I am wondering...we havent been in forclosure but have been threated...my $3,000 that I owed has grown to $6,000. So they definatley have thretaned us...Im making payments and adding a little extra onto each one...a hundred here and a hundred there...cant afford to make an whole extra payment. So here are my questions:
1. Is there anyway I can maby get another loan from another bank that can get me out of fo4rclosure?
2. If Im making payments can they still forclosue?
3. What if i pay half or more than half off why would they forclose? For instance...it should only take me a yr of extra payments to pay off the back pay...if i pay this and get to the end when i only have 3 more payments...would they forclose?
I want my home..I have 4 kids and one on the way...does anyone know any ways around this? I am thru Bank of America...thanks
I am wondering...we havent been in forclosure but have been threated...my $3,000 that I owed has grown to $6,000. So they definatley have thretaned us...Im making payments and adding a little extra onto each one...a hundred here and a hundred there...cant afford to make an whole extra payment. So here are my questions:
So you're behind in the mortgage, but are making your minimum mortgage payment plus a little extra trying to catch up? Or are you not making your minimum monthly payment?
1. Is there anyway I can maby get another loan from another bank that can get me out of fo4rclosure?
You've only been threatened, if I understand you correctly. IF you can pay the minimum mortgage payment plus some extra, I would not try to borrow money from somewhere else. More debt is not the answer.
2. If Im making payments can they still forclosue?
Absolutely. If you aren't making full payments, you are in default, and they can foreclose. It would be stupid, but BoA isn't the brightest bank on the planet.
3. What if i pay half or more than half off why would they forclose? For instance...it should only take me a yr of extra payments to pay off the back pay...if i pay this and get to the end when i only have 3 more payments...would they forclose?
What do you mean "pay half or more than half off"? Is that half the amount due each month? Or what you owe each month plus half again?
As for "why would they foreclose" - you're asking questions based in logic and reason. This is Bank of America. They don't do logic and reason here.
However, *IF* you're behind but slowly catching up, it *would* be stupid of them to foreclose. But like I said - this is BoA...SMART ain't in their dictionary these days.
I want my home..I have 4 kids and one on the way...does anyone know any ways around this? I am thru Bank of America...thanks
Aside from paying off your debt to them? No. Anyone who promises you a solution that doesn't involve paying off the back payment due is lying to you. The only possible solution is a loan modification - but from what I've been hearing, with BoA, that ain't likely either.
I am exactly in the same boat as you!! I am unable to make the full payment each month and they do not care if I even pay partial what I owe and also I was told if you choose to modify your loan it will take 30-60 days are they can still foreclose when your in that process!! I was told they can start foreclosing any day now!! Its a whole mess!!
It is a big mess! I can afford to make my monthly payments...just not 2 monthly payments in one month. Ive been a mess all day...I just dont know what to do
jolene, I;m not saying it will be easy, but Greebo is right (ouch! ) - please post your budget..... sometimes you just need to see it all in black and white to see where you can come with the money needed. He is great at helping with this sort of thing.
On that income, you should easily qualify for financial assistance for food, shouldn't you?
$1,400 a month is an income crisis. If you can get the income up, you can get the payments up easily. What can you do to increase your household income?
$198/month for car insurance is *A LOT*. What kind(s) of car are we talking about here?
If you are in the state of FL $1400.00 is TOO MUCH to qualify for any assistance.... I guess you REALLY have to be below the poverty level before anyone will give you any type of temporary assistance.... RIDICULOUS!!!!
we have a van for our family car becuase we have 4 children and one on the way...we need that. And then we have an old chevy malibu which hubby drives to work...saves on gas.
Its adjusted as low as he can get it...we were paying over $200 dollars
And yes Im sure we do qualify for food assistance...I was recently taken off from work and havent recieved disability yet or dont even know if I am elligable. The Disability office is checking my prenatal records now but saying I may not be elligable.. due to be taken off so early in the pregnancy. I had complications and they are "MAKING SURE" the complications are severe enough for me not to be working ...UGH...So I am not sure if I will be gettting anything or not...will know by the end of the week
Ok well obviously that's your top priority. Get the food assistance, keep on the disability - if your doc says you can't work, don't let them keep you from it. Once the disability comes in, you direct that towards catching up on the mortgage.
