Any Advice Will Help !!!!
Hi everyone, please dont look at me as a
small fish in a sharks den, I need your advice. purchased a home for 266,00
in CA w/ 20% down home is now on the
market for 379,000 very competetively
priced. hears the problem ! I lost my job
3 months ago and have just started to
work again making above average pay,
more than enough to cover my monthly expenses, But have just received NOD
from my mortgage lender, and I think I
might be to little to late, cannot afford to
come up with the 3 months of behind
pymnts for 2 or 3 months. any suggestions on how I could handle this
without losing the house or selling the
hardway and walk away with nothing, any
advice would really be appreciated.
Have you contacted your lender to explain your situation and explore if they would be open to working with you on a payment schedule of back amounts? I'm just thinking this might be better than not communicating with them at all.
murphey, by all means, speak to your lender about your situation. i don't know CA's protocol, but normally people like to talk to people. if you don't call them, regardless how much you're hustling on your side to get caught up, they won't know anything and will proceed to foreclose.
just let them know you still want the place and you lost your job and now have another and can now pay your monthly. ask them if you can send them as much as you can muster up, over 1 month of normal mortgage and see if they'll roll the rest onto the back of the mortgage and kinda start over. i'm sure a competitive market may make this seem unlikely, but try anyway. at least the person pulling the cord on you will know that you plan on and can now continue making payments. my experience is that generally lenders dont want to keep paying legal fees to foreclose. just ask - what can you lose. at least they'll have a voice and person to attach the house to - and not just an ambiguous address.
good luck!
when I received the NOD, I called them
and tried to work out a resolution, they basically told me that I had to give them
full payment on the payments on the
arrears and would not even except a
partial payment, I guess the CA real-
estate market is inflating so much that
they feel they dont have to mess around.
unfortunately because of loss of income
my fica score is ridiculously low and Im
not sure how Im goin to get my self out
of this mess without losing it all.have
tried asking friends and family for
a loan with 50% interest EVEN, for 6
months, but as much as they would
like to help they seem to be struggeling
also, I guess I just dont know the right
people. thank you for your responses
tho. it would be nice to know that you guys and gals were out there with your fingers crossed for me. thx kevin
Murphey:
Why dont you pay a MLS Listing service
$300.00 to list your house and offer 6%
commission to sell it. Have an open house every weekend! The market in California is hot right now and I am selling houses in a matter of hours!
Best Riches,
Jeffrey Adam
[addsig]
If your house appraises for 379k and your current mortgage balance is <280k, and your current job is in line with your past job history, then you might be able to get a rate & term refi (no cashout) foreclosure bailout loan. The rate will be quite high, thus your payments will be also. If you can show you can make the new higher payments, this might be something to look into.
Otherwise, I would go w/ Jeffrey's idea and sell asap. At least you would be able to walk away w/ more money then if your home was foreclosed on.
Murphey,
If your loan is not more than three payments past due, call the lender back. Call every day if you have to, even twice a day. Ask for the Default Department. Each time you call, you are hoping to speak to a different loan default specialist until you get someone on the line that actually knows how to help you. When you do, ask about establishing a "workout plan" or a "repayment plan".
If your loan is more than three payments overdue, ask about a "forebearance agreement".
If your loan is past due for one, two or three payments because of a temporary financial setback, you may qualify for a Repayment Plan. You must be able to make the monthly loan payment and pay an additional amount towards the past due amount each month until the loan is brought current.
If you are unable to make a loan payment or you are more than four payments behind on your loan, you may qualify for a Forebearance Agreement. This is a formal repayment plan which may extend more than three months. Most likely, you will need to complete a Financial Analysis Form and send in copies of your last few pay stubs to verify your income.
As a last resort, ask for a Loan Modification. If you are unable to pay your past due loan payments, but you can meet your monthly obligations, ask the lender to modify your loan by adding the delinquent interest and delinquent escrow payments to your loan balance to bring your loan current. Your current mortgage interest rate must be within market guidelines. If you have any additional liens against your property, the lienholders must be willing to subordinate their interest to the new loan amount. Again, you will most likely need to complete a Financial Analysis Form and send in copies of your last few pay stubs to verify your income.
You have more leverage if your loan is a FHA insured loan or even a VA guaranteed loan. Even if you have a conventional insured loan, you should be able to make something happen.
If your loan is a VA loan, but you do not qualify for a Repayment Plan or a Forebearance Agreement, the VA may be willing to purchase your loan from the lender. You will need to contact your VA Regional Loan Office for more information on the VA Refunding program.
On a general note: You don't need to hit the enter key at the end of each line in the message body window. The system will word wrap. Also, use punctuation where appropriate and use capital letters at the beginning of your sentences. Make your question easier to read and more members will be willing to respond. For example, I usually ignore questions in ALL CAPS, and long questions with little punctuation and no paragraphing.[ Edited by DaveT on Date 03/22/2004 ]