Broker Price Opinion ( BPO ) & Settlement Offer - Page 2

Bubblebowl · 11-03-2009, 10:46 AM

relief13035,
I also have Citi, could I trouble you for their contact information.

thank you, only 15 days from discharge..........thank god.

Bubblebowl · 11-04-2009, 12:55 PM

Appreciate everyone's help, this has been a long road.

famlena · 11-08-2009, 01:41 AM

relief13035,

Help!! I had submitted my settlement to Chase for 11% (17k) to settle $150k on the Heloc in late Sept. Chase finally assigned it to a closer but I have not been able to speak to him yet. I've left messages but have not heard from him. He did send a BPO last week.

The Heloc had started foreclosure. On Friday I received a Notice of Trustee Sale set for Dec 1st.

I am so very stressed...If they decide to not accept a settlement can I still save my home or is it too late at this point? Can I cure the default by paying it. Thanks for any input...

**HHM** · 11-08-2009, 07:12 AM

How upside down is your home. It is VERY ODD for a HELOC in an inferior position to initiate a foreclosure, in fact, in this real estate market it is unheard of unless the home has significant equity or the super rare circumstances where the 1st mortgage and HELOC are owned by the same investor (just being serviced by the same company does not mean the same investor is behind the scenes).

If the lender has noticed a foreclosure sale date, that means the lender has accelerated the loan, meaning, the entire balance of the loan is due. Thus, the bank does not have to accept payment to cure the arrears (unless your state law provides some sort of redemption period). You would need to call the bank and try to arrange a deal where they would accept payment of the arrears to stop the foreclosure, but they are not required too. So, in that respect, it may very well be too late. That leaves a chapter 13 (or chapter 11) bankruptcy to save the home.

albacore44 · 11-08-2009, 07:56 AM

Quote:

Originally Posted by HHM

How upside down is your home. It is VERY ODD for a HELOC in an inferior position to initiate a foreclosure, in fact, in this real estate market it is unheard of unless the home has significant equity or the super rare circumstances where the 1st mortgage and HELOC are owned by the same investor (just being serviced by the same company does not mean the same investor is behind the scenes).

If the lender has noticed a foreclosure sale date, that means the lender has accelerated the loan, meaning, the entire balance of the loan is due. Thus, the bank does not have to accept payment to cure the arrears (unless your state law provides some sort of redemption period). You would need to call the bank and try to arrange a deal where they would accept payment of the arrears to stop the foreclosure, but they are not required too. So, in that respect, it may very well be too late. That leaves a chapter 13 (or chapter 11) bankruptcy to save the home.

So would that mean the 2nd intends to buy out the 1st ?? That is assuming in this persons case the deeds are not reversed in the recording order. Like you said HHM it is rare for the 2nd to foreclose since it would be a bad investment.

BTW- something i noticed when reviewing Realtytrak for homes in active forclosure in my neighborhood is that they will have a auction date assigned, which i assume means a sale date. But I see those date move out in 60 day increments after the auction dates expire. not sure what causes that unless they are trying to settle, or the owner makes a couple of payments to partially catch up etc. some of these i'm watching have had the auction dates move 6 or more times

famlena · 11-08-2009, 04:33 PM

Both 1st & 2nd are owned by Chase (no investors). On the 1st I owe $620k & the 2nd I owe $160k. The drive by BPO done by the 1st in July was $677k. I was denied the perm mod in Sept because the 1st says I still have equity in it. If they only looked at the 1st then there is equity but if both loans combined I'm underwater about $100k.

So, it is too late to pay the arrears of the 2nd which is $10k to be current. I should start packing rather than wait for the closer to make their decision, right?

**HHM** · 11-08-2009, 04:43 PM

Quote:

Originally Posted by famlena

. On the 1st I owe $620k & the 2nd I owe $160k. The drive by BPO done by the 1st in July was $677k. I was denied the perm mod in Sept because the 1st says I still have equity in it. If they only looked at the 1st then there is equity but if both loans combined I'm underwater about $100k.

So, it is too late to pay the arrears of the 2nd which is $10k to be current. I should start packing rather than wait for the closer to make their decision, right?

Both 1st & 2nd are owned by Chase (no investors)
How do you know? Did you do a qualified RESPA letter. I will take your word for it, I suppose, but in reality that would the exception, not the rule.

First question, do you want to keep the house?

If yes, hit the phone monday and call the 2nd mortgage lender and see if they will accept payment of the arrears, stop the foreclosure, and allow you to start making the 2nd mortgage payment beginning in December.

albacore44 · 11-08-2009, 07:20 PM

Quote:

Originally Posted by famlena

Both 1st & 2nd are owned by Chase (no investors). On the 1st I owe $620k & the 2nd I owe $160k. The drive by BPO done by the 1st in July was $677k. I was denied the perm mod in Sept because the 1st says I still have equity in it. If they only looked at the 1st then there is equity but if both loans combined I'm underwater about $100k.

