Dec
18
Bank Won’t Help Us Avoid Foreclosure, Why?
ByHomes in are area are foreclosing in the masses. Our income was recently cut in half. The house will not sell, other homes are not selling either. Can’t refinance without options because the home is worth 100k less than the mortgage. We’re stuck. Our bank is opting out of this plan: “HOPE for Homeowners (H4H) is a program designed to assist borrowers at risk of default or foreclosure in refinancing to an affordable 30-year fixed rate FHA loan. The program is effective October 1, 2008 and will conclude on September 30, 2011.”
Any ideas?
5 Comments
December 18th, 2009 at 7:25 pm
2 big problems. Many banks accept your payments every month. But they don’t actually “own” the mortgage. They sold it many years ago. You would need to talk to that person or business. They are the decision maker on your loan.
Your bank makes $30 a month “processing” your payments and forwarding them on to the “owner” of the mortgage. But when you stop making payments, they may charge $300 a month. So they have an incentive to run up the costs. They have no incentive to speed things up.
December 18th, 2009 at 10:47 pm
Have you tried seeking a private loan? You may be able to find an investor who is willing to take the home and rent it back to you.
If you need more foreclosure help then quickly head over to http://foreclosure-help-now.com
Good Luck
December 19th, 2009 at 3:15 am
Your income was cut in half which means you most likely do not make enough to qualify to refinance as you will be over the 31% figure. In other words you are only delaying the inevitable so they will not refinance you.
December 19th, 2009 at 6:01 am
have you talked to them about a short sale? i think a bank would rather short sale a home than go into a foreclosure. at least with a short sale they would make some money from the home instead of nothing.
December 19th, 2009 at 11:10 am
the simple reason: the bank doesn’t believe that you would actually be able to continue to pay even if they modify the loan.