Posted on: 02nd Apr, 2010 11:24 am
My husband and I took on a forbearance plan in Dec 2009. The plan ended up being $300 more then our actual mortgage payment. We were about a yr behind when this was given to us.
We paid the 3 months of $2250 and an addional month of $1880. Which took us to March. We get a phone call yesterday from Americas Servicing Co/Wells Fargo telling us that they cant find a program for us and that our mortgage is in active foreclosure. That our "Investor" does not participate in any Gov programs and will not put us into any other mortgage but a 30yr fixed at $350 more then our original payment. This was an 80/20 interest only loan we were in originally.
I asked to be put back into our original loan and they refuse to do that because we now make TOO much money for that and not enough money for the 30yr fixed. Since the 30yr fixed is our only option (we cant afford) they are going to foreclose!
ASC told us to apply for HAMP to buy us more time to save money. We gave them almost 9 GRAND, did everything they asked of us and said SO SORRY, LEAVE! What can we do?? Who do we turn to for help here?
We paid the 3 months of $2250 and an addional month of $1880. Which took us to March. We get a phone call yesterday from Americas Servicing Co/Wells Fargo telling us that they cant find a program for us and that our mortgage is in active foreclosure. That our "Investor" does not participate in any Gov programs and will not put us into any other mortgage but a 30yr fixed at $350 more then our original payment. This was an 80/20 interest only loan we were in originally.
I asked to be put back into our original loan and they refuse to do that because we now make TOO much money for that and not enough money for the 30yr fixed. Since the 30yr fixed is our only option (we cant afford) they are going to foreclose!
ASC told us to apply for HAMP to buy us more time to save money. We gave them almost 9 GRAND, did everything they asked of us and said SO SORRY, LEAVE! What can we do?? Who do we turn to for help here?
Welcome pianogirl,
If your loan investor does not participate in any of the government plans, then it will be difficult for you to get any kind of help to save the property. If you are unable to bring the loan current, the lender will simply foreclose the property. If you can afford to get rid of the property, then you should apply for a deed in lieu of foreclosure with your lender.
If your loan investor does not participate in any of the government plans, then it will be difficult for you to get any kind of help to save the property. If you are unable to bring the loan current, the lender will simply foreclose the property. If you can afford to get rid of the property, then you should apply for a deed in lieu of foreclosure with your lender.