Posted on: 27th Aug, 2010 07:17 am
Here is a synopsis of my previous question. Citimortgage placed me in forebearance prior to my Trial modification. I had a reduction of income. I started the trial modification making timely payments and my loan was sold. Penny Mac had SLS (debt collector) responsible for my new account. They took 3 months to deny my modification HOWEVER I kept calling and telling them that I can pay and did not want to get further behind and they told me to pay the past 7 months (Foreberance and modification). They don't look at the payments made thru the modification process and do not forgive the payments paid thru forebearance. My sale date 9/7/2010. I went to see an attorney because I have done everything they asked and have asked repeatedly to pay some and to catch up even over 3-6 months. They want all or nothing. I decided to look at the value of my house last night. It has depreciated over 50%. Now I am trying to figure out if I want to try BEG the bank for me to pay 200% of what the house is worth....Now I am just mad.
This is insanity. Help!
This is insanity. Help!
Hi gerri!
Welcome to forums!
If you want to bring your account current, the lender will want to pay all the back dues and forgiven debt in full. Unless you pay off the dues in full, the loan will not be current and the lender might foreclose the property. If your property has already been foreclosed by the lender, then you won't be able to get it back if you don't have redemption laws in your state.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want to bring your account current, the lender will want to pay all the back dues and forgiven debt in full. Unless you pay off the dues in full, the loan will not be current and the lender might foreclose the property. If your property has already been foreclosed by the lender, then you won't be able to get it back if you don't have redemption laws in your state.
Feel free to ask if you've further queries.
Sussane