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racostew · Joined: 04 Sep 2009 Posts: 2 1.43 Dollars($)

We ran into some financial difficulties in early 08. We contacted our mortgage company (Chase) and worked out arrangements to not make payments for three months. After the three months we mailed in our payment. One week later we received a letter from a law firm stating our house was in foreclosure. I called Chase and they said they could not talk to me and to contact the law firm.

I contacted the law firm and it was a nightmare. They didn't seem to know what they were doing. They never would give me a good payoff number and I would get the runaround. In desperation and good faith I sent them a cashiers check for $8,000. This was about $2,000 - 3,000 less than what was owed. Even after this I was unable to get the correct amount owed and the house was sold at auction after the representative at the law firm told it wouldn't.

During the time of the arranged none payment the house suffered damage from a storm which resulted in our insurance sending us a check for $12,000. We sent this to Chase. We asked the lawyers office how could they foreclose when they had this money and never returned it to our insurance company.

Now, a year later. We need to find a home. My husband has and still does have a great job. We have money in the bank, assets but are afraid to try to get a mortgage. What advise so you have? Is there anyone who can help us?

smithsussane · Posted: Sun Sep 06, 2009 11:09 pm Post subject:

Hi racostew!

Welcome to forums!

As your property was foreclosed just a year back, it will not be possible for you to get a mortgage for another property immediately. You will have to wait for 3-4 years in order to get a mortgage. Before that, lenders will not be ready to give you a loan. In case, if you get a loan, you would be charged a high interest rate.

Feel free to ask if you've further queries.

Sussane

Guest

I was not on the loan or title. Can we put the loan in my name even though - do not have a job? We would use my huisbands income and oir combine savings and assets.

adonis · Posted: Mon Sep 07, 2009 8:46 pm Post subject:

Hi alta,

It would be difficult for you to put your name on the mortgage docs as you do not have a job. The lender may not allow you to put your name on the mortgage papers.

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