Meanwhile do NOT allow your mortgage payment to be less than $598 again, and anything else you can pay towards it, do so. If you're catching up, however slowly, it's still improvement, and if they *DO* file foreclosure, you can take the proof of payments + very slow catchup to the courts and say, "Your honor, I know we've been behind but we're catching up, as the records show!"
HOPEFULLY you won't end up in foreclosure, however. I suspect that BoA is mainly just making noise cause they can, and cause they're BoA.
I applied to the mortgage reduction program and they denied me of it. I figured things wouldnt work out in my favor...all this talk about how Obama signed a thing so people can keep their homes...how can people keep their homes if they are being denied the program????
I dont know too much about Bank Of America...I know one lady on here has something written in her siggy that states its the BANK OF HELL...
Do u think they really will forclose of Im trying to catch up? And do u go to court when u get forclosed on??? So I can show the judge we are making payments?? I could puke im so nervous and upset!!
I applied to the mortgage reduction program and they denied me of it. I figured things wouldnt work out in my favor...all this talk about how Obama signed a thing so people can keep their homes...how can people keep their homes if they are being denied the program????
Moral here - don't expect politicians to save you. No matter what party you belong to.
Do u think they really will forclose of Im trying to catch up? And do u go to court when u get forclosed on??? So I can show the judge we are making payments?? I could puke im so nervous and upset!!
Do I think they really will foreclose: I don't know. Maybe. Maybe not. Do your best on catching up and don't worry about it unless you actually get served with court papers.
Do you go to court during foreclosure? Foreclosure is a legal proceeding - how it works varies from state to state. What state are you in?
Although if you ARE catching up, like I said, it would be STUPID for them to do it. But it's BoA...they're stupid...so I don't know.
I would be scared to but I hope you can calm down a little for the baby's sake.
Is there any way you can use less gas for the cars, Can your dh carpool part of the time? Will your house gas bill go down now that it is supposed to be warming up? Why is your car ins so high? Can you reduce it to liability?
NY *is* a judicial proceeding state, so you will go to court in the event BoA chooses to start the foreclosure process.
It'll take a year to 15 months for foreclosure to complete - so I think as long as you are making the payment AND catching up, however slowly, they probably will not foreclose.
I know its scary but I am in exactly the same boat as you!!!!!! You have to try and relax for the baby, hopefully it will all work out! At the end of the day you can only do what you can! I will be thinking about you and your family!
Thanks Greebo. Im sooo sick to my stomach thinking about it and Ive been crying all day!!! I just couldnt imagine losing my home with 5 children Everyone has financial problems and u would think the banks would be more understanding and aware of that...as our country is in more debt than ANYONE!
I just hope I can cough an extra $2-400 a month to slam down on the $6000...ugh!
Ok, first how did $3000 turn into $6000? Only thing I can think of is house insurance and land taxes is not included in the house payment and they aren't being paid so Bank of Hell has picked that up and tacked onto your payments due. Otherwise I don't understand. Can you explain how it doubled?
At $598 a month and it was orginally $3000 it sounds like you are 6 months behind. At 3 months the foreclosure process starts. At approximately 6 months the papers are served to you. It says you are being sued. From that point it can take anywhere from a few months to God knows when. Ballpark is a year.
Yes, you will go to court. And do go. Whatever you do you show up.
Another thing here..At $598 a month and paying like a hundred a month going to the extra you are behind...have you forgotten about late fees? Any "extra" beyond the regular payment is probably going toward the late fees. And they will continue every month until ALL payments are caught up. So if that is what is happening you aren't paying anything toward the back payments or very very little.
Another thing that could be with the extra $3000 is processing fees and attorney fees to gear toward the foreclosure. Cause if you are 6 months behind foreclosure is in the works. It's a given. You just haven't been served yet.
