Bank strung me along

[buy4now1]

Hi this is my 1st post. I received a lis pendin in march 08 the bank would not work it out. In July the bank asked me if I could start making payments again if they worked out a loan mod. I sayed absolutely Yes. I supplied all the info they asked for and weeks went by without an answer. I contacted them in aug and they said they would have something for me soon. In sept they went to the judge and got a judgment. The attorney for the bank told the judge that we were working it out. The judge set a date for Nov 12th to auction. I contacted the bank and they finally said they did not want to mod the loan but that they would take a Deed in Lieu of foreclosure. I said ok how long. They said 2 weeks. A week ago I inquired about the satatus of the DEed in Lieu and they told me the attorney sent it to me and I should get it soom. Well today I asked where the Deed in Lieu was... they said no Deed in Lieu they are going on with the auction. They told me they would not do a loan mod because my income wasn't enough. My income has not changed since I bought the house. They have strung me along. I don't know what I should try next. Is Bankruptcy an alternative? I am in Florida.

[kejac]

yo, check out this website for info on modding your home loans if you are in trouble, some great info.
http://www.loansafe.org/
I havent checked out the stickies on bkforum but it would be cool if loansafe.org was added for additional help for folks.

[b_girl]

You need to see your BK attorney ASAP. If you don't have a BK attorney, get one ASAP. If you do qualify for BK (either 7 or 13) and can file quickly enough, you can stop any pending action due to the automatic stay which will protect your assets during the BK process. Doesn't mean you won't eventually lose your home, but you can delay it if you act quickly enough.

As for whether you qualify to file, you did not give enough info for any one here to hazard a guess. That's why you absolutely need to see a BK attorney ASAP. Good luck.

[r.m]

A DIL is a waste of time, particularly if you can occupy the home longer without agreeing to one.

The BK will likely stop the foreclosure proceedings for awhile.

Not knowing who your mortgage company is, it's difficult to say what could be done.

One thing I do know: getting a loan mod takes more than just asking for one.

About 73% of my clients had already tried on their own to obtain a workout and either were force-fed a repayment plan or got shot down outright.

With a week to go, you could try going the loss mit route again while concurrently planning to file an emergency BK, if necessary.

But you're definitely going to have to do something different(ly) if you re-apply.