not. It is a horrific situation. What would give them incentive to help anyone in this type of mortgage if they lose nothing. Any advice would be so helpful.
You may want to contact the HOA and see if you can pay the dues and penalties to get the account back in good standing instead of dealing with costly foreclosure proceedings. We made the payment on time, but are currently 15 days behind on this month.
People's panel: the psychological cost of US foreclosure
Can they file foreclosure on us for being currently 15 days one month behind as this bully on the phone with my wife claimed? WF has been a horrible lender, and instantly started to bully us when I had a job loss last year. We were originally 2 months behind but are less than one month behind now. They have been a horrible company to deal with, and I just want to know if they are just making empty threats, or can file foreclosure for being a month late, even though we continue to pay them. Those missed payments may have been added to your outstanding loan balance.
Best to ask them directly what the loan amount will be on the modified loan including missed payments, fees, etc. I am 13 months behind in my mortgage. They offered me a streamline modification, where they will give me a trial period of 3 months and then my mortgage term will become 40 years, maturing in We originally took this mortgage in What I want to know is what happened to all the payments prior. My wife and I started making payments in August of We paid each and every month on line and was weeks early on every payment we ever made. In June of the mortgage company locked us out of our online account with no explanation.
I called them and asked them why are we locked out from making our monthly payments. The response was it was in legal.
- Ursula, New Jersey – facing foreclosure for 25 months;
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I asked them can we still pay on our loan and they said no because it is in legal. At this time they stopped all monthly statements that were being mailed each and every month. I would keep in contact with them each month asking them why is it in legal and can we make a payment. Same answer as before. I went to bank and even tried to pay it at their branch.
Now here we are over 2 years of them not wanting to except our payments to where they are foreclosing on us. I had to retain a lawyer to help us with everything that happened to us. They finally sent a letter to our lawyer stating that they locked up our account and refused our payments because of some type of description problem. Do we as consumers have a chance to go after them for wrong doing and or have a chance to make them stop the foreclosure. Not sure if we would have any legal recourse against the mortgage lender.
Any information will greatly help us. They are giving him information he needs last minute and making it impossible for him to do the modification. They are putting the house up for sale Sept. Is there any way to avoid this other than filing for bankruptcy? My company buys houses for cash we are connected nationally. It might be a solution for you to contact us and avoid years of damage to your credit. There are also state housing agencies https: I am over a year behind on my mortgage.
I do not want to lose my home. I have been working with the lender to try to rectify the situation. However I received a auction letter in the mail which made me really panic. Powered by the lovely Wordpress platform. What Is a Mortgage? What Is the Loan-to-Value Ratio? How Does Refinancing Work? When to Refinance a Mortgage Vs. ARM Cash Out vs. Conventional Loan Home Prices vs. Mortgage Rates Pre-Qualification vs. Pre-Approval Mortgage Brokers vs. Banks Mortgage Rate vs. The foreclosure process usually goes something like this: Colin Robertson Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles.
He has been writing passionately about mortgages for 12 years.
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- I Foreclose Houses For Banks: 5 Awful Realities | cutyrasohase.tk.
Patricia O Howard March 21, at Roberta Perez January 11, at 8: Colin Robertson December 10, at 8: Greg, If the lender is unwilling to help, have you thought about reaching out to a state housing counselor to seek assistance. Greg December 10, at 3: Colin Robertson December 4, at 8: Colin Robertson November 10, at 4: Adam Looman November 10, at Paul Davis October 24, at 8: Colin Robertson June 19, at 9: Emily, Not sure what your agreement is with the bank and if you informed them of the repairs and your intention to list once complete to prevent foreclosure proceedings.
Emily white June 17, at 7: Jose Espinoza March 29, at 3: Colin Robertson February 23, at Rob, Sorry to hear that. Rob February 21, at 7: Colin Robertson February 17, at Andy February 16, at Colin Robertson February 15, at 3: Keith February 11, at 1: Colin Robertson February 4, at 4: Georgette M Williams February 3, at Marquetta December 16, at 8: Colin Robertson September 8, at 9: Karen, Really sorry to hear all that.
Karen M Sanft September 6, at Colin Robertson August 22, at 7: Allison August 17, at Robertson, I am trying to find something out that seems to be eluding my research.
Colin Robertson June 24, at 4: Linda keckler June 12, at 4: Colin Robertson May 25, at 2: Kathryn May 25, at 3: Mo April 14, at 7: Debbie March 17, at 4: Thank you so much for responding! When the owners leave the home, either because they die or because they move out, often to a nursing home, the loan comes due.
That includes both the principal and the interest that has accumulated. At that point, the heirs are supposed to get the chance to either pay off the loan and keep the home, or to sell the house and raise the money to repay the loan. A private sale typically commands a higher price, which means more money for the heirs after the loan is repaid.
Foreclosures, which sell the home at auction to pay off the loan, are supposed to be a last resort. But Financial Freedom is accused of pushing foreclosures aggressively in order to pocket large fees while at the same time collecting the loan balance. If the amount of the loan, interest and fees all add up to more than what the home sells for at auction, then the federal guarantee kicks in and taxpayers are forced to pay for the difference.
Some widows and widowers can be foreclosed on when their spouses die if their names aren't on the loan. That happens often, because the borrower in a reverse mortgage has to be at least 62 years old. When only one partner is 62, the younger partner will sometimes agree to have his or her name removed from the home's title so the older partner can obtain the reverse mortgage. At the hearing, some spouses said they were promised their name would be added back to the title and to the loan when they turned 62, only to discover that was not the case. That's what Karen Hunziker, who lived with her husband in Pollock Pines, California, testified happened to her.
She says she was 60 when her husband took out a reverse mortgage from Financial Freedom.
I Foreclose Houses For Banks: 5 Awful Realities
She said they were both worried that she would lose her property rights, but were assured by a salesperson that she would be protected until she turned When she turned 62, the couple discovered they could not put Hunziker on the title without first paying off the loan, which they could not afford to do. She fought the foreclosure. After she testified, Financial Freedom relented and allowed her to remain in the home. Borrowers in reverse mortgages are still responsible for paying for homeowners insurance and property taxes. Financial Freedom has been accused of moving rapidly to foreclose for even the smallest of shortfalls in those bills.
Ossie Lofton was 90 years old and had lived in her Florida home for 40 years when she came up 27 cents short on an insurance payment due to confusion about how much she owed. Financial Freedom tried to foreclose. A lawsuit filed by a legal aid attorney kept her in her home. Financial Freedom also tried to foreclose on owners after sending a letter asking the resident to prove he or she still lived in their home, according to Lofton's lawyer Lynn Drysdale, who has handled other cases against Financial Freedom. Elderly homeowners often would not return the paperwork because they were concerned about scams.
Financial Freedom would use that as the basis to start foreclosure proceedings, she said. The bank has moved ahead with some foreclosures even after sending a representative to serve a notice of foreclosure and finding the borrower living in the home, Drysdale said. Complaints about Financial Freedom weren't limited to foreclosures.
Family members say their parents were given loans they didn't need. Julie Cheney of Simi Valley, California, testified that her parents were sold a reverse mortgage even though they were in no condition, mentally or physically, to make such a decision. When the loan was signed, her father was in the last month of his life, with terminal cancer and on narcotic pain medication.