Sorry, know it sounds harsh but it's fact. No candy coating on this end. Been thru it once and gonna go thru it again with Bank of Hell myself. Very shortly.
We inherited sort of his dead mother's house. Not going into the story, if you're interested you can find the whole thing on the hardship thread if you go back. Long story short last payment was made Dec 2008 and papers were served first of June. Now we are going thru it with our house we live in. This month will be the second month not paid. Difference is we are filing bankruptcy soon and is also posted on hardship thread. It is unavoidable. We got behind last year this time on ours now and they called and it was either pay the 3 months BEFORE the 90 days or foreclosure would start. We begged, borrowed and sold and caught it up. End result now we are back to where we were.
The lady on the phone tried the redo plan and they couldn't help us last year either. Truth is they don't want to help anyone. If they wanted to they could. What they do want is to make it look like they do because they were one of the biggest bail outs.
We asked for help twice, maybe 3 times in 2008 and 2009 before we ever became late. First they couldn't help us because we weren't late. Then in June 2009 when we couldn't make the payment the lady said they couldn't help us because we were late...what the hell? Then when it WAS caught up they couldn't help us because we didn't make enough. Go figure. It was because they didn't want to.
So anyway, there it is. If you are 6 months behind it's 99.9% sure you will be served even if you are paying..any way you cut it you're late 6 months...again, sorry...sorry for having to say it and sorry it's happening to you.
In my county in the first less than 3 weeks of March there were 240 foreclose papers served. And it's NOT highly populated.
The process regardless has a schedule and they will follow it. Even with us filing bankruptcy it still goes thru the foreclosure process. We just don't have any monetary repercussions from it. Cause there is either a 1099C or a dificiency judgement at the end. In a 1099C the difference between what the house eventually sells for and what is owed is considered income and income tax has to be paid. The C stand for cancelation of debt. In a dificiency judgement YOU pay the difference between what it sells for and what is owed.
Good luck and again I apologize for anything that sounds harsh but it dosen't help any to give you cotton candy. You have to prepare yourself, arm yourself. Get on the computer and start googling. Start reading. Lawyers most all give free consultations. There are foreclosure lawyers but most are booked out the yin yang.
Keep track of ANYONE you talk to..name, date, time. Every piece of paper. At this point when you send the payment in send it confirmation, signed for. That's positive proof that can't be disputed. Call again and get someone else and see if they can help.
And if it comes to going to court. GO...and go armed.
Rule 1...Don't trust them under any circumstances. Rule 2...Don't believe them under any circumstances. Rule 3...Remember...if their mouths are moving, they're lying.
I dont even know what to say to this...you have me speechless really.
I actually just talked to someone and gave them all of my financial info. They stated that I am elligable for a loan modification...which would turn my payments from $598 to $633... to catch up. It says the account will become currant as long as I am making payments...BUT I do have to wait for the process to go thru...and they told me that while this is happening all forclosure activity will come to a hlat (remember that I am NOT in forclosure yet...but I did get a paper in october with the intent to forclose...it expired nov 8th?) ANYWAYS...
They told me I had to come up with about $800 as a secured fund and send it when I got my modification package and along with the remaining paperwork I should be fine and it should all fall into place....what does everyone think about this?
I dont even know what to say to this...you have me speechless really.
I actually just talked to someone and gave them all of my financial info. They stated that I am elligable for a loan modification...which would turn my payments from $598 to $633... to catch up. It says the account will become currant as long as I am making payments...BUT I do have to wait for the process to go thru...and they told me that while this is happening all forclosure activity will come to a hlat (remember that I am NOT in forclosure yet...but I did get a paper in october with the intent to forclose...it expired nov 8th?) ANYWAYS...
They told me I had to come up with about $800 as a secured fund and send it when I got my modification package and along with the remaining paperwork I should be fine and it should all fall into place....what does everyone think about this?
Depends on WHO that "someone" is that you talked to. Be very careful out there. There are a lot of scam artists roaming around these days. Make sure that whomever you do business with is with the making home affordable. gov crowd.
