Posted on: 16th Aug, 2009 10:49 am
Hi,
I am getting mixed info from realtor, lawyer, bank. I bought our home 4 years ago 700k, we owe 560k on it now. Have a second of 99k and our home is now worth around 400k. I have 60k in credit card debt that they keep raising the interest rate on even though I am not late. I am told if I do a BK I have to have the house payment to show I have a high payment then I could do the forclosure on the home. I tried to do a loan modification for 7 months only to be told I am outside of the guide lines because I was not late. Wells Fargo services the loan and they say B of A is the investor? B of A says you don't have to be late to get a modification so I don't know who to believe or what to do. My house will never come back I put 140k in and now have lost another 160K in it. My loan is 3k a month interest only and adusts in 4 more years. We don't want to skip out on our responsibilites but would like some assistance no point in putting money down the drain.
Thank you
I am getting mixed info from realtor, lawyer, bank. I bought our home 4 years ago 700k, we owe 560k on it now. Have a second of 99k and our home is now worth around 400k. I have 60k in credit card debt that they keep raising the interest rate on even though I am not late. I am told if I do a BK I have to have the house payment to show I have a high payment then I could do the forclosure on the home. I tried to do a loan modification for 7 months only to be told I am outside of the guide lines because I was not late. Wells Fargo services the loan and they say B of A is the investor? B of A says you don't have to be late to get a modification so I don't know who to believe or what to do. My house will never come back I put 140k in and now have lost another 160K in it. My loan is 3k a month interest only and adusts in 4 more years. We don't want to skip out on our responsibilites but would like some assistance no point in putting money down the drain.
Thank you
hi guest!
welcome to forums!
i agree with bofa that you do not need to be delinquent on your mortgage payments in order to get a loan modification. you will have to inform the lender about your financial crisis and if the lender feels that you are on the verge of loan default, he may accept your request for loan modification. you can contact wells fargo again and try to negotiate a deal with them. you may even contact a loss mitigation expert who may assist you in negotiating with your lender. if your lender is still not ready to help you and if you're unable to pay off the loan, then it would be better if you could go for a deed in lieu of foreclosure.
feel free to ask if you've further queries.
sussane
welcome to forums!
i agree with bofa that you do not need to be delinquent on your mortgage payments in order to get a loan modification. you will have to inform the lender about your financial crisis and if the lender feels that you are on the verge of loan default, he may accept your request for loan modification. you can contact wells fargo again and try to negotiate a deal with them. you may even contact a loss mitigation expert who may assist you in negotiating with your lender. if your lender is still not ready to help you and if you're unable to pay off the loan, then it would be better if you could go for a deed in lieu of foreclosure.
feel free to ask if you've further queries.
sussane
I filed and discharge Bk ch.7 April 2008. Now i am looking to repair my credit and get a construction FHA loan. They are wondering if I signed a deed in leui of foreclosure. which I said I just simply filed BK for my home and some credit cards. no deed in leui of as far as I was aware. They tell me if it doesn't show up as deed in leui of... then I can do a loan in 2 years. if it DOES show up as deed in leui of...it will have to be 3.
My question is, how do I find out if a deed in leui of was filed for my Bankruptcy. are those always involved when just filing for BK?
thanks!!
My question is, how do I find out if a deed in leui of was filed for my Bankruptcy. are those always involved when just filing for BK?
thanks!!
Hi aaron,
Your query has been replied to in the given page:
http://www.mortgagefit.com/bankruptcy/dil-fhaloan.html#137804
Take a look at it. I hope it'll help you.
Thanks
Your query has been replied to in the given page:
http://www.mortgagefit.com/bankruptcy/dil-fhaloan.html#137804
Take a look at it. I hope it'll help you.
Thanks