Losing My House

Wired · Soul Rider Joined: 26 Feb 2003 Posts: 431 City: Seattle

Got the bad news yesterday. My loan modification failed because my house is worth less than I owe (2 years without a real job sucks). Going to a mortgage seminar and counselling tomorrow in hopes there's some way to keep the house. Thank God for my fiance, Ted. He's been my rock through this.

Anyone have some insight for me on how to save my house, aside from winning the lottery?

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

that sucks, I'm sorry to hear that.

House prices and what people consider (sometimes realistically so) are way too high for the wages americans can realisticaly expect to earn, IMO.

jryoung · Ladies Man Joined: 19 Mar 2004 Posts: 7664 City: Man Jose

With JP Morgan halting foreclosures due to faulty paperwork I'd be damn sure that everything was processed "correctly" before they proceed.

chavez · RIP MHL 04/25/1958 - 01/11/2006

jryoung, and GMAC/Ally too.

The process takes a hell of a long time even if they did it right. You could live there for many months, maybe even YEARS before they get to it.

I've got a friend going through this now. He hasn't paid in 10 months - still hasn't foreclosed.

And my brother went through this a few years ago. Took the bank over 2 years to complete the process. No chit. It finally changed hands this year, and they stopped paying in 2007. Shocked

chavez · RIP MHL 04/25/1958 - 01/11/2006

Add BofA to the list of banks having troubles foreclosing...

http://www.google.com/hostednews/ap/article/ALeqM5jKkgz2hAAZZAeRlJNBmM31MPUnhgD9IJ5A700?docId=D9IJ5A700

Tracktor · Posted: Oct 01, 2010 2:25 pm Post subject:

Huh, what? Loan mods are for your exact situation? Someone is feeding you a line of bull. They may have declined it due to ability to repay. They aren't going to mod a loan that has a high probability of foreclosure even if modded.
Is this your first attempt?
Are you currently 60+ days behind on your mortgage(s)?
Who is the servicer & what is the exact verbiage of the declination?

ctwo · Newbie Joined: 12 Aug 2010 Posts: 19

In Canada I know it takes forever to foreclose on a property. One thing up here is even if you make a little payment somewhere along the way the whole process and paper work has to start over again. Not sure if it's the same way in the US though.

kartman · Posted: Oct 01, 2010 3:39 pm Post subject:

chavez, we just got notice that the house we are in (a rental) is going to auction in january. we haven't paid any thing, neither has the home owner since december 2007.

Gtrain37 · Outlaw Joined: 20 Oct 2004 Posts: 156 City: Northboro