Forclosure started

[PolishMan]

I am 3 months behind on mortagage, sent in a payment last week. Called Chase Home Finance because it was not cashed.
She said they may not accept it because it was not for the full amount ??

She said it was turned over to the lawyers office Dec. 03. My home loan mod was denied and I should get a letter on that this week. She said I needed to get the payment current or it would be forclosed on.

She asked me If I wanted to reinstate the loan and I said yes. Told me I would get a letter next week and need to bring the payment current. I have the money to get the payment current.

I am planning on keeping the house and filing chapter 7 in a couple of months. Does this all sound right ? If I bring the payment current and continue to make the payments .I should be able to keep the home ??

Seem like they didnt give me much time , Do they really want the house ?? Is this just in the beginning stages and I should be ok if I get things current ?

Sorry to ramble on , Thanks.

[DaisysMom]

Did they say why the loan mod was denied?

And I would try to get the lawyers name and give them a call to discuss getting the payment current. Let them know your intentions. In my case.....once it was turned over to the lawyer, they just worked on filing the foreclosure and racking up additional fees. I never had a chance to do anything before they filed court action. You do.

The sooner you get the catch-up payments made the less you will have in legal costs.

With mine.....the catch-up payments included a couple thousand in legal fees from their lawyer. This was due to costs for filing foreclosure, court costs, title searches, appraisals, etc. If you can pay and halt that process before the charges accumulate, you will save yourself lots of money.

Be relentless....communicate...fight for your home.

DM

[PolishMan]

They said my debt was to great, Duh, Thats why I could use a loan mod .
Any way they said I would get a letter explaining more.

I just called the mortgage company again and the guy told me : the lady I spoke with yesterday sent an internal request for reinstatement of loan and what I owed to bring current. Should receive letter in 7- 10 days.

I will stay on top of this. Will they give me the the attorneys phone # ?? Just wait for the letter ?? Do not want to owe alot in fees, Thanks for your help.

[DaisysMom]

Hopefully it will be OK. Mine was in foreclosure when I found out about it. Yours may be different.....as I heard about my foreclosure with a letter from their lawyer. Perhaps, yours won't get that far now that you have talked to the lender and they are sending reinstatement paperwork.

Plus, I am not an attorney and can't give you any legal advice, maybe you should get a free consult with an attorney and see what they tell you.

Also....I was dealing with GMAC......Chase may do things completely different.

I know it's hard......I almost had a nervous breakdown. I spent alot of time praying!! Hang in there though...it does get better.

DM

[PolishMan]

Does anyone have experience : Will they mail back the payment I sent as rejected because it was not the full amount ?
Will they hold the check and try to cash it later ?
I assume they will want a cashiers check for the amount I am behind .

Any advice greatly appreciated.

[LALADY]

By filing Chapter 7, it is not an automatic guarantee you'll be able to keep your home. One of the main reasons for filing Chapter 13 is keeping your home.

[dscurlock]

Does anyone have experience : Will they mail back the payment I sent as rejected because it was not the full amount ?
Will they hold the check and try to cash it later ?
I assume they will want a cashiers check for the amount I am behind .

Any advice greatly appreciated.

I would not take anything for granted..until you see the
check returned, I would assume that they will cash it.

your bank just wants it caught up. It does not matter
how you do it, as long as payment goes through.

[DaisysMom]

I would wait a few days and call them and ask about the check. Once again remind them that you want to reinstate the loan. This is what one of the GMAC agents told me to do. Keep calling to be sure that it doesn't get stalled somewhere. He said at least once a week....but I called every few days.

And when I made the down payment on the modification......they wanted certified funds. But that was GMAC...Chase maybe different.

One other thing....when I discussed this with my attorney, he told me that the mortgage companies wanted their money more than they wanted my house. That turned out to be true in my case.

Hang in there....I know waiting is difficult. I am praying for ya.

DM

[rooster0330]

I would wait a few days and call them and ask about the check. Once again remind them that you want to reinstate the loan. This is what one of the GMAC agents told me to do. Keep calling to be sure that it doesn't get stalled somewhere. He said at least once a week....but I called every few days.

And when I made the down payment on the modification......they wanted certified funds. But that was GMAC...Chase maybe different.

One other thing....when I discussed this with my attorney, he told me that the mortgage companies wanted their money more than they wanted my house. That turned out to be true in my case.

Hang in there....I know waiting is difficult. I am praying for ya.

DM

I am in the middle of trying to do a modification with Gmac, how much was the down payment they required???

[PolishMan]

By filing Chapter 7, it is not an automatic guarantee you'll be able to keep your home. One of the main reasons for filing Chapter 13 is keeping your home.

I guess I thought I could reaffirm my mortgage with chapter 7, I owe about 300,000 and its worth $300,000 basically no equity.

Am I wrong that I will be able to keep my home ?? I know the mortgage has to be current. I was planning on using my income tax refund to get it current so trustee didnt take the refund.

But I can and will financially bring trhe payments current. I have five children and will work a second or third job to keep my house if I have to.

If I can get rid of the non-secured debt I will be ok. Any advice is greatly appreciated, Thanks to everyone for helping me, Sincerely

[DaisysMom]

Rooster.....I had to make two trial period mortgage payments, with certified funds and then when I got the papers for the modification, they wanted $500.00 down. I sent it certified check, with the signed and notarized modification paperwork they had sent me. They also gave me a prepaid Fed-ex overnight mail envelope to send all of the documents and check back to them.

My mortgage went from 7.5% to 5 and it made my mortgage payment affordable. There was also 2K+ in legal fees, court costs, etc. that was added to the principal mortgage amount.

They had the foreclosure dismissed and my first payment is due Jan 1st.

I can breath again!!!!

DM

[DaisysMom]

PolishMan....while you are waiting, do some research. Find out if your county court has a foreclosure mediation dept. like mine does. I didn't have to use them, but I would of if it had gone any further.

Go to LoanSafe.com....another website specializing in foreclosure and credit issues. Lots of good info there about all of the major lenders. They have a great forum too. I got alot of info from them when I went through this.

DM

[DaisysMom]

Oops...that wonderful website with foreclosure info is LoanSafe.org. They have tons of great info plus a forum on the foreclosure process and the options available.

DM

[PolishMan]

I called again today to check on reinstatement. The other day the lady would not give me the attorneys name or number. The man today gave me both.
I called them , they are local about 30 miles from me. Attorneys office gave me the fees $ 1300.00 They are proud of their work I guess.

Cant complain, my fault I guess. Attorney is going to get the rest of the amount I owe from lender. Lender told me $ 8200.00 which is the amount I am behind .

Attorney said I could deliver a cashiers check to them personally, I will do that this week. Will they give me a receipt ?? I will definately ask for one.

Lender states they will return check I sent them for a payment a few weeks ago. That remains to be seen.

I was thinking when I get my refund check usually around 7000-8000 . I will pay house payments in advance if they allow that. Making sure they apply it to monthly payments and not just principal.
I am planning on filing chapter 7 in a few montrhs and dont want trustee to take refund.

Will trustee look at that as ok? I would rather be ahead in case hard times occur again.

Any advice appreciated.

[DaisysMom]

I would call the lender and tell them of the arrangement with their attorney. Ask if they would rather have you pay the attorney or pay them directly. That way everyone will be on the same page knowing what each other is doing.

In my case...the attorney asked for $3,888......but the lender only wanted 2,700...which ended up being folded into the principal. Lender gave me a better deal.

As for paying the mortgage ahead.....not sure on that one.

And I am glad you are making progress. I know how it feels to face the possibility of losing your home.

DM