Anyone ever been threatened by foreclosure? I have until Jan 29.

[bamademo]

Recently got a job after extended unemployment. Called mortgage company. I owe 13,550 and have to pay all that or I'm foreclosed. My brother is a Doctor and rich so I guess I will have to get him involved but he is going to be mega-pissed.

They gave me a plan so I feel a little better. But I have to turn this around in a month.

Please just good advice. I have been sick with stress.

[Lars39]

1. No advice, bamademo...just best wishes for the best outcome for you.

[elleng]

2. The 'plan' they gave you provided what?

Reasonable terms for you?

[bamademo]

4. Loan adjustment. I have to get my brother to do it.

And then they will stall it off. I'm more concerned for my pets than me.

[elleng]

5. You told them you could not afford their terms

but that you have a brother who might help, is that what happened?

What's the housing market like in your area? Reasonable the morgagor wants to own the property? Anyone buying houses?

edit: Check out independentpiney's post. Useful info there.

[independentpiney]

3. It depends what state you're in

Mostly on whether it's a judicial or non-judicial foreclosure state, and also on the backlog. I was told I had until January 10th, 2011 to bring my payments current or they were beginning the foreclosure on my house in NJ, and they've just filed now for the judgement. If you google the foreclosure timeline for you're state, you should be able to get a reasonable idea of what you're actually looking at. Have you asked about applying for a mod? I know a few people that wanted to stay in their houses who bought time that way. Good luck, I hope everything works out well with the new job and the house.

[bamademo]

6. I recieved an letter from Law firm. I'm in Alabama. I will do more research. Too stressed now.

I owe 13,000. My brother could probably pay that but I dread asking him. Mortgage is about 800. He will do loan modification I'm sure but I'm just worried that I have a month.

[elleng]

9. Small mortgage,

should be workable imo. Law firm representing mortgagor, or firm looking for your business?

As suggested earlier, the 'you have a month' is likely more posturing than legal fact. Relax, let us know what happens day to day, see your OWN lawyer if you think you need one, and don't bother your brother about it, not now anyway.

[missingthebigdog]

7. Bankruptcy is your friend

A chapter 13 plan will allow you to keep your home while making payments to get caught up. Merely filing for bankruptcy will prevent the foreclosure.

This is what bankruptcy is for. You should not hesitate, or be ashamed, to use a law that is there to assist people like yourself. Corporations do it all the time, and it's just business. Try to see it the same way.

[elleng]

8. Quite right.

[brush]

10. Call the bank immediately and tell them you want to apply for a loan modification

Last edited Wed Dec 31, 2014, 11:47 PM - Edit history (1)

Ask them to email the application to you if possible to save time instead of waiting for it by regular mail.

Once you get them the application and all the accompanying documents they will stop the foreclosure process.

Getting a lawyer to solicit the bank for you will make them back off on the foreclosure even faster, so if you can, enlist an attorney by all means.

You have to do this quickly as there's no time to waste, and you can possibly get a lower monthly payment.

[amerikat]

11. I was. Still am I guess.

I lost my job and got behind on everything. I ended up getting a lawyer. Not very expensive
and well worth the price. She negotiated a deal I could afford. Without legal representation
the bank will take you to the cleaners.

Good luck. I know how stressful and nerve racking foreclosure can be.

Hang in there and get a lawyer.

[shenmue]

12. Hang in there

[flvegan]

13. Deed of Trust or Mortgage, judicial or non-judicial?

So many options. What's the interest rate on the "note" anyway?

Congrats on the new job, at least you have a rich doctor brother who can sort this out if it goes to endgame.

[Warpy]

14. Looks like you're going to have to crawl on your belly to Dr. Brother

but that beats the hell out of having no home.

If you've been long term unemployed, you know how to live on no money coming in, so continue to live like that, at least in the short term, so you can pay Dr. Brother off ahead of schedule. Borrowing money from family is the pits, borrowed from inlaws and followed my own advice, paid them in full many months early.

[Orrex]

15. See a lawyer immediately

Unless the house goes up for sale on Jan 29, you have more time than you might think, but you still need to work fast. The attorney can (legally) slow things down still further while you work out a payment arrangement, seek other employment, file bankruptcy, etc.

I have no other solid advice to offer except to say that I've been through it, and it's a nightmare. An attorney will take some of the pressure off because he or she will be familiar with the procedure, so that you're not trying to figure it out on the fly.


I wish you the very best of luck. It's not as hopeless as it might seem right now, but I'm sure that it's terribly stressful for you.

[bigtree]

20. this is the best advice

...also, try and avoid the bankruptcy route, especially if your other debts are low. It can mess up your chance for loans and other essentials for years to come. It may well be the best route, though, as it can slow or halt the proceedings. An attorney can and will immediately advise you of your best options. Call one right away.

You say you have a deal. That's the other route. Try and work out a payment schedule which breaks the amount due into manageable parts. Your mortgage company will play that route very close to the deadline before offering it. if there's no money in ending your loan, they will be inclined to let you continue with payments instead of possessing an unsalable home, if that's the case in your town.

Call family, friends for help. Call an attorney out of the phone registry. Don't panic. Best of luck.

[Little Star]

16. Your brother might be pissed but...

at least you will still have the house & decent credit. I'd go with telling him & asking for help. How mad will he be if you lost the house, think about that. I wish you luck in what ever you choose to do.

[Live and Learn]

17. As a sibling, I'd be pissed if one needed it and didn't ask.

Of course, I would help if I could even if we didn't always get along.

Give your brother a chance to at least offer his advice. Look at all the options offered and pick the one that suits you and your pets the best..

[maced666]

18. Fucked UP

Hate you have to go through this, sucky part of life.
As you fight and scrape and call people and buy time just imagine a year or two from now and being free of the mess.

[Jefferson23]

19. How awful for you, so sorry. Please meet with an attorney asap..it may be your best

move yet to protect yourself and your home.

Best of luck.

[grahamhgreen]

21. Make them produce the deed. From what I hear, a lot of titles get lost when they traunche the

Mortgages. See http://www.nolo.com/legal-encyclopedia/produce-the-note-defense-foreclosure.html

Also, reach out to the rolling jubilee, see if they can help:

http://rollingjubilee.org

Also, another great resource that may refinance your house is naca.com

[Skittles]

22. call your brother

he'll be pissed but he may also be pissed you waited so long