Posted on: 06th Oct, 2010 03:39 pm
Been trying to work out a loan mod with my mortgage company for a year. Would not give me a second postponement and the house was foreclosed on yesterday. Lots of questions still. REALLY want to stay in the house, and can make the monthly house payment, but credit is shot due to not being allowed to make the payment for a year. (Was told on the phone that it wouldn't come to FC as there were so many workout plans, ha!) I'm in Texas, so there is no redemption period. I was told that we will have 30 days to vacate. Haven't even begun to think about that, as I was told we should be able to workout. I'm wanting to know how likely I am to be able to get the lender to allow me to keep the house/reinstate the loan/give me a new loan/etc?? Any information would be very, very helpful.
Hi aspire4grace!
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/texas/foreclosure-keephouse.html
Take a look at it. Hope it will help you.
Sussane
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/texas/foreclosure-keephouse.html
Take a look at it. Hope it will help you.
Sussane
I don't have any funds to pay off anything, and they wouldn't accept the arrearage anyway I don't think. I was told by a RE Attorney, that we would have to get a loan all over again.
But I was told if there wasn't a buyer, we could still work something out with the lender, but found out today, that there was a buyer, it just was the lender itself who bought the loan from our names. Wondering if many of you have heard of the lenders working out a way for the homeowner's to get another loan/modification to stay in the home somehow?
But I was told if there wasn't a buyer, we could still work something out with the lender, but found out today, that there was a buyer, it just was the lender itself who bought the loan from our names. Wondering if many of you have heard of the lenders working out a way for the homeowner's to get another loan/modification to stay in the home somehow?
Hi aspire4grace,
If your property has been already sold off at a foreclosure auction and if your state does not allow redemption of the property, then you won't be able to recover the property or apply for a loan modification. However, if your property has not been sold off, then you can apply for a loan modification.
Thanks
If your property has been already sold off at a foreclosure auction and if your state does not allow redemption of the property, then you won't be able to recover the property or apply for a loan modification. However, if your property has not been sold off, then you can apply for a loan modification.
Thanks
So if the lender purchased the loan back themselves, how does that stand? The trustee said that officially, the home was sold, that the lender bought it. So at that point??????
I will state, that I did receive notification that I was approved for the HAMP program, just that my package didn't get processed until AFTER the sale date. I asked how that was going to work, and she told me as soon as they received first trial payment that the foreclosure would be recinded, and I would be in the progam. But I wonder if there had been a 3rd party buyer, if the same thing would have happened?
I am still interested in any information, as I've been told one thing and then another happened so many times, that I'm scared just throw caution to the wind and accept what I am told without question. As well as I would like to get as much information out as possible for the next person in a similar situation, since there are sooooo many of us. Just know, there are a lot of variables; depends on the mortgage co. involved, depends on when you get your package in to them, the probability that the mortgage co. will be able to sell the property quickly to another party, the state the property is located in, etc. I don't want someone else thinking that just because this happened to me this way, that their situation will end on the same positive note.
I will state, that I did receive notification that I was approved for the HAMP program, just that my package didn't get processed until AFTER the sale date. I asked how that was going to work, and she told me as soon as they received first trial payment that the foreclosure would be recinded, and I would be in the progam. But I wonder if there had been a 3rd party buyer, if the same thing would have happened?
I am still interested in any information, as I've been told one thing and then another happened so many times, that I'm scared just throw caution to the wind and accept what I am told without question. As well as I would like to get as much information out as possible for the next person in a similar situation, since there are sooooo many of us. Just know, there are a lot of variables; depends on the mortgage co. involved, depends on when you get your package in to them, the probability that the mortgage co. will be able to sell the property quickly to another party, the state the property is located in, etc. I don't want someone else thinking that just because this happened to me this way, that their situation will end on the same positive note.
Hi OP,
As the lender purchased the property, he is the owner of the property now. If you want to purchase the property back, then you will have to contact the lender and negotiate with him. If he agrees to it, then you'll have to pay off the price in full and get back the property in your name.
As the lender purchased the property, he is the owner of the property now. If you want to purchase the property back, then you will have to contact the lender and negotiate with him. If he agrees to it, then you'll have to pay off the price in full and get back the property in your name.