You stated before in an earlier post that you were turned down for Obama's mortgage relief help, so I would be a little bit skeptical and would check everything out before I gave ANYONE my financial information and numbers.
* Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
* Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
* Assistance from a HUD-approved housing counselor is FREE.
* Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
* Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
* Never make a mortgage payment to anyone other than your mortgage company without their approval.
Go to the making home affordable .gov. for more info.
Sorry, but currently I am not allowed to post links but if you google making home affordable you should be able to find the government website on all this.
Also Nikosan is probably right it's been 6 months and even with the moratoriums that went on during the holidays the foreclosure suit is probably already down the pipe line. If that's the case, depending on what state you live in you may have a "Right to Redemption" which would mean you would have to come completely current with your payments and costs before the gavel falls and sheriff sale starts.
I don't mean to sound harsh but as Nikosan said earlier ya can't candy coat any of this stuff and you better be armed with the actual facts.
If your only 3 months behind is there anyone you can borrow the money from someone?? If it's more then I wouldn't bother cause according to Nikosan the foreclosure has already happened. Good Luck!
Still kinda lost here...Yes it was Bank of America that I talked to...nobody else.
They told me that my loan is not in any type of forclosure yet it is being shown as a deliquent but active account. But they could start forclosure proceedings at ANY time...
So...they said that while I am enrolled in the loan mod program that all proceedings that accured with forclosure would not happen until after this was over and if I was not elligble. BUT she also said that when she entered my financial info I was elligable for a loan mod....and it would change my payments from 598 to $633. And if I cooperated and sent everythign needed in a timely manner and the loan person(forgot the word) went over everything right that I would be elligle and my account would come to a currant balance and my payments would go up. I asked how long this wouuld take and she told me depending on the loan person. She said it will take 1-45 days to recieve my packet and the sooner I get it back the better...she said that there will be a date noted of when I have to have it back by. She told me to start getting my paperwork ready NOW! and she gave me a list of everything I would need to send copies of...but she also staed be prepared to send $787.58 of secured funds...but she didnt say why and I didnt think to ask...(of course) but she said it must be secured as in a cashiers check or whatever... I did write down her first name but thats all I got from her.
Workout Status Detail: Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from Home Retention Department during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 05/11/2010. If your status remains unchanged after the 05/11/2010, please call and speak to a customer service representative. Please do not call back before 05/11/2010 as that will delay the process. Please respond promptly to any calls or requests that you may receive from Home Retention Department during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of: 04/06/2010
Workout stage: Processing
Phase/Sub-phase: Active Processing
After the Mortgage crises, most banks now have a Loss-Mitigation service" Basically this service works with you to do whatever they can to keep you in your home. Their driving force of course is that they can't unload most of the homes now, so its best to keep you there and paying.
You may want to check with BoA and see what they offer.
A friend got into that situation and they completely redid the loan lowering the rate and the payment. Nothing was forgiven just reworked and extended.
Unfortuantely, they were required to pay a few thousand up front for this, but it was well worth it. I actually bought a few things from them when they started to raise the money.
while I am enrolled in the loan mod program that all proceedings that accured with forclosure would not happen until after this was over and if I was not elligble
This still says to me that it had/has whatever started. Maybe they do have a stand still on it for now. Read the links I sent and fore-arm yourself.
Get your copies ready to go the next day after received. Send they way I said and also make the extra copies of EVERYTHING cause they will lose the first set.
As you find out anything please post. It's a learning process for others and unfortunately you're a new teacher even tho every case is different.
I truly from the bottom of my heart hope everything turns out well for you and I will continue to watch your thread here.
Don't let your guard down. Arm yourself with knowledge. Don't believe everything they say. Don't ever trust them. And remember, if their mouths are moving, they are lying somewhere along the line. That's their paycheck.
Ok, by the time I got this posted you had another post....so it says it has been suspended. I would make a copy of that page and start your file with it. Keep everything together. If there comes a point where it's denied being said you have a copy. Don't take for granted that it will always say that. Make a copy because you don't trust them.
