Posted on: 23rd Jan, 2009 05:03 pm
I have a first & second with GMAC. I stopped making mortgage payments Nov. 1/08. I spoke to some employee in the loan mod division who asked me for 9 pages of documents, including the hardship letter.
Since Dec, I have phoned numerous times, to no avail. Is GMAC this pathetic or just inept ? Not until my 3rd call did GMAC realize that my loan is in the loan mod divsion. They first placed a notation on this in January.
Question: When I receive a NOD, how long do I have to remain in the house ?
Should I retain a lawyer to sue the lender to slow or stop the foreclosure ?
Can a lawyer ultimately force the lender to accept a deed in lieu ?
Finally, is a short sale better for me ?
Thank you for any assistance .....
Since Dec, I have phoned numerous times, to no avail. Is GMAC this pathetic or just inept ? Not until my 3rd call did GMAC realize that my loan is in the loan mod divsion. They first placed a notation on this in January.
Question: When I receive a NOD, how long do I have to remain in the house ?
Should I retain a lawyer to sue the lender to slow or stop the foreclosure ?
Can a lawyer ultimately force the lender to accept a deed in lieu ?
Finally, is a short sale better for me ?
Thank you for any assistance .....
Exactly my situation except I went through a loan modification company which got responses but not the result I wanted since I owe more than 200% on my home now. worth 130k but purchase mortgage is $280,000. And like most Americans I bought it to live there maybe 5 years ,max. with this they are forcing me to live there for 10 years or more until equity maybe comes back. Normally, you have 3 months until after the NOD depends on the state you live in.
You will be paying lawyer fees which can be very costly $5,000 for a retainer.
You will be paying lawyer fees which can be very costly $5,000 for a retainer.
Hi Southwest
After you get the notice of default, you may stay in the property until it is sold. It can also depend upon the lender's discretion whether he will be ready to let you stay in the property or not.
You can definitely take the help of a lawyer in order to negotiate with the lender or sue him. I don't think a lawyer can force the lender to accept a deed in lieu. He can at the best negotiate with the lender. It will be the lender's discretion to agree to a deed in lieu.
A short sale will be a better option for you if you are concerned about your credit score. A short sale will lower your credit by 75-100 points whereas a deed in lieu will lower your credit score by 250 points. But you should also note that in short sale, you will have to pay the deficient amount to the lender.
Thanks.
After you get the notice of default, you may stay in the property until it is sold. It can also depend upon the lender's discretion whether he will be ready to let you stay in the property or not.
You can definitely take the help of a lawyer in order to negotiate with the lender or sue him. I don't think a lawyer can force the lender to accept a deed in lieu. He can at the best negotiate with the lender. It will be the lender's discretion to agree to a deed in lieu.
A short sale will be a better option for you if you are concerned about your credit score. A short sale will lower your credit by 75-100 points whereas a deed in lieu will lower your credit score by 250 points. But you should also note that in short sale, you will have to pay the deficient amount to the lender.
Thanks.
If you want to slow down the process file bankruptsy.
You can speak with an attorney and this could stop the process and allow you to catch up with your lender for 5 years.
It is the way some people save their homes instead of foreclosing or short sale.
A short sale, if you can work it, is a better option than foreclosure. It sounds like GMAC is not working with you. You have to stay persistant though, Don't give up.
You can speak with an attorney and this could stop the process and allow you to catch up with your lender for 5 years.
It is the way some people save their homes instead of foreclosing or short sale.
A short sale, if you can work it, is a better option than foreclosure. It sounds like GMAC is not working with you. You have to stay persistant though, Don't give up.