Posted on: 22nd Jun, 2007 01:42 pm
Can you offer advice on dealing with loan companies when you are default? I had a co-borrower who left me high and dry with the entire bills and now I'm trying to play catch up, but I don't want them to foreclose because me and my child still live there. Any suggestions? (BTW - we live in MS - if that helps)
My co-borrower just happens to be my father. We were astranged for many years. I moved to this state to reestablish our relationship. He said he was so wanting us to have a place of our own together; I fell for it! Now I can't find him. He moved out on January 1st while I was at church and I have not heard from him since. So I wouldn't know where to even begin to serve him court papers. I just started working two jobs to catch up; I'm behind now three payments.
I just hate to have a foreclosure on my already-poor credit. BTW I am mailing in one payment tomorrow (I just got my paycheck). That will take care of April's payment. May and June are late and July is fast-approaching. Do you think I should send this or hang onto and look for a rental?
My co-borrower just happens to be my father. We were astranged for many years. I moved to this state to reestablish our relationship. He said he was so wanting us to have a place of our own together; I fell for it! Now I can't find him. He moved out on January 1st while I was at church and I have not heard from him since. So I wouldn't know where to even begin to serve him court papers. I just started working two jobs to catch up; I'm behind now three payments.
I just hate to have a foreclosure on my already-poor credit. BTW I am mailing in one payment tomorrow (I just got my paycheck). That will take care of April's payment. May and June are late and July is fast-approaching. Do you think I should send this or hang onto and look for a rental?
I too feel counseling agencies will be able to provide you with some help in convincing Homecomings Financial to agree to some kind of forbearance plan.
Get in touch with some of them at the earliest and tell them about your position and the efforts you are making to increase your income.
Niicss
Get in touch with some of them at the earliest and tell them about your position and the efforts you are making to increase your income.
Niicss
Hi vondevan,
I can understand what you're going through right at this moment. But hey, just don't worry; have patience.
It's good that you have informed the loan company that you are into reducing your expenses just to pay off the loan they've offered. This will make them feel that you are trying to make the payments.
Now, what I shall suggest is that you can make a single payment and then request them to suspend the payments for some time. In the meantime, you can gather the funds required to make the payments.
However, if they do not wish to suspend payments, then I don't think there's any other way left for you than to sell the home and look for a rental. I know, you may be depressed if I say this, but then they aren't willing to do forbearance, so selling the home then becomes the only option here.
May god help you overcome this situation
I can understand what you're going through right at this moment. But hey, just don't worry; have patience.
It's good that you have informed the loan company that you are into reducing your expenses just to pay off the loan they've offered. This will make them feel that you are trying to make the payments.
Now, what I shall suggest is that you can make a single payment and then request them to suspend the payments for some time. In the meantime, you can gather the funds required to make the payments.
However, if they do not wish to suspend payments, then I don't think there's any other way left for you than to sell the home and look for a rental. I know, you may be depressed if I say this, but then they aren't willing to do forbearance, so selling the home then becomes the only option here.
May god help you overcome this situation
Thanks everybody. I have a number of leads to try to contact...Miller gave me a great source of HUD approved counseling agencies in my metropolitan area, that better than another source which only had regional offices--my regional office was in Atlanta!
By reducing my expenses, I have cancelled my home internet service--so I try to squeeze in a few minutes during my 1st job to post comments.
I will stay in touch as much as I can.
By reducing my expenses, I have cancelled my home internet service--so I try to squeeze in a few minutes during my 1st job to post comments.
I will stay in touch as much as I can.
You are doing your best to cut out expenses and make the payments more affordable. That's very good. The link I sent would be helpful for you in locating a counseling agency in your area. Contact them at your earliest to get the picture of where you stand in terms of your loan.
And keep us posted on what happens so that we can give further advice to help you out. :)
Miller
And keep us posted on what happens so that we can give further advice to help you out. :)
Miller
Miller,
Thank you and everyone who responded to my cry for help. I am truly grateful I found this site.
I will call on the local agencies and I will definitely keep you all up to date and any and all progess.
Thank you and everyone who responded to my cry for help. I am truly grateful I found this site.
I will call on the local agencies and I will definitely keep you all up to date and any and all progess.
Vondevan, we would really feel great if you can come out from this position you are in.
With the amount of action you are taking to increase your income source and cut on expenses you will be able to come over this crisis situation.
With the amount of action you are taking to increase your income source and cut on expenses you will be able to come over this crisis situation.
You guys are a great source of encouragement. I have told several people about this site...
So what happened Vondevan. Did you call any counseling agency.
Miller
Miller
I would also be curious to know about the reply you get from the agencies. Hope it works out well.
read these, it sounds that your mortgage company (Homecomings Financial) is not so good:
(ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search!&q5=Homecomings+Financial)
(complaintsboard.com/bycompany/homecomings-financial-a3276.html)
(ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search!&q5=Homecomings+Financial)
(complaintsboard.com/bycompany/homecomings-financial-a3276.html)
Yes Leskinen, I have come to know about a lot of complaints against Homecomings Financial. It's all about predatory lending practices as well as other fraudulent charges against the company. Indeed one should think twice before accepting a deal with such a company.
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