Suspended is great...Sucks that you will have to do the wait game for 5 weeks but still great and let's face it...they ARE swamped.
Keep us up to date. PS...ALWAYS get a last name when talking to them...you know how many Susie's or Linda's there are working there...also date and time of day.
There was a case on my local news regarding a homeowner who wanted to modify their loan and the bank (which was not named) asked for all this money in order to do the mod and the people thought it was odd so they contacted an attorney and long story short they took their bank to court and the judge said the bank should be ashamed of them selfs for asking for money in order to mod the loan and wiped the whole loan out!!!!
I'm so sorry to hear about your hardship. I deal with this everyday & understand your frustration with dealing with the banks.
One thing everyone should know about this housing mess, is if the bank refuses to modify your loan, contact a realtor and get your home on the market in a short sale. This is better than having the bank foreclose on the home.
Once the bank short sales or forecloses on the home they will send you a 1099 for the balance of the debt owed, however there is some relief and it is called the Mortgage Debt Relief Act of 2007 which applies to most homeowners and covers Canceled Debts, Foreclosures, Repossessions, and Abandonments. This only covers you if you receive a 1099 from the bank for the balance. Note each bank handles how they are going to collect the balance owed, however everyone I know who has sold their home in short sale or foreclosed has received a 1099 from the bank for the balance owed.
For more information on The Mortgage Forgiveness Debt Relief Act and Debt Cancellation go to the IRS.gov website.
Publication 4681 will explain more about it. Use form 982 if you receive a 1099 from the bank.
Hope this helps & all the best
I'm so sorry to hear about your hardship. I deal with this everyday & understand your frustration with dealing with the banks.
One thing everyone should know about this housing mess, is if the bank refuses to modify your loan, contact a realtor and get your home on the market in a short sale. This is better than having the bank foreclose on the home.
Once the bank short sales or forecloses on the home they will send you a 1099 for the balance of the debt owed, however there is some relief and it is called the Mortgage Debt Relief Act of 2007 which applies to most homeowners and covers Canceled Debts, Foreclosures, Repossessions, and Abandonments. This only covers you if you receive a 1099 from the bank for the balance. Note each bank handles how they are going to collect the balance owed, however everyone I know who has sold their home in short sale or foreclosed has received a 1099 from the bank for the balance owed.
For more information on The Mortgage Forgiveness Debt Relief Act and Debt Cancellation go to the IRS.gov website.
Publication 4681 will explain more about it. Use form 982 if you receive a 1099 from the bank.
Hope this helps & all the best
Yes, the bank can decide whether to issue a 1099C or go for the difference of selling price and cost owed, including all the bullcrap they jack it up with. Ours went from $203,000 to $229,000 with all the crap and it isn't late fees making the difference.
And if you read the act you are talking about, I have 30 or 40 times AND discussed with a foreclosure attorney who we have working for us if you have refinanced the house the money had to have been used for only certain things such as remodeling to bring up the value of the home. It also has to be a principle residence. I do believe it could not be used for student loans. We have a friend now going thru this. Refi, student loans for the kids and she is in deep crap. So it depends on what the refi was used for. If used for a car, pool etc...then there is no debt forgiveness. Read it in full
The banks here are no longer issuing 1099C's they are going after the difference. So what you said is not necessarily true. Depending on the state, judicial or non judicial. The bank can do one or the other but not both. And it is NOT always a 1099C.
This is straight from 2 attorneys. The banks are wanting the money instead of giving it to the IRS.
In Michigan you can get help paying your electric bill, heat bill, rent, and many other things I have just recently found out. Poverty level depends on how many people in your home and income. EX: IF unemployment continues we get 1500 a month for 3 people. We still qualify for assistance. I can not imagen that NY would say that 6 people (7 soon) on 1400 a month is NOT poverty. Check it out call if their website does not answer any questions.
Just having food assistance, heat and electric paid would save you an extra 300+ a month. Also in MI you just call the gas and electric companies for the programs. HTH ***HUGS***
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