Posted on: 21st Jun, 2011 02:41 pm
my brother and i own the family home of 40 years. his name on the mortgage and my name on the deed of trust. he let our home fall behind( i had my own home and he,his wife and 5 children stayed in the family home). i took him to court, won and have a signed quit claim deed signing the home over to me. the mortgage is with chase! before we went to court, he tried several modifications with chase. each time we(at this time i was chipping in because i was living in the house) paid what was asked successfully. he was turned down several times for a permanent modification. at one point, they requested more than we could pay and again, my brother was turned down for the final time.
now, i am trying to assume the loan. chase wants 60,000 dollars(arrearages)! my credit is above average and so far, they are not trying to work with me. if i had 60,000, the home would not be behind! they are offering 8.3% interest, financing of only 26 years and it is an arm. i had been approved for a loan for 270,000 before the arrearages came about. when the arrearages came up, i was told that i could not get a loan as long as there were arearages. the loan approval of 270,000 would almost cover the loan and arrearages. the difference i could come up with but the full 60,000 i can not. my parents are turning over in their graves! i just don't know what other options i have. my parents worked so hard. please someome give me some suggestions! losing hope fast!
now, i am trying to assume the loan. chase wants 60,000 dollars(arrearages)! my credit is above average and so far, they are not trying to work with me. if i had 60,000, the home would not be behind! they are offering 8.3% interest, financing of only 26 years and it is an arm. i had been approved for a loan for 270,000 before the arrearages came about. when the arrearages came up, i was told that i could not get a loan as long as there were arearages. the loan approval of 270,000 would almost cover the loan and arrearages. the difference i could come up with but the full 60,000 i can not. my parents are turning over in their graves! i just don't know what other options i have. my parents worked so hard. please someome give me some suggestions! losing hope fast!
if the lender will not work with the original loan, the only two options are to sell the home or refinance. court orders, quitclaim deeds etc. do nothing for the loan unfortunately. can you rent the home out in the meantime?
Well I have a signed quit claim deed but I can't get a lender because of the arrearages. If I turn in the GCD, Chase may call for loan in full
I know, its unfortunate. Look into "community.nasdaq.com/News/2011-06/1-billion-in-homeowner-aid-offered.aspx?storyid=81588" which is the governments latest bailout for homeowners. Not sure of your state or if it applies. There could be some form of gov. assistance to help you. Is there equity in the home? How much do you owe and whats the value???
[Link deactivated as per forum rules. Thanks]
[Link deactivated as per forum rules. Thanks]
Y'know, it's often a last gasp kind of thing, but I wouldn't hesitate to call my congress person if I were you. This is the kind of feel-good thing that anyone in congress would like to get involved with - reap some publicity, get re-elected, and help another constituent in the process.
Chris' recommendation is good too....seek out a housing counselor...a foreclosure prevention specialist...someone whose finger is on the proverbial pulse of the industry and who can guide you further than what you see on here.
Chris' recommendation is good too....seek out a housing counselor...a foreclosure prevention specialist...someone whose finger is on the proverbial pulse of the industry and who can guide you further than what you see on here.
It is true that you have to undergo screening before getting qualified for a loan. Thus, you have to find an expert that will evaluate your case so that you will be advised accordingly. Try these sites for more information.
