Posted on: 13th Jun, 2010 09:09 am
If I am served with a summons and complaint by my lender, does that mean there is no possibility of saving my home from foreclosure? I applied for a loan modification (Making Home Affordable Program) made the trial payments, but my application was later rejected. I re-applied for a loan modification and have not heard back from my lender (Chase). I was recently served with a summons and complaint from Chase. I want a permanent modification. Is there anything I could do at this point?
Hi salientfeature,
As you've received the pre-foreclosure letter from your lender, you should immediately contact him and speak to him in regards to a permanent modification. In case, the lender is not ready to modify your loan, you should apply for a deed in lieu of foreclosure. In this case, though your property will be sold off, you won't be liable for the balance amount resulting from the sale.
As you've received the pre-foreclosure letter from your lender, you should immediately contact him and speak to him in regards to a permanent modification. In case, the lender is not ready to modify your loan, you should apply for a deed in lieu of foreclosure. In this case, though your property will be sold off, you won't be liable for the balance amount resulting from the sale.