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Letter of acceleration NYS

Posted on: 04th Aug, 2010 02:01 am
Hello,

(once agin I first posted this in wrong forum) Sorry "bout that :oops:


I have received an acceleration letter (reduced income).2 months late

Am trying to save my home and a my new job is my hope.

My question is if payment cannot be made until I get a third more aggressive letter, and I choose to try to sell my home, will the bank generally offer me the time to put it up on the market, seeing that there is some equity and some homes are selling, although slowly, in my area.

I would prefer to try to Modify and keep my home. It‘s a heartbreak, but things are not looking so good when I read the Modification statistics.

Also, you need to be behind to modify which puts one in a squeeze because if they refuse to modify after lower trial payments(which seems often) you are even more behind and you go quickly into foreclosure it seems.

Could obtaining a lawyer help ward off the banks taking the house to sell it themselves or will they say "OK, try to sell". I am not upside down and there is some equity in my home(not lots). I would rather sell myself if there is no hope of modifying to save my home. My problem is I don't know the timeline.

Thanks , Tere
Hi daltonsjr,

As you're facing hardship in paying off the mortgage, then you should contact your lender and apply for a modification. If the lender is convinced about your hardship, then you can qualify for a loan modification though you're not delinquent on your loan payment. It's better to negotiate with the lender yourself rather than taking the help of an attorney.

Thanks

Jerry
Posted on: 04th Aug, 2010 02:48 am
Hi Jerry,

Thanks for your response.

Yes I am applying for a Mod, but since there is a small amt of equity, I have read they tend to deny (depends on the Bank).

So, I wanted to be prepared that if that, if denied a mod, and the house may goes right into foreclosure, would the bank generally give you, as a rule, time to try to sell on your own or do they just quickly take over and you are out on the street.

And if they did give you a hard time, do lawyers have ways to help you some time until a sale is made on your own. You would think it would cost them less to not foreclose, let the seller sell and they get their money without putting out cost for foreclosure, but I have no idea how that works.

Obviously d rather save my home by modifying, but one never knows what the outcome will be even after the trial payments.

Thanks,

Josue
Posted on: 04th Aug, 2010 03:09 am
Hi daltonsjr!

Welcome to forums!

A proper negotiation will help you in getting a loan modification accepted. In case, the modification doesn't get accepted, the lender will let you know about it and foreclose the property. It will be the lender's discretion whether or not he would give you time to list the property in the market for sale so that you can avoid a foreclosure on your property.

Feel free to ask if you've further queries.

Sussane
Posted on: 05th Aug, 2010 01:52 am
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