Archive for Avoid
At What Point Should I Consider An Attorney To Avoid Foreclosure?
Posted by: | CommentsMy lender, Wells Fargo Home Mortgage, has bumbled and fumbled with my situation for over 4 months. I send faxes with paycheck stubs, personal financial information, etc. ….twice they “lost” everything, repeatedly transfer me from department to department, and I am still attempting to set up a repayment plan with them.
They have refused any payment I have tried to make at this point, saying it would be simply not be accepted and sent back. I’m pretty sure all of this is intentional as my home has tripled in value since I bought it 5 years ago…they’d love to have it.
Additionally they have more than doubled what I owe them in fees and they keep adding.
If I secure an attorney to settle a repayment, how does that work?
Obviously I’m not in good enough financial shape to pay an attorney above and beyond the amount extra I owe my lender and I do want to stay in my house.
Why Do I Keep Getting ‘how To Avoid Foreclosure” Notices?
Posted by: | CommentsDue to some unforeseen financial issues, I was behind on my mortgage payments – for 8-1 and 9-1. In August, I contacted someone from the lending company, he emailed me (I still have the email), that said skip that month’s payment and make a payment and a half until I am caught up. I upheld that for September and am planning on doing that for October, as well. That person even took my September payment and a half over the phone. This notice I received today says if I don’t pay 2 payments plus late charges I could lose my home! I can see by the amount that my Sept. payment was not even added. I have the bank statement to prove it. Any ideas on what I should do??! Thank you so much.
Should I Refinance Loan To Avoid Foreclosure When Payment Resets?
Posted by: | CommentsSituation:
-Purchased new home built less than 2yrs. ago in Pittsburg,Ca.
-loan amount for 400k after 20%down payment.
-loan program is a 5/1 option arm,interest rate fixed for 5yrs. @8.25%.
-i’m only paying minimum payment from the 3 payment options.The minimum payment is a negative amortization.
-start rate is 2%…so the monthly payment is very low but the interest is compounding at 8.25% to the balance of the loan.
-FICO score is 729
-renters has given 30 day notice.
-loan balance is now 430k and same home is selling for less due type of loan and recession.I know it’s gonna take some time before home values start to incline on the graphs.I just want to be prepared during the housing market healing process.
Based on this information can someone give me any helpful advice.It’s my first rental property and i want to do this right,Economy sucks right now and i’m not gonna be a victim from it.I worked very hard to get this far and being a single parent w/ two daughters makes it more challenging.Thanks to those who respond.
http://www.bloomberg.com/apps/news?pid=n…
Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington.
Timmay and Barack want to send the “swat” teams in to get these loans modified. Why do it when a majority of them will fail again anyway?
Help! How Do I Avoid Foreclosure On My Home?
Posted by: | CommentsWe recently started a new business and things have been extremely slow so we’ve had virtually no income. We’ve been living off of credit cards and been unable to pay our mortgages(we have 2). I have now received letters of intent to foreclose if we do not come up with the money in the next 10 days. I am wondering what my options are. Should I just throw in the towel and let them take the house? I know my credit is shot but if it’s in my name only, would my husband’s credit still be ok? I just had a baby and we have a 4 year old. I think if we had enough time we could get the business generating enough income but I’m out of time. I don’t know what to do!