Mortgage Forbearance – can it prevent foreclosure of my house?

almost two years ago in a hurricanne we needed to skip a payment or make intest payment and we were offered forbearence lord what we did not know about forbearence. Sence then we shortly got to pay half notes for about 3 months and keep getting the run around to make a very long story short they want let us pay our note and now crediters are how saying we owe$18000.00 in back payments and have screwed our credit up. what can we do . please help 911 we need some advice

Yes it does. They report the difference that you dont pay on your mortgage. I had perfect credit before i started this program. I have been on it since Nov 09 and still havent received an answer of whether they are going to do a loan modification.

I was turned down for laon mod by us bank.When I received the notice the gross monthly income was higher then what I sent them with my pay stubs-$1000 diference.What our my options

usually when you apply for forebearance, you are already behind in your payments so your credit is already damaged.

what about if you not only have a 1st. mortgage but also a 2nd. mortgage. Please give me some input on my situation.

We are almost 4 months behind on our $6,189.00 monthly mortgage, which doesn't include rpoerty taxes and insurance of $22,000. We have never been a day late making our payments. But due to medical and huge investments the past two and half years had to resort to loving off our principle. The sad part we bought the house for $900.000, financed $770.00, balance now $521,000. We added a built in pool. a barn, landscaping approximately another $225,000. ,a $200,000 kitchen remodel. a $600,000 addition in 2005, all paid in cash.
Now the bank is saying they will do a forbearance, we don't have all the details, but they want our other house which is paid in full, as collateral too. WTF. Isn't the house enough???? I hate for something to happen and end up losing both houses. Everyone tells us not tp do it. We're at lost. Any suggestion, besides talk to a lawyer? We plan on doing that.
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[sir i first would like to say that i am sorry for you sistuation but it was not OBAMA or his cabinte..Had they not given out the stimulus do you realize where this country would be right now!!!this mess came from 8 years of bush and only bush.and no one said anything as he was waging wars and making the whole world mad at the USA.thank GOD FOR obama AND him saving us from a definite depression..IT TOOK 8 YEARS TO GET HERE SO DONT EXPECT HIM TO FIX IT IN ONE OR TWO YEARS BUT SLOWLY BUT SURELY IT WILL GET BETTER..I KNOW FOR A FACTQUOTE=Anonymous;454397]I have been out of work due to an auto accident at work since Feb. this year. I am bearly making my house payment.I must have help to pay my auto payment @ food. I was talked into getting a equity loan by my bank at Suntust. I was told that if I kept the loan 6-12 months I could get my 2 house loans combined at a lower rate. My mortgage is 6% @ my equity loan is 13.65%. they now refuse to combined then now. I have used my credit card to the max to pay my bills. The bank told me 2 months ago they could help through the mitigation dept. After wanting 1 month, I am now told I must wait until I am 1-2 months behind on my loan before considering any loan help. In other words, I must ruin my credit totally before any consideration at all. If they refuse to help me, I would be out of a home with my credit ruined. I called my congressman in Ga., Mr. Nathan Deal. His office told me this is why he was against this so call loan bailout.It doesn't make any since to make a person ruin his credit before even considering any help. His office has more than 50 complaints by people just like me. If I could get my loan modified I could keep my house without ruining my credit. Why does the news media not bring this situation up instead of praising obama and congressmen who has put our comtry's citizens in this dilemma?[/QUOTE]

THIS WHOLE MESS WITH OUR MORTGAGE problems is from bush and his lack of leadership and concern for the poor working man..he was all about the rich getting richer and the poor getting poorer..it really did take 8 years of bush to get in this mess but OBAMA saved the country by doing the stimulus and i do beleive if he had not we would have went into a deep deep depression and it like now would take lnoger to dig our way out of it..i have always been rep. but now with all their violence and attacking people at the town meetings and stuff i must say that i will always now vote democrat cause they care for real about the poor man regardless the lies you may hear..good luck to all with mortgage issues...TELL YOUR FAMILY AND FRIENDS TO VOTE DEMOCRAT OR YOU WILL REGRET IT FOR SURE...!!!

You are confused. President Bush tried 16 times to regulate the banks who were doing the subprime loans. Congressman Frank and Senator Dodd were the main players who opposed his attempts to stop the madness. Please get your facts straight.

Yes it does damage your credit.

President Bush TRIED 16 times!!!! His attempts to stop the madness!!! He just ended up leaving this country in the crapper when he left. Epic failure! The banks have had way to much muscle for way to long. Sad thing is there is very little we can do about it. They get bailed out and we get hosed. Who runs this country? Banks!

No, its not all Bush's fault. He warned Congress 3 times where the house market was headed. What happened was the loans that were produced and the standards they used and people wanting to live the American Dream. That is what happened. Construction always goes up and down and what has happened to America has happened before. While Bush was in office it was the roaring 1920s. So, you tell me could it just be history repeating itself and we know where that lead us.