Posted on: 22nd Sep, 2013 01:44 pm
We have been about $1000 behind on our home for a year now. We've made a full payment every month this year but still haven't been able to knock that grand out. We will be fine if we can just make it to income tax refund time and for us, is usually the end of Jan. We have already done a 3 month modification during our term. We purchased this home in 2005 and it's a 15 year loan. Any advice or what we may be looking at?
Welcome budsysmith!
If the foreclosure process has not yet started, then you should speak to your lender and inform him as to when you can pay off the delinquent amount. It will be the discretion of the lender to decide what he will do.
If the foreclosure process has not yet started, then you should speak to your lender and inform him as to when you can pay off the delinquent amount. It will be the discretion of the lender to decide what he will do.
I'm not sure if it's started or not. We were out of town last month and there was USPS cards to pick up certified mail from them. It had already been returned so we never received it. After we made our payment first of this month, we got a letter few days later that said something like "we applied your payment, however, the letter we previously mailed to you regarding the default of your loan remains in effect".
Make sure you approach the creditors to negotiate with the outstanding balance. Try to negotiate if the creditor have not yet foreclosed on the property.
I guess I just want to know what the process is. If I haven't actually received the default letter, what happens then. I don't really care about our credit. We've dealt with this mess for years. We've been defaulted on probably 8 times in 8 years. If it happened, they would be the one with the worse end in my opinion. It's a double wide home and when it was put in, they destroyed the septic system so it doesn't work. Most of the ceilings could cave cause it needed a roof. We told them of that in our initial inspection. Their solution was to move a piece of shingle on the roof. Roof leaks in most of the rooms. I'd say there's more in repairs than we owe on it.
I've read that it can be foreclosed on after missing 2 payments. Although we are still a little more than 1 behind, we have paid one every month this year. We can't do modification cause we've already done that last year. I can't work due to receiving disability. We are putting 2 kids through college, one in high school and a 7 yr old. We got the home on one income only so it's not like we bit off more than we can chew. It's just the home has been a nightmare and you can't undo their problems and keep up too.
I've read that it can be foreclosed on after missing 2 payments. Although we are still a little more than 1 behind, we have paid one every month this year. We can't do modification cause we've already done that last year. I can't work due to receiving disability. We are putting 2 kids through college, one in high school and a 7 yr old. We got the home on one income only so it's not like we bit off more than we can chew. It's just the home has been a nightmare and you can't undo their problems and keep up too.
Hi budsysmith!
Welcome to the forums!
If you haven't received the default letter, then you should inform the lender about it and ask him to provide you with a copy of the same. To know all about foreclosure, you can check out the given page: http://www.mortgagefit.com/foreclosure.html .
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you haven't received the default letter, then you should inform the lender about it and ask him to provide you with a copy of the same. To know all about foreclosure, you can check out the given page: http://www.mortgagefit.com/foreclosure.html .
Feel free to ask if you've further queries.
Sussane
Wouldn't they know we didn't get them? They were sent USPS certified and were returned to them by the post office. And I will check out that link.
Hi Guest,
May be they have not noticed it. You should speak to the lender in this regard and try to sort out the matter.
Thanks
May be they have not noticed it. You should speak to the lender in this regard and try to sort out the matter.
Thanks