Stopped foreclosure process

[nd2fxmess]

Are deadline to respond has not even come yet... So I got the fax from the mortgage company stating that as of today Foreclosure process has been stopped. I'm assuming this means they won't be asking for a judgement correct? They are doing a loan mod instead of us using our retirement to pay the back payments. The LM I've been dealing with game the the numbers for the loan mod she worked out for us and it actually lowers our payment but is adjustable for the next 5 yrs but the highest our payment will get is still lower then it is now and no payments until March 1st.

The most important part is I have all this in writing!!! It's not a done deal yet on the loan mod she has to finish up the paper work for us to sign but I have it in writing that the foreclosure process was stopped as of today!!

I just wanted to thank all those here who responded to my other post!

[nd2fxmess]

Just wanted to update my own saga...

The LM that has been dealing with me who by the way has been beyond nice and helpful called today to give us the number for the loan mod that she has worked out. It lowers our payment by about 300 dollars then the interst rate rises for 4 yrs to the final payment amount being roughly the same as we currently pay. I'm cool with all that since our ARM was suppose to adjust in Sept and would of raised our payment 300 dollars!!
I'm excited we get to keep our house lower our payments and we will be okay after all!!

[poorme]

That's great for you! Loan mods are very easy for the lender to do and have been very rarely provided - but I predict they will become increasingly used as this thing rides out. If more banks would smarten up - they're far better off receiving monthly payments you can afford than to force you out of the home. Congrats!