Posted on: 21st Mar, 2011 02:52 am
Hi All - I really need some advice from others in the know.
My family of four is behind two months on our payments. Last payment was paid on March 4 and was accepted (not returned) by company.
They, unbeknowest to me, filed a foreclosure suit the day before and we were summoned the next week.
I have to respond to this and have gotten some information here (Thank you!) that I am going to use to do this pro se (at least at first) as I can't see giving a lawyer 1000 dollars when I can give that to the mortgage company.
Here are my questions (and after my details):
Do banks even work with you after they've summoned up a foreclosure?
Can a loan ever be reinstated successfully?
Our details:
My husband is in year four of a five year chapter 13
We are behind due to his disability
We have already contacted HUD for a counselor but have not heard back
We have alos sent in all paperwork for assistance from WElls Fargo
Requested amount to reinstate from lawyers but have not heard back
Is this a hopeless situation?
My family of four is behind two months on our payments. Last payment was paid on March 4 and was accepted (not returned) by company.
They, unbeknowest to me, filed a foreclosure suit the day before and we were summoned the next week.
I have to respond to this and have gotten some information here (Thank you!) that I am going to use to do this pro se (at least at first) as I can't see giving a lawyer 1000 dollars when I can give that to the mortgage company.
Here are my questions (and after my details):
Do banks even work with you after they've summoned up a foreclosure?
Can a loan ever be reinstated successfully?
Our details:
My husband is in year four of a five year chapter 13
We are behind due to his disability
We have already contacted HUD for a counselor but have not heard back
We have alos sent in all paperwork for assistance from WElls Fargo
Requested amount to reinstate from lawyers but have not heard back
Is this a hopeless situation?
hi ajk,
it will be the discretion of the lender whether or not he will work with you after you've received a summons for foreclosure. as your husband has filed chapter 13 bankruptcy, i guess he has included the property into it. in such a situation, he will receive a payment plan from the lender in order to pay off the mortgage dues in full.
thanks,
jerry
it will be the discretion of the lender whether or not he will work with you after you've received a summons for foreclosure. as your husband has filed chapter 13 bankruptcy, i guess he has included the property into it. in such a situation, he will receive a payment plan from the lender in order to pay off the mortgage dues in full.
thanks,
jerry
Well, for some reason, the lender didn't have his bankruptcy even on file...and it's been going on for four years...which shocked me. The mortgage was not included as there is no arrearage (or there wasn't at the time).
I really am just curious how many people actually have success getting the suit withdrawn and reinstating.
I really am just curious how many people actually have success getting the suit withdrawn and reinstating.
It is difficult to say how many people actually have success getting the suit withdrawn and reinstating.
Do banks even work with you after they've summoned up a foreclosure? YES
Can a loan ever be reinstated successfully? YES
Our details:
My husband is in year four of a five year chapter 13
We are behind due to his disability
We have already contacted HUD for a counselor but have not heard back
We have also sent in all paperwork for assistance from WElls Fargo
Requested amount to reinstate from lawyers but have not heard back
Is this a hopeless situation?
NO.
Wells is not easy to work with. Stay in contact with them, you are in active BK. The process is a little different. You will need to prove a letter from your BK attorney stating it is okay for you to apply for a loan modification. You will want to apply for the HAMP (home affordable) program as they have guidelines for BK borrowers.
Please visit the HAMP admin.com website or Making Home Affordable website for more info or our blog.
Can a loan ever be reinstated successfully? YES
Our details:
My husband is in year four of a five year chapter 13
We are behind due to his disability
We have already contacted HUD for a counselor but have not heard back
We have also sent in all paperwork for assistance from WElls Fargo
Requested amount to reinstate from lawyers but have not heard back
Is this a hopeless situation?
NO.
Wells is not easy to work with. Stay in contact with them, you are in active BK. The process is a little different. You will need to prove a letter from your BK attorney stating it is okay for you to apply for a loan modification. You will want to apply for the HAMP (home affordable) program as they have guidelines for BK borrowers.
Please visit the HAMP admin.com website or Making Home Affordable website for more info or our blog.