Forclosure
Date: Tue, 04/14/2009 - 11:14
I entered into a repayment/modification and sent the payments as instructed. The lawyer for the bank dated the paperwork wrong so as it was being corrected the paperwork was sent into a separate account. I sent the second payment only to find out the first one had never been posted. The second payment could not be found but I had tracking information that proved it was received. They posted the first payment (through the lawyer) almost two months late and it was decided that we should stop payment on the second and resubmit, which was done. When they received the second payment, they returned it to me stating I was in default and the forclosure process would continue. I proved this was no error of my own and they decided to reevaluate my case. I received a letter stating that my income was insufficient.
My income has increased and my debt has not, I can not understand how suddenly I dont have enough income. Ive asked for review but found out that my house is less than thirty days from forclosure sale. Is there anything I can do?
Banks lose tons of money foreclosing on people, not only because
Banks lose tons of money foreclosing on people, not only because the house values have dropped so much, but also because they have to pay the attorneys handling the case, they have to try and sell the property again...
There's a non-profit company that helps people negotiate the terms of their current loan. So, it's not really a refinance, but it sort of is. They evaluate your situation, make a proposal and send it to you current note holder, and most of the time people walk away with their payments significantly reduced.
I work at a mortgage company and whenever we come across people who we can't refinance because they are so close to foreclosing, we send them here. Also, two of my close friends have done this as well - one went from $2400 a month to $1600, the other went from $3500 to $2300. Keep in mind, because they are non-profit, they will ask you to do about 10 hours of community service and you will have to go to one meeting. Also, this can only be done for your primary residence.
Here's their link:
https://www.naca.com/index_main.jsp
Also check out the FTC Money Matters site. Also, as part of the
Also check out the FTC Money Matters site. Also, as part of the 2009 Stimulus package, there is this website - MakingHomesAffordable which may provide some info.
