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bricheson · Joined: 06 Jun 2008 Posts: 2 1.63 Dollars($)

If we went into a hardship with our mortgage company, and have made arrangements to pay an amount by a certain date and can't come up with all of the money, will they put us in a foreclosure?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi bricheson.

Welcome to the forum.

I think you are on the right track. Send then Hardship letter stating your problem and see if the lender can work out a solution. I think through Reinstatement you can pay the entire amount you are behind as a single payment within a specific date.

BTW are you asking to pay the entire amount that you are behind or the entire debt that you still owe to the lender?

Best of luck,
Larry

bricheson · Joined: 06 Jun 2008 Posts: 2 1.63 Dollars($)

we are to pay an amount of 7500, and we only have 4000, we need atleast one more month to come up with the remainder, should we consider bankruptcy if we have a fear of foreclosure

Jason1 · Posted: Sat Jun 07, 2008 10:24 pm Post subject: Partial Payment

Hi Bricheson,
There are lots of potential variables but if it's the first time you've been unable to send in a full modified payment you will need to communicate with the lender and let them know this and also let them know when you will be able to catch up. They don't want a foreclosure at least as much as you don't. If the bank sees you show concern and you follow through you'll have a good chance of them working with the situation.

Best of luck to you!

Posted: Sun Jun 08, 2008 6:34 am Post subject:

Keep in mind that you will have to explain to the lender why they should believe in you now even though you reneged once on an agreed upon plan. There may be a random, no-reoccurring reason that will overcome bad planning/budgeting, impulse sending, and so on.

cliff3 · Posted: Mon Jun 16, 2008 7:35 am Post subject:

Hello Bricheson,

Keep in mind that you can still try to re-negotiate some type of workout/agreement plan with your lender. But it is very important to start this process IMMEDIATELY, before your payment is due. You can still attempt to re-instate, or apply for another workout plan.

If you choose to just purposely default on an existing plan that you have, then your lender my choose to "close your file" and persue their option to schedule a foreclosure sale date.

There is a particular person at the mortgage company who has been "assigned" to your file. That is the person that you need to be talking to. Be sure to explain to that person what hardhsip you are now encountering that is now creating the difficulty for you. They need to know why "all of a sudden", you don't have the money you agreed to be able to pay to them.

I certainly hope that you do attempt to utilize all the options that are available to you to prevent foreclosure.

Please don't hesitate to use our free foreclosure guide on our website www.home-buddies.com

We are always here to continue to help. Good Luck.

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