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Posted: Thu Aug 28, 2008 2:47 pm Subject: forbearance on mortgage...

I hope i did the right thing. we were behind on our mortgage july and august and my bank offered a forbearance which is new to them, they are doing this to help prevent people from losing their houses.
What it does, if not familiar, it wont refinance, it just takes up to 3 payments that you are late on and spread that over the loan for a yr or possibly 2. I did it for one year.
the only thing about it is that if we are late they dont have to go through a 30 day letter, they can go right to forclosure. So that scares me. but instead of paying 2 payments plus sept 1st payments.
It made our payment go up just over another $100/month, which is scary, but at least we are caught up.
anyone else doing anything like this?

Posted: Thu Aug 28, 2008 9:19 pm Subject:

I am going through the same thing right now. I would prefer to go through this process instead of the foreclosure process. I was so upset about this situation and was glad to start making regular payments plus a little extra. It is only for a year and I can afford it. I am still looking toward the future and working with a real estate agent to see if I can time the market to sell the house and possibily make some money off of selling it. I will be putting in on the market soon. I am hopeful that it will sell. My problem is not the price, but finding someone who will qualify for the mortgage.

Guest · Posted: Fri Aug 29, 2008 4:12 am Subject:

Good luck with selling your home, i know around here houses are not selling very well and if they are they are selling cheap. I know what you mean about finding someone who would qualify, things are tough right now.
We got our house on a repo in the first place over 6 yrs ago. the house is over a hundred yrs old, needed lots of work, well still does, its all money! But when we first moved in we had to invest in all new wiring and a new box, which was quite a bit for us at the time. I know if we did sell we would get more than what we bought it for. Unfortunatly we live in town and our taxes are nuts so our escrow is higher than our principal payment!! that is what is hurting right now, other wise out payment wouldnt be much over $300 and i like the escrow there is no way we could have came up with $1100 for summer taxes : ( and we dont even get anything for it, still have to pay seperate for our water/sewer.
hope you sell at the price you are looking for, good luck : )

Posted: Fri Aug 29, 2008 4:14 am Subject:

i was the guest that jsut responded bdouble, looked like i was signed in , but guess i was wrong lol
take care

James Miles · Posted: Sun Sep 14, 2008 5:06 pm Subject: Forbearance

How does forbearance on a mortgage work?

Posted: Sun Sep 14, 2008 5:47 pm Subject:

James, if you read the first post above, I believe that explains how it works.

countess · Posted: Sun Sep 28, 2008 2:49 pm Subject: forbearance

James, if you get this loan you are already 3/4 of the way
through the foreclosure, one slip up you don't have a
way out ahead of the foreclosure sale. It's risky at best.

Posted: Mon Oct 13, 2008 6:12 am Subject:

well we did the forbearance, we took the 2 months we were behind and had it stretched out but itcould only go out 11 months because we have a balloon mortgage and it is up in sept next yr so it raised our payment about a hundred $$$ : (
But at least it helped us when we needed it, we have to watch very close that we are not late, or they will be right there on us.
thanks

jacob proker · Posted: Fri Oct 31, 2008 5:22 am Subject: foreclosure

To a homeowner, foreclosure is a shocking experience. When foreclosure takes place, it is extremely costly to the homeowners because not only have they lost their home, they have also lost any equity they may have built up in the property. (Equity is the difference between the true market value of the property and the balance owed and/or the total amount of all liens against the property). Along with the loss of all equity, people losing their property due to foreclosure also lose the amount of their original down payment and any money spent on improvements since they bought the home.

As we mentioned earlier, there are many reasons why property (home) owners find themselves in the type of financial trouble that could result in foreclosure.

Posted: Fri Oct 31, 2008 5:32 am Subject: forbearance training

hello this is mike i arrange a webminar ,and provide training forbearance training To a homeowner, foreclosure is a shocking experience. When foreclosure takes place, it is extremely costly to the homeowners because not only have they lost their home, they have also lost any equity they may have built up in the property. (Equity is the difference between the true market value of the property and the balance owed and/or the total amount of all liens against the property). Along with the loss of all equity, people losing their property due to foreclosure also lose the amount of their original down payment and any money spent on improvements since they bought the home.

As we mentioned earlier, there are many reasons why property (home) owners find themselves in the type of financial trouble that could result in foreclosure.

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