So, it is too late to pay the arrears of the 2nd which is $10k to be current. I should start packing rather than wait for the closer to make their decision, right?

Theres the answer.Both loans owned by Chase. So if the 2nd forcloses, it's just Chase buying out Chase on the 1st, so I would think from a practical standpoint it makes it easier to forclose. Sorry to hear that. Best of luck to you.

famlena · 11-08-2009, 08:30 PM

I did asked them who owns my loans and they said it was Chase. I do want to keep my house. I'm in CA. I've called Chase twice a week to check the progress and I was told that I shouldn't worry about the foreclosure because they are still reviewing my file. Apparently, that's not the case since I now have a sale date.

I've called but the reps said that only the assigned closer can postpone the sale date and make the decisions. However, I've called and left messages for the closer but he did not return any of my calls. I don't know what else to do. I've also contacted the attorney that's processing the foreclosure but they said I needed to speak to Chase. It seems no one can give me any answers. I have to wait for the closer. Now should I just pack & start moving? I don't what to be evicted & have my belongings tossed on the street.

11-08-2009, 07:12 AM	#19
HHM Moderator B/F Guru Join Date: Dec 2004 Posts: 9,523	How upside down is your home. It is VERY ODD for a HELOC in an inferior position to initiate a foreclosure, in fact, in this real estate market it is unheard of unless the home has significant equity or the super rare circumstances where the 1st mortgage and HELOC are owned by the same investor (just being serviced by the same company does not mean the same investor is behind the scenes). If the lender has noticed a foreclosure sale date, that means the lender has accelerated the loan, meaning, the entire balance of the loan is due. Thus, the bank does not have to accept payment to cure the arrears (unless your state law provides some sort of redemption period). You would need to call the bank and try to arrange a deal where they would accept payment of the arrears to stop the foreclosure, but they are not required too. So, in that respect, it may very well be too late. That leaves a chapter 13 (or chapter 11) bankruptcy to save the home.
	The information provided is not and should not be considered legal advice or establish an attorney/client relationship. Nor do I promise or guarantee that the information contained on this post or any linked site is accurate, correct, complete, or current. You should seek the advice of competent counsel licensed to practice in your state to answer specific legal questions. My favorite resources http://www.bankruptcylawnetwork.com/ http://askmethner.com

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11-03-2009, 10:46 AM	#16
Bubblebowl Registered User B/F Newbie Join Date: Sep 2009 Location: Florida Posts: 22	relief13035, I also have Citi, could I trouble you for their contact information. thank you, only 15 days from discharge..........thank god.

11-04-2009, 12:55 PM	#17
Bubblebowl Registered User B/F Newbie Join Date: Sep 2009 Location: Florida Posts: 22	Appreciate everyone's help, this has been a long road.

11-08-2009, 01:41 AM	#18
famlena Registered User B/F Newbie Join Date: Sep 2009 Posts: 21	relief13035, Help!! I had submitted my settlement to Chase for 11% (17k) to settle $150k on the Heloc in late Sept. Chase finally assigned it to a closer but I have not been able to speak to him yet. I've left messages but have not heard from him. He did send a BPO last week. The Heloc had started foreclosure. On Friday I received a Notice of Trustee Sale set for Dec 1st. I am so very stressed...If they decide to not accept a settlement can I still save my home or is it too late at this point? Can I cure the default by paying it. Thanks for any input...

11-08-2009, 04:33 PM	#21
famlena Registered User B/F Newbie Join Date: Sep 2009 Posts: 21	Both 1st & 2nd are owned by Chase (no investors). On the 1st I owe $620k & the 2nd I owe $160k. The drive by BPO done by the 1st in July was $677k. I was denied the perm mod in Sept because the 1st says I still have equity in it. If they only looked at the 1st then there is equity but if both loans combined I'm underwater about $100k. So, it is too late to pay the arrears of the 2nd which is $10k to be current. I should start packing rather than wait for the closer to make their decision, right?

11-08-2009, 08:30 PM	#24
famlena Registered User B/F Newbie Join Date: Sep 2009 Posts: 21	I did asked them who owns my loans and they said it was Chase. I do want to keep my house. I'm in CA. I've called Chase twice a week to check the progress and I was told that I shouldn't worry about the foreclosure because they are still reviewing my file. Apparently, that's not the case since I now have a sale date. I've called but the reps said that only the assigned closer can postpone the sale date and make the decisions. However, I've called and left messages for the closer but he did not return any of my calls. I don't know what else to do. I've also contacted the attorney that's processing the foreclosure but they said I needed to speak to Chase. It seems no one can give me any answers. I have to wait for the closer. Now should I just pack & start moving? I don't what to be evicted & have my belongings tossed on the street.