Posted on: 20th Mar, 2012 03:31 pm
My house if facing foreclosure and I have filed for 2 different loan mod and both were denied. I called Citimortgage today to ask for a principle balance reduction and was told I was denied but I never asked for one before today and right away they told me know and there was nothing in the notes as to why. I told them to find out why and I will be calling back Friday for an update. I also sent them a certified letter requesting the name of bank or investors that hold my mortgage and to this day I have not gotten an answer yet, and I probably will not. I go for my third status hearing next month and in May it will be a year since the foreclosure process was filed against me in court. I don't have the money for an atty and filed a motion on my own to dismiss the foreclosure due to lack of standing but of course the atty for Citi replied back req that my motion be denied.
What kind of info can you tell me to have to help me negoiate my principle balance reduction? I have a hardship that my husband is a drug addict and is no longer in the home so I am the only income in the household. I want to keep my house so any help would be greatly appreciated.
What kind of info can you tell me to have to help me negoiate my principle balance reduction? I have a hardship that my husband is a drug addict and is no longer in the home so I am the only income in the household. I want to keep my house so any help would be greatly appreciated.
hi calenta,
it will be completely the lender's discretion whether or not he will offer you a principal reduction. you can once again apply for a normal loan modification. however, if the lender does not agree to it even this time, then you can contact the lender and apply for deed in lieu of foreclosure. this will help you to get rid of the property and you won't be liable for paying the deficient balance. though you will lose the property, it will help you in saving yourself from foreclosure.
thanks
it will be completely the lender's discretion whether or not he will offer you a principal reduction. you can once again apply for a normal loan modification. however, if the lender does not agree to it even this time, then you can contact the lender and apply for deed in lieu of foreclosure. this will help you to get rid of the property and you won't be liable for paying the deficient balance. though you will lose the property, it will help you in saving yourself from foreclosure.
thanks
Hello, what state are you located in? If you are doing some of the work yourself by demanding the bank show you who holds the note, is a good start. Send them certified "a qualiied written request" it states right in your loan docs, under RESPA, that any dispute must be sent in via QWR and the lender has 21 days to acknowlegde receipt and 60 days to correct the mistake. So if you requested the noteholders info, they must provide. I would also make the lender show the PROMISSORY NOTE. Many lenders cannot find the note, meaning they no longer can prove that you actually owe them any money. Go to court and ask the judge to have the lender proove that they hold the note. When the lender cant provide, you are in a great bargaining posistion. Look it up on google, it works.
