Stop foreclosure now and keep your home!
27 Feb
Loan modification is a major player in a lot of foreclosure cases these days. They have become popular because millions of foreclosures are happening each year, and many people who have invested a lot of money in their properties are now scared of losing their homes. This is not surprising â losing a home for most people is a lot like losing a sense of security and stability for most of them.
Usually, homeowners who have temporary job losses, illnesses, rate adjustments, and other short-term hardships avail of loan modification. Most bankers also suggest that you modify your loans during the early stages of a possible foreclosure. Itâs best to nip the bud at its very early stages to avoid serious damages in the long run. Therefore, if you feel that you are already heading towards an impending foreclosure, it is best to go to the bank as soon as you can in order to discuss your loan.
There is a reason to this. Foreclosure proceedings take quite a long time to process. Typically, it starts as soon as you miss your payment even for a day. However, it will not be officially declared until you are 3-4 months due and the mortgage company has hired a legal attorney to file the foreclosure paperwork in the court system. This entire process depends on where you live. Some may take as little as 21 days, while others may even go for as long as a year. It all depends on your Stateâs Foreclosure laws, so it’s best to acquaint yourself with its mandates as much as you can.
In addition to this, make sure that you do not exceed 30 days. Usually, once you reach past this mark, the mortgage company will not accept your past due payments without your current one. So, if your typical payment is $1,500/mo. and you are 45 days past due, they will want you to pay you $3,000 ($1000 for your past due payment plus $1000 for your current one). They are quite strict on this, and they will send back your payments if they are not complete.
Always remember that you can choose not to lose your home. Donât be scared of seeking the advice of bankers and lenders about loan modifications. Their guidance might prove to be the most valuable one in getting your home back where they belong.
Joel Owens
http://www.articlesbase.com/loans-articles/loan-modification-can-stop-foreclosure-730822.html
4 Responses for "Loan Modification Can Stop Foreclosure"
Can Chase foreclose on me after approving loan modification day before foreclosure?
I was called by Chase the day before my foreclosure sale date, and they processed and approved a loan modification. However, it seems that the specialist didn’t send and notify a request to have the foreclosure stopped after approving my loan modification; thus, the loan modification and foreclosure happened in conjuncture. The loan ended up being sold back to Chase. Now, they are saying that they can reverse the foreclosure, but they say the foreclosure has already happened. Sometimes when I call Chase, they tell me it is all over and nothing can be done. Then, I’ll call right back and talk to another specialist who says that it can be reversed since they made the mistake. They have sent me the trial plan package application, which I sent back with my first month’s modified mortgage payment in September. They not only took and processed that payment, they also took and processed October (this month) payment as well. Yet, the attorney’s office who was appointed by Chase and who is in charge of my foreclosure/eviction says that they have no record of a loan modification and the foreclosure sale is to take place next month. In other words, the left hand doesn’t know what the right hand is doing - the left hand doesn’t even know what IT is doing. So what do I do now?
Fax their attny a copy of the mod and receipts, along with the case number. Follow up with a call. They may be dismissive since they are close to getting paid on their work if it goes to auction. Get a lawyer to file a motion to stop the foreclosure. Call Legal Aid if you need to .
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I think you need to become a process server, in effect, and hand deliver copies of the loan modification documents to the shyster.
get a receipt. or hire a registered process server to deliver for you.
what ever it takes to prove the scumbags got the documents.
sue their asses if they "lose" everything (again) and cause you further damage.
maybe someone else a better idea.
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Your mortgage isnot modified until you have returned the signed modification package to the bank. Send the attorney a copy of the modification and your certified mail receipt. He can track whos desk it landed on.
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