reinstatement of my mortgage

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Icon Mini Profile dch21





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Post Posted: Sat Jan 01, 2011 5:19 am    Post subject: reinstatement of my mortgage
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Hello,

My lender, GMAC, has turned over my account to an attorney for foreclosure. I contacted the attorney and asked for the amount I would have to pay to reinstate my loan. I was told that it will take about 5 to 7 business days for them to confirm the amount with GMAC.

In the meantime the clock is ticking.

I have read that many states require mortgage lenders to accept reinstatement plans however I live in Virginia and this state does not require that of mortgage companies.

I have also read that Virginia is a very fast track state. In other words the sale of your home comes VERY quickly.

My questions are does GMAC turn down reinstatement requests very often ?
Along with the amount owed what other information will they ask for in order to make their decision whether to reinstate my mortgage or not ?

I worry that while they are in the decision making process that my home will be sold. I have read on the Internet that this has happened to many people.
As I mentioned they move fast in this State. The letter from the attorney was dated December 21st I received it on the 28th after returning from out of town. The attorney said that in most cases the house will be for sale within 30 days. That gives me 20 more days.
I have about $150,000 in equity and of course I am worried about losing it.

Last question. Should I give the check to the attorney showing good faith or should I wait and see if they will reinstate ?
(about $7000)

Thanks for your time. I will anxiously stand by for any help you can give me.

Dennis
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Post Posted: Sun Jan 02, 2011 12:20 pm    Post subject:
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Anyone have an idea or comment ?


Do most lenders accept reinstatement requests ?


Thanks,

Dennis
Icon Mini Profile adonis
adonis




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Post Posted: Sun Jan 02, 2011 10:02 pm    Post subject:
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Welcome dch,

I won't be able to let you know whether or not GMAC accepts or rejects reinstatements. However, you should apply for the reinstatement if you want to save the property. The lender will check your employment situation before he lets you reinstate the loan. Unless the lender is sure about the fact that you'll be able to pay the loan, he won't reinstate your loan.

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Post Posted: Mon Jan 03, 2011 6:08 am    Post subject:
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Thanks for the reply adonis.

I start my new job today therefore I do not have any pay stubs yet, Do you think that a letter from my new employer will suffice ?

I am getting very little information from the foreclosing attorney. All I have been told is they will give me reinstatement figures within 7 days.

When I call GMAC they tell me they can not discuss my account and I have to speak to the foreclosure lawyer.

Do you think GMAC will want any other information besides employment verification ? I am trying to get my ducks in a row in case they might want something else to base their decision on. My time is very short.


Thanks,

Dennis
Icon Mini Profile smithsussane
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Post Posted: Mon Jan 03, 2011 9:44 pm    Post subject:
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Hi Guest!

Welcome to forums!

In my opinion, a letter from your new employer will be good proof to your lender regarding your employment. It will depend upon GMAC whether or not they will want any further information without employment verification.

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile crichter



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Post Posted: Thu Jan 06, 2011 6:47 am    Post subject:
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If you have that much equity at stake, get off the internet, get an attorney.

FAST.

Free advice at the cost of $150k seems like a bad deal to me.

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Chris Richter
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Luett Mortgage Group, a production unit of Wintrust Mortgage
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http://www.luettmortgagegroup.com
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Post Posted: Thu Jan 06, 2011 1:50 pm    Post subject:
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Thanks for the advice and lecture Chris.

I have obtained a attorney but I get the same answer to this question:


"If I pay all monies due including attorney fees etc;, will I definitely get reinstated"


Our attorney has told us that once we pay we SHOULD be able to be reinstated. No guarantee.


I have called GMAC loss mitigation many times and have been told that I SHOULD be reinstated once the money is paid. Again no guarantee.



The foreclosing attorney has told us that once we pay we SHOULD be reinstated. No guarantee.

Nothing is definite.

I have a cashiers check ready to bring to the foreclosing attorney in the morning. $ 7166.85.

I was hoping that by posting on this site that someone who has gone through this process might chime in and let me know how it worked out.

As I mentioned in earlier, Virginia is not friendly towards people like us in this situation.

If we are going to be put out of our home I could use the money towards rent. There is enough equity to make sure that GMAC does not suffer a loss. If there is a loss I will sign a note with them to pay it back.



Dennis

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Post Posted: Thu Jan 06, 2011 2:02 pm    Post subject:
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Sorry, I did not see a edit option.

Here is what I feel the bottom line is.

If I give this check in the morning to the foreclosing attorney it will be gone of course.

I promise I am not looking for sympathy. Job loss caused this. I have been relentless in my pursuit and have landed a great job.

Comments please.

Thanks,

Dennis

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Icon Mini Profile crichter



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Post Posted: Fri Jan 07, 2011 5:48 am    Post subject:
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I'm sorry. I didn't mean for it to come across as lecture. I'm in Illinois...our states are so radically different. Actually Virginia is different from most. I shy away from legal advice anyway, but especially when I know I'm using stories from the wrong state.

Congrats on the success in the job search and good luck this morning!

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Chris Richter
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Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com
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savemyhome88

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Post Posted: Thu Jun 28, 2012 5:24 am    Post subject: Reinstatement NOT a Guarantee!
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This might be too late for Dennis, but might help someone else. A friend of ours had his home in foreclosure. I do not know the mortgage bank. His home was about to be sold at auction. The bank told him he could make the 28something thousand dollars payment and they'd reinstate his loan. Well guess what? He was able to gather the money from friends, made the payment but they STILL put a lock on his home and is about to put it back on the market. They told him his "certified check" was not received on time, but they still cashed it and took all of his money. So beware. You will NOT get a guarantee if you make the payment of all accrued charges and fees. Good luck with everyone who is going through this process. I know how you feel and are experiencing! We (my family of 5) are in the foreclosure process right now and have heard all sorts of horror stories about the banks and how they are treating "us" their customers. The banks are money hungry and care for nothing or anyone who stands in the way of its dollar bill! Good luck to you!
Icon Mini Profile taino419





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Post Posted: Mon Jul 09, 2012 6:26 am    Post subject: my mortgage payments are deferred to seperate account
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for the past ten months my mortgage payments have been used to pay a personal loan without consulting me and now they claim that i am ten months behind on morgage payments can they do this and is it legal . in need of help thank you.
Icon Mini Profile smithsussane
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Post Posted: Tue Jul 10, 2012 12:07 am    Post subject:
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Hi taino!

Welcome to forums!

http://www.mortgagefit.com/problems/payments-personal-loan.html

Feel free to ask if you've further queries.

Sussane
elliot

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Post Posted: Tue Jul 31, 2012 6:47 pm    Post subject: reinstatement
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My property went to sheriffs sale in may, I was duped by the mortgage law group because they didn't get my modification done before sale and I was using them for 8months. I put in for hardship funds a week prior because I got nervous about the sale but the money came a day late. 2wks later wells Fargo,,who bought the house back, called and offered to request the foreclosure atty to vacate sale and reinstate provided I prove I had access to funds. I sent docs and waited a month and got amount from atty. I am glad to have the opportunity to stay in my home but the foreclosure 4500 foreclose fee is making reinstatement unattainable as of now but I have til Aug 10.

Should I be weary of sending this huge amount of money to the foreclose attorney and not wells fargo?
Icon Mini Profile adonis
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Post Posted: Tue Jul 31, 2012 11:42 pm    Post subject:
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Hi elliot,

If you really want to make payments, then do it to your lender. If you pay the money make sure that you get a receipt of it so that you won't face issues later on.

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