Need Clarification, foreclosure, non reaffirmed mortgage

[1b3long2u]

Maybe you can get that money back that you've been paying to them?

Question - you indicate you didn't file. (So your spouse did, I assume?) Is your name on the home loan?

I wonder if it is possible to get all of the money back that you've paid the mortgage company since you filed BK? I got some money back from a collection agency that had garnished my wages just prior to me filing BK, it was considered a "preferential payment" or something like that?

[SMinGA2]

1b3, that's a different situation than paying for continued use of secured property. For something like a home or car - you keep paying to keep the property. If you don't reaffirm, they can't pursue you for a balance owed if you stop paying. At some point you would lose access to that property though. (Thru foreclosure or repossession.)

[tobee43]

Sorry one more important question - Since we did the HAMP Modification, aren't Freddie Mac/Fannie in "charge" of our loan? It says their names on our Mod paperwork, along with the banks name of course. I'm thinking that this may slow down the process a bit, especially with everything that's happening with the Obama admin this week specifically regarding these loan modifications. Any thoughts on that?

freddie mac and fanny have banks handle the loans they are just government backed, however the lender still services them.

it just depends on how fast the foreclosures are going in your area. shoot, our house was an FHA with PMI and it still hasn't foreclosed and it's over 4 years now. we don't live there anymore and the bank has taken it back, however, they have not made one move to foreclose and here it's a government back loan with insurance. so, really, one can't tell how quickly it will go, or better said how quickly they will move. a good way to find out is; i know in nj we can just go to the county site and it lists the foreclosures, i don't know how exactly NY state does it. i would see if there is anything on your country site about the lists of the bank foreclosures that way you can see exactly how quickly or slowly they are moving in your area.

seriously, i don't know if we were still in the house if the bank would have moved quicker in our situation, but even so, over 4 years is very slow in that area, yet the nj shore they moved much quicker.

[IllinoisLiz]

there is a great site that is similar to this one but focuses on foreclosures. You can find a ton of answers and great supprt there. google loansafe. sorry i cant post the link.
good luck to you!