Posted: Sun Dec 20, 2009 8:40 pm Post subject: help
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Here's the joke. My wife and I both have FICO scores over 850. Never been late on a payment on anything in 30 years. Had two slow years of work, burned through my savings on the house. The cheapest we could find in the market 5 years ago. First house. All lenders said no worries, rates will be great for years to refinance. The year I got in I made over $160,000. Close to $200,000 combined. Combined both my wife and I make over 70,000 normally. Never went to Hawaii, all cars paid off, no cable TV. Need a bit of help and none of our creditors will even so much as let me skip one month payment to catch bills up. Joke is many of our friends who have been footing the bill for this country for 30 years are all scrambling for apartments. Well, I guess at least that way we'll have more in our pocket to keep bailing out the banks. We're walking from it all. Not worth the headaches. Quality of life is more important than a crappy house. The great American nightmare. Unless you are super wealthy or have help. Do the Deed in lieu. Short sale is nightmare.
P.S. Out of all of our friends who have done short sales, Deed in Lieu, begged for (or paid) to get a modification and gone into foreclosure not one of them or myself has had the bank come back and say, ‘Hey don’t move. We’ll help you with a modification.’ Do you see any posts here referencing that? We have been trying to get a modification for 9 months. They string you along saying hey you forgot to check this box or dot that ‘i’ so they can squeeze every last cent out of you before the ship finally sinks. Do yourself a favor; find a nice apartment while your credit is still intact if it is and take care of your survival first because no one will be there to help when you are out on the street and homeless.
I can understand that you're going through a tough time. If you want to get rid of the property, then I would suggest you to write a hardship letter to your lender and apply for a deed in lieu of foreclosure. Though it will lower your credit score by 250 points, you won't be responsible for the deficient amount resulting from the sale of the property. However, you should also note that after a deed in lieu, you will not be able to qualify for a loan immediately. You'll have to wait for the 3-4 years in order to get a loan. _________________ Procrastination is the enemy of your financial success
xterminator Guest
Posted: Fri Apr 02, 2010 1:18 pm Post subject: Forebearance
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Hello,
I went through a forebearance period last year for about 7-8 months and then at the end of it they wanted all those payments at once. While the forebearance was going on I was working on a loan modification. I never got refused or approved. Anyway my home went into foreclosure and got down to two weeks before the sell date and I borrowed all that back money from a relative and reinstated the loan. If I had known they wanted all of it at the end like that I would have never done that. I almost lost my home.
anomynous Guest
Posted: Wed Nov 10, 2010 3:53 pm Post subject: Credit report during forbearance
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I just want to give a little advice about that it does hurt your credit report because you are not paying the full amount that is due and it happened to me. I had lost a lot of credit cards and also the limits on them went down because of my credit report showing that I wasn't paying my mortgage, even though I was but not the full amount. In the agreement it stated in Quotes that it would say that the mortgage was being paid but not in full so it would hurt my credit but that was a lie.
I hope it doesn't happen to you like it did me. Now I am trying to modify my home equity with Chase and they are ridiculous.
joea1 Guest
Posted: Fri Mar 11, 2011 11:48 am Post subject: forbearance
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the bank offers to charge lower rate for a year , and I will reduce principal too. I agree.
they demand to sign a forbearnce agreement? is it in my benefit? ( insured me from the bank filing ) what are the negative sides of signing? do I actually consent a default in some way?
Unless you sign the agreement, they may not lower the interest or reduce the principal. So, it is in your best interest to sign the agreement. This agreement will mention the terms and conditions of the contract. _________________ Procrastination is the enemy of your financial success
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adonis
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