Applied for a loan modification and/or Special Forbearance due to health issues and loss of income because of having to repossess property I had sold on installment plan. Bank asked for more information re:copies of rental property leases etc., mailed that today. Got letter in mail this afternoon transferring my loan to loan servicing company. Where does that leave me? Do I have to pay past due payments now or will they immediately foreclose on me?
I have more than 0,000 equity in this home,at least I did until the Gulf Oil Spill. This house is only 300 yds off beach and since I do not occupy home I’m eligible for no kind of help, even though I’ve made payments for 14 years and most of my retirement is tied up in this piece of property. I would gladly sell if I could, but surrounding properties are for sale now on market more than 2 years. No buyers out there…..banks took bailout money and sit on it. Unfortunately my loan is owned by the bank and I had been working on this modification for 3 months already. I have been told "can’t find it, we’re working on it, be patient, it’s all in the system, need further info and week later transfered to a new mortgage servicing outfit. Just very frustrated!
I have more than 0,000 equity in this home,at least I did until the Gulf Oil Spill. This house is only 300 yds off beach and since I do not occupy home I’m eligible for no kind of help, even though I’ve made payments for 14 years and most of my retirement is tied up in this piece of property. I would gladly sell if I could, but surrounding properties are for sale now on market more than 2 years. No buyers out there…..banks took bailout money and sit on it. Unfortunately my loan is owned by the bank and I had been working on this modification for 3 months already. I have been told "can’t find it, we’re working on it, be patient, it’s all in the system, need further info and week later transfered to a new mortgage servicing outfit. Just very frustrated!

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We are in foreclosure and our bank has sold the second loan (balloon mortgage) to quite a few other banks. Needless to say when we call HL on the loan they have no idea who now owns our second loan. We are trying to do a short sale, can we say we no longer owe the money if they lost the loan? Can we say "Prove it" will that work?

Technorati Tags: balloon mortgage, banks, Foreclosure, money

I figure if the banks were not trying to suck so much out of the people, they would have refinanced the loans and lowered the interest rates long ago.. So… there you go drop the interest rates say by half ..refinance…( they still make money.. Better than nothing….)… and the government can back the lower interest rates.. Forget the banks books…. They might have to lower the top guys pay….whaaaaaaa

Technorati Tags: banks, interest rates, loans, money

If the banks had worked with the homeowners and kept their payments where they were and tacked on a few more years to their mortgage payments. Less folks would be out in the cold and at least the banks would still be recouping some of their money.

Technorati Tags: banks, few more years, money, mortgage payments

hello, this is kinda confusing when i aske about the foreclosures….i might be facing one…i called the bank and they said that if foreclosure happens then i have to pay the difference in between…lets say i owe 80 000 on the house and they auction it for 10 000. do i realy have to pay that 70 000 in between and what if i ABSOLUTELY DONT have the money to pay for it????

and i guess the banks dont really care about that…they sell it for the first one who bids on it!! right???

Technorati Tags: banks, Foreclosure, foreclosures, money

Any help in this matter would be greatly appreciated. I currently have 2 loans on my primary house in a Metro area in the East..My first loan is with Carrington Bank$ 568,000 with an interest payment of 5.75%, loan has numerous violations in original documents( such as 40 year loan not 30 year, etc) and we are presently in modification with them and my attorney. Proposed payment is being dropped to 5.25% and loan will be 30 years. Now second Loan is with Bank of America at 11.4 % and the payment is 1,400.00 with a balance of about 7,000. Have tried since second owner got sick( and can not pay ) to get a fair modification from the banks. Have been fighting for almost two years now. When your mortgage payment is more than 85 % of your income, it can be a mess to say the least.My questions are for those who can answer.1) With the new plan what are my chances of getting an FHA in a year, if both loans are modified? Bank of Americas answer to a loan mod was to raise my rate, last year(09). If I can what programs are available to my family and I? Is their a way that one or both of these bank may forgive a portion of the loan, so that I can qualify for a new loan with FHA. Neither bank has worked in any way with me at all. This is the 6th time I have tried modificiations. Since many people say we can deliver the world, and do nothing when it comes to it. Is it worth going to court for a forelcosure in NYS? I mean will this force the bank to work with me in a fair manner, not greedy manner? Short sale is not an option since house is underwater by over 0,000 and bank will not agree to that. In a foreclosure what can I expect to happen? Do not want to upset second owner who is sick, so will do this by myself. I am married(possibly not much longer) and wife works but is not on loan, since house was bought before we were married. So you can see the mess this has become for all involved. Any help you can offer in this matter will be greatly appreciated, thank you.

Technorati Tags: bank of america, bank of americas, banks, carrington, fha, Foreclosure, interest payment, loans, metro area, mortgage payment, wife works

A short sale means the bank has agreed to take a loss on the house to prevent foreclosure right? So is it safe to say that the listing price on a short sale house is going to be pretty close to what it would get appraised at? Banks don’t like to negotiate on these types of houses right?

Im asking because there is a short sale house we really like. In Sept it was listed at ,900, and it was taken off the market because someone made an offer. Well its back on the market at ,000. My husband and I figured we would just make a full price offer (contingent on appraisal) with closing costs to avoid any difficulties with the bank. Does that sound like a good thing to do?
this house has already been approved for a short sale by the seller’s bank. we also spoke with the seller, and they are moving out of state next month anyway, so they dont really have concerns there…

Technorati Tags: banks, closing costs, contingent, Foreclosure, Short Sale

The Obama administration’s billion program to curb foreclosures isn’t working, and the White House knows it.

Administration officials blame the mortgage servicers charged with carrying out the mortgage modifications and refinancing under the federal program. Many of their Democratic allies on Capitol Hill back them up, but others are criticizing the White House for fumbling the execution. Whatever the reason, the program hasn’t stopped the rising tide of foreclosures: Experts predict that at least another 2 million homes will be lost this year, and the administration’s plan has so far reached only about 160,000 of the 3 million to 4 million homes it was supposed to protect over the next three years………

“Everybody understands that getting out of this broader crisis requires that we stabilize our housing market and stem the tide of foreclosures,” Senate Banking Chairman Chris Dodd (D-Conn.) said in a hearing Thursday. But in unusually harsh words for a Democrat, Dodd said that the Obama administration’s progress in stopping foreclosures has been “disgraceful” so far.

“It’s just hard to explain to the working families in America how it is we could move so fast with extraordinarily complicated deals with the huge financial institutions, and we are moving so incredibly slowly, mired in paperwork, in rules, in talking to banks back home,” said Sen. Jeff Merkley (D-Ore.).

http://www.politico.com/news/stories/0709/25095.html

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To keep a long story short, The poor economy has hurt our long term plans and now we are looking into foreclosure of our home in Ohio. Our credit is already pretty bad, probably around 500 right now.

Anyway, I’ve read that foreclosure in Ohio has laws in place that favor banks. I’m basically wondering what the repercussions would be if we decided to foreclose on our home. Would we be excused from the loan and just have a worse credit rating? Would we be able to get a new place in a year in a different state? Would we still owe a portion?

Thanks in advance!

Technorati Tags: banks, credit rating, Foreclosure, poor economy, repercussions, thanks in advance

After how many missed payments do they initiate the foreclosure process? How long does the whole process take? Interested in how they compare with other banks. Thanks

Technorati Tags: banks, Foreclosure