Posted: Fri Oct 08, 2010 11:35 am Post subject: Mortgage dilemma
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We bought our house in 2006in Florida. Since then our wages have decreased and our medical has increased immensely. Called the mortgage company several times asking for help. Their answer, "We can't help you because your payments are not late or you haven't missed any payments, sorry". So then we used up everything to try and keep up with the payments. When we were two months behind we called them for help again. Their answer, "sorry we can't help you at this time, because your only two months behind. But if you were three months behind then we could possibly get you on a modification plan". So now that we've become three months behind they've sent us a letter stating that our mortgage is in default, but have not offered any help. When we bought the house it assessed at $190,000 now it assesses at $60,000 and we owe $159,000. I love it and don't want to give it up, but I can't afford to keep it at the present amount owed. I have heard of short sales. Can you put it up for a short sale and somebody you know buy it for you so you can continue to stay there?
Have you heard of a mortgage company short selling a house to the present borrower's ? I asked them for help more than a year ago and this is where they got me. Thank you, Barbie
For someone else to buy your home and allow you to live there is a very risky proposition, unless they're able to obtain a loan based on the property being for investment. If they were to claim it as their personal residence and allow you to live there, it'd be fraudulent. Stay away from that.
I don't quite understand your last paragraph about the bank "short selling." If I do get it at all, I don't believe that what you're asking is possible.
As for the original problem, keep hounding your lender. The default letter you got is standard and ought not to affect you unless you continue to fall further behind without acting in some way to correct it. You didn't indicate who your lender is, but presumably they're a participant in the HAMP program or one of hundreds of others that are available to troubled borrowers and troubled loans.
Keep at it...send them emails, letters, make phone calls, etc. until they respond in a reasonable fashion. Your equity situation won't thrill anyone, but they don't want to take a property back that's worth less than half of what is owed. They'll eventually try their best to work with you, so keep on their backs and don't let up.
Sometimes the squeaky wheel does get the grease in a reasonable amount of time.
Keep us posted if you wish. _________________ George M. Akerley
Mortgage Underwriter/Consultant
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Barbie Guest
Posted: Sat Oct 09, 2010 1:07 pm Post subject: Mortgage dilemma
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My mortgage company is WellsFargo, I would like to avoid foreclosure but do not see how I can stay in the house. If they do foreclose what steps would I need to take and someone mentioned a Deed in Lieu process????.
Can they sue me for the amount owed if I walk away.
If you want to avoid foreclosure, you can contact the lender and apply for a loan modification. If the lender does not accept your request, then you can apply for a deed in lieu of foreclosure. If the lender accepts your request, then you'll not be able to get rid of the property but you won't be liable for the balance amount resulting from the property sale. The lender will forgive the dues.
Odd answer there, Jerry. I didn't get the part about "if the lender accepts your request, then you'll not be able to get rid of the property..."
If the deed in lieu of foreclosure idea is acceptable to the lender, then Barbie will be "getting rid" of the property by deeding it to the lender.
What did you mean there? _________________ George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Barbie Guest
Posted: Sat Oct 16, 2010 9:18 pm Post subject: foreclosure
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If I ask for a deed in lieu will they or can they take any other assets I may have.
This is getting too deep and I can't afford to find the best way out..
Foreclosure?
Deed in Lieu?
Bankruptcy?
Loan Modification?
They won't be able to attach any of your other assets - no worry there.
Loan Modification is the least harmful to you, period. A deed in lieu of foreclosure is less harmful than the other two. A bankruptcy will eliminate your indebtedness and give you the option of keeping your home, so I'd have to think it's third in terms of favorability. As for the foreclosure, that'll hurt the the most in my mind. _________________ George M. Akerley
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Barbie Guest
Posted: Mon Oct 18, 2010 11:00 am Post subject: foreclosure
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Me again. I spoke with Wells Fargo yesterday. They say that they can start the foreclosure proceedings on my house as early as Oct.26th. Everytime I speak with them they ask about the same papers that I've sent back two times with all my information...wages, bills, household, etc. They received them, but they keep asking about them. They told me that I can put the house up for a short sale for 90 days and if nobody buys it, then we can apply for a D.I.L. My wages have changed since I've been in the house and so have my bills. I just can't afford to pay the remainder of $180,000. If I put the house up for a short sale, who can buy it? Anybody?
I don't really want to lose the house, but if they won't help me and there's other houses in my community that are selling for less than $70,000.....
Thanks for the help that you've already given me.
Barbie
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Posted: Mon Oct 18, 2010 12:26 pm Post subject:
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Anyone can buy a home on the market, whether it's a short sale situation or not, so your home would be available to the entire population. If you're using a realtor - which makes a ton of sense if only because you can find one who is aware of how to handle a short sale - then you'll presumably be guided all the way.
The critical thing to do with realtors is to question their expertise in a short sale situation, because you need an expert. It's a complicated situation to get into and whoever handles it needs experience.
Anyone can buy a home on the market, whether it's a short sale situation or not, so your home would be available to the entire population. If you're using a realtor - which makes a ton of sense if only because you can find one who is aware of how to handle a short sale - then you'll presumably be guided all the way.
The critical thing to do with realtors is to question their expertise in a short sale situation, because you need an expert. It's a complicated situation to get into and whoever handles it needs experience. _________________ George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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