Home Retention Group?

[staytogether]

A Fed-Ex was supposed to be delivered to us today from someone called the Home Retention Group and I was just wondering if anyone knew anything about this company. We never got the Fed-Ex because they didn't have our address written correctly on the package.

We are letting the house go, haven't made a payment since July '09, and have been discharged since March. We plan on staying until we have to leave, save up and live rent free for as long as we can.

Just wondering if being contacted by this group meant we were going to need to move soon, and also wondering how they got our information.

[DeadManCrawling]

This is a BoA/CW loan? Sounds familiar to me.

If these folks are contacting you, it could be a very long time until the FC is complete. The department is supposed to try to get you INTO a modification, and will probably extend things a lot.

If I were you, wanting to stay as long as possible rent free, I would repeatedly fill out their paperwork and ALWAYS leave out all the signature pages.

These folks want to get you back on the hook for the mortgage. In the normal course, they would probably lose the papers anyway, but I would make sure they never got anything with your signature.

This could extend things in your favor.

Others will have differing opinons, probably. MY feeling is that if you want to stay, I would drag these "Home Retention" folks and their paperwork out as long as possible.

Good luck.

[jlmaca]

A Fed-Ex was supposed to be delivered to us today from someone called the Home Retention Group and I was just wondering if anyone knew anything about this company. We never got the Fed-Ex because they didn't have our address written correctly on the package.

We are letting the house go, haven't made a payment since July '09, and have been discharged since March. We plan on staying until we have to leave, save up and live rent free for as long as we can.

Just wondering if being contacted by this group meant we were going to need to move soon, and also wondering how they got our information.

What state do you live in? The foreclosure process is very different in each state. I'm in the same situation you are in and have not received a Notice of Deliquency, intent to accelerate which is the first step in foreclosure in Maine. After I do receive this notice I have approximately 120 days to move out.

[staytogether]

This is a BoA/CW loan? Sounds familiar to me.

I'm in WA state and loan is with National City, now PNC.

If I fill out the paperwork to stall, but don't sign anything, is that the same as saying I want to be responsible for the loan again? I'm not in a hurry to move, would like to drag this out for a little while if I can.

So the Home Retention Group was hired by the mortgage company to work with me to try and find a way for me to still stay in the home?

Thanks for the responses.

[jlmaca]

I'm in WA state and loan is with National City, now PNC.

If I fill out the paperwork to stall, but don't sign anything, is that the same as saying I want to be responsible for the loan again? I'm not in a hurry to move, would like to drag this out for a little while if I can.

So the Home Retention Group was hired by the mortgage company to work with me to try and find a way for me to still stay in the home?

Thanks for the responses.

Washington State has both judicial and non-judicial foreclosure processes.
The judicial foreclosure process is used when the mortgage contract does not contain a Power of Sale. The Power of Sale is a clause that allows the lender to proceed with the foreclosure directly. Without it, lenders have to file a lawsuit and get a court order before they can foreclose. If the court rules in favor of foreclosure, it orders the property to be sold and the home is sold via public auction. I believe the timeline is about 160 days after notice of deficiency. I would not sign anything if you do not want to reafirm your loan. Don't get put back on the hook for something you don't want.

[DeadManCrawling]

I would call them first, ask a few dumb questions about the paperwork, and tell em you will send it in as soon as you have an attorney verify some things. Then I would wait a couple weeks to a month, and start all over.

They require updated financial info every 30 days, which, when we were considering a mod for real, was a nightmare. They would tell us to call back in 4 weeks to check progress, and then insist on conducting the same "phone interview application" each time. To update their financial records, they claimed.

Just doing this could extend things a lot.

[JustFileSuit]

Why do you want to let the house go? Is it upside down? Are the payments too high? If so, and the lender knows full well that it is upside down and that if you leave they are going to take a hit, then they might as well just cut a New Note to replace the Old Note (which is probably vacated by the bankruptcy in any event) and have you stay as the owner, just paying less. If they push you out then they have another empty house to contend with, and all the costs and problems that go with it.

Schedule a personal meeting with them and see if they will write you a new note for a lesser amount and a lower interest rate. They just might go for it! then you don't have to move either. In effect, you buy the house all over again but without the lender-seller having to pay the 6% realtor fees (another incentive for them to issue you a lower Note).