How to avoid foreclosure amidst disability and bankruptcy

Guest

can anybody tell me how you go about seeing a judge to get court protection for the 6month to save your home from forecloser
thank you

Niicss · Posted: Mon Jan 05, 2009 1:43 am Post subject:

Hi chucks

Are you planning to file a bankruptcy or is your lender initiated a foreclosure procedure? If you file Chapter 13 bankruptcy, you will be able to save your property. However, the lender will give you alternative repayment plan with which you will be able to pay off the debts within 3-5 years.

If the lender forecloses the property, then you will not be able to save the property. In a foreclosure, the lender will sell off the property and recover the debts.

Thanks.

Guest

Hello to all you other folks with MBD (Mortgage Brain Damage).
I live in Arizona. You may remember Obama came out to AZ to introduce his new stimulus plan a couple of months ago. Do you know anyone who got a "Loan Modification"? I don't. But I do know Capital One took all their TARP money and purchased Chevy Chase Bank, my lender. With every statement for five years of never missing a payment, they included a little insert that read:"we do not want your house, and if you are having problems making your payment, call our 800 number so we can help. Well, I ran into some problems, health problems, combined with what is going on in the economy. So I called them, and they said, "first of all, I was not in default", so they could not talk to me. OK, payment missed, problem solved, so I call back. They talked to me for three minutes, and put me on hold for fifteen to twenty, and I restated my circumstances, and the fact that I need them to work with me, as I needed their help at this time. Not just for my sake, but for my whole family, Wife, Three Kids, Dogs, Hamsters, Fish, and the fact that this is our "Home". I designed it. It was the culmination of a life time of dreaming, and of saving for the big down payment, to finally get to design and have built our home. And we did it. And we watched the value go up, up, and away. Two years ago this home was worth just under two million, today, maybe 650K, and I have a 650K first, and I pulled out some equity to pay cash for a commercial building (that is going dark in two months, cutting my income almost in half) So here I am, like all of you, FREAKING OUT! Asking and re-asking what to do? Chevy Chase's answer, "there is nothing we will do", and so I state, what about your little note with your statements, is it a lie? So they put me on hold forever again, and when they get back on the phone, they say, "there is nothing we will do". Not that there isn't something they could do, like say, current market interest rate, amortized over forty years!?!? The bank makes money, I keep my home, what's wrong with that. And all they keep saying, "is that they are not doing anything". How is that possible? Wasn't Obama's plan designed to keep families in their homes, and stem the tidle-wave of foreclosures? It was, and yet these bankers are using the TARP money to pay each other HUGE bonuses and buy each other's companies. Well folks, my head hurts just thinking about it. I call it Mortgage Brain Damage (MBD), and like so many of you, I really do not know what to do next. I want to stay in my home, but I need the banks to work with me, and it sounds like all of you who are posting to this board do too!! I hear so many rumors, like, I know someone who just stopped paying their mortgage over a year ago, and the banks have not done a thing!?!?! Hell, I missed a payment, and I am getting nasty grams about how the bank is going to foreclose. And what about a second, can I just stop paying that, if the house is worth less than the sum of the first + the second? I (we) need to no what we can do to protect ourselves and our homes!?!?!?! I am all eyes and ears. Thanks for taking the time to read this rant, but I really need to let it out. This whole thing is major Brain Damage. Sincerely, Mark aka mawilde1

jameshogg · Posted: Wed May 27, 2009 10:28 pm Post subject:

Hi Mawilde,

You need to contact Capital One and discuss your options for saving the property. You'll have to contact them and ask for a loan modification. Write a hardship letter to your lender informing him about your financial crisis. In my opinion, Capital One will accept your request for loan modification.

As far as missing payments are concerned, the lender can start foreclosure procedure only if you are 3 months delinquent on your mortgage payments.

Thanks

All times are GMT - 7 Hours
Previous 1 2 3 4
Page 4 of 4