Posted on: 28th Sep, 2006 03:02 am
I have 2 mort. on my home the 1st I am in a forbearance agreement with and have gotten that worked out. the problem is the 2nd. I am going on 4 months behind and I have been trying to make a payment arragement wit hthem for the last 3 motnhs. I have made two payments to them in the also and they still are unwilling to work with us. the company is HSBC. They want Huge $$$ by the 9/30 or they are going to forclosure. We are doing all we can to get them there money and have explain why and what has got us here. But still nothing. One person I spoke to told me to stop feeding my family if that is what it took to get them there money. Well I have have came pretty close to that . I have been sick for the last 2 years and I have stop taking almost all of my meds to save money as I told them they told me good as long as you get us our money. they told me to borrow, write checks ,or steal, if I had to get them there money. I am at loss. I don\\\'t know what to do. they say they have programs for people that are behind on mortgages but not for us? They tell us they can help every one but us? We have to save our home since if we don\\\'t we will be in the streets. what can we do? We can go Bk since my husband will lose his job and we stilll loss the house. How do I get them to work with us and save the house. Please help!
Hi Chellydebt,
It's really sad to hear about what you are going through. I feel that the company should have given you some more time for the delinquency. After all, you have paid two of the delinquent payments. So they could have been more lenient with you. Instead, they are really being rude. But you still have to deal with them, as you need to save your home.
What you can do is, go for a reinstatement. That is, you can request the company to suspend the foreclosure for the time being and allow you to arrange for a lump sum amount so that you can pay off the loan within a specific date. If they still don't agree, then arrange for an appointment with a HUD approved housing counselor to assist you in this situation. You can locate the counselor at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm .
Thanks,
Caron.
It's really sad to hear about what you are going through. I feel that the company should have given you some more time for the delinquency. After all, you have paid two of the delinquent payments. So they could have been more lenient with you. Instead, they are really being rude. But you still have to deal with them, as you need to save your home.
What you can do is, go for a reinstatement. That is, you can request the company to suspend the foreclosure for the time being and allow you to arrange for a lump sum amount so that you can pay off the loan within a specific date. If they still don't agree, then arrange for an appointment with a HUD approved housing counselor to assist you in this situation. You can locate the counselor at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm .
Thanks,
Caron.
Sorry I don't understand the reinstatement ? I could not afford to repay back the whole loan since it is 115,900.00.... If I can't afford to pay 4500.00 by 9/30... then how could I come up with that... I know that I miss understood so please explain... Sorry for misunderstanding but there is so much I do not know. All I am trying to do is save our home. It will take me a while to come up with a sown payment for the repayment and HSBC will not wait and they don't like the amount that I can come up with. I am at a loss. Have you heard of the loss mitagation companys that are suppose to help? I have an appointment with a couple to see if they can help. But I don't have my hope up. I am so up set since I just don't know what they are going to do. they are the 2nd and they keep telling me they are going to take the house. we are up-side down in the house and the 1st would get all the money and they would not get any thing out of it. and still they aren't will to work with us. What to do. Went to hud and they can't help. That is why I am here hopeing that some one here has some idea's. sorry for not understanding . It just might be the stress or me being stupid too or being scared too. thank you.
hi guest,
reinstatement is a process by which you can request the lender to allow for some time so that you can gather the outstanding balance and pay it off. but in your case, i don't see this working because the hsbc doesn't want to wait for the payments any more. so, you can consult loss mitigation companies. may be they can help you by negotiating with the company on your behalf in order to prevent foreclosure.
thanks,
sara
reinstatement is a process by which you can request the lender to allow for some time so that you can gather the outstanding balance and pay it off. but in your case, i don't see this working because the hsbc doesn't want to wait for the payments any more. so, you can consult loss mitigation companies. may be they can help you by negotiating with the company on your behalf in order to prevent foreclosure.
thanks,
sara
looking for a way to modify variable loan to fixed rate currently 4 months behind on payment due to job lost. I am currently awaiting chapter 7 hearing scheduled for May 2010
Hi barbsmith,
"looking for a way to modify variable loan to fixed rate currently 4 months behind on payment due to job lost."
You cannot modify a loan with a variable rate to a loan with fixed rate. You will have to refinance the loan in order to do so. However, you can request your lender to modify the loan. They may reduce the interest rate or extend the term of the loan so that your monthly payments are reduced.
"looking for a way to modify variable loan to fixed rate currently 4 months behind on payment due to job lost."
You cannot modify a loan with a variable rate to a loan with fixed rate. You will have to refinance the loan in order to do so. However, you can request your lender to modify the loan. They may reduce the interest rate or extend the term of the loan so that your monthly payments are reduced.
Loan Mods are a great option for many people facing difficulties in making their payments, especially where a job loss is involved.