frugalmama Posted February 22, 2012 Share Posted February 22, 2012 Has anyone here been through foreclosure? We just found out our home is in foreclosure, and are trying to come up with the $6k to bring it out of foreclosure. We're selling everything not nailed down pretty much - renting would be higher than our payment on the house is, so we are trying to keep the house. Any tips? Quote Link to comment Share on other sites More sharing options...
Baseball mom Posted February 22, 2012 Share Posted February 22, 2012 No tips but :grouphug::grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
sunnylady303 Posted February 22, 2012 Share Posted February 22, 2012 I don't know your situation or what state you are in but there are SO many programs to help people in your situation. We are also going through foreclosure. Our problem is that my FIL is a coborrower and so we don't qualify for the many programs that we would without him. He has megabucks and as the other person on the loan they have to consider his income etc. If they didn't we could get help twenty times over. Poke around. Talk to your bank. Talk to housing advocates in your area. Seriously there is hope. I can't believe how generous and helpful some of the programs are. Also is your bank one of the ones that the government just signed the deal with? Another thing to check. I feel for you. It's a nightmare. Quote Link to comment Share on other sites More sharing options...
Cindyg Posted February 22, 2012 Share Posted February 22, 2012 Try HUD.gov. Look at your mortgage lender's website and see if they have links to Making Homes Affordable or Harp. Try a short sale before a foreclosure. I'm really sorry. Quote Link to comment Share on other sites More sharing options...
happyhomemaker25 Posted February 22, 2012 Share Posted February 22, 2012 Our mortgage company sent us a hardship package (we had to call and request it), we are going to go to mediation through our state bar association, and HUD has some programs that can help you save your house. I would suggest contacting your mortgage company to see if they have any programs to help you keep your house. Quote Link to comment Share on other sites More sharing options...
HSMom2One Posted February 22, 2012 Share Posted February 22, 2012 Have you checked into a mortgage modification? If you speak to a reps with your mortgage bank you may find that you qualify for a modification if you went through a hardship period, but are able to keep monthly payments going currently. A modification basically folds in the arrears and allows you to get back to a current status on the loan. This is what we are working on right now. Don't give up hope! Like someone else stated, there are programs available to help you stay in your home. Blessings, Lucinda Quote Link to comment Share on other sites More sharing options...
joannqn Posted February 22, 2012 Share Posted February 22, 2012 When our house was going through foreclosure, we got tons and tons of letters about mortgage modification programs. Some of them came from our bank and some came from other banks. We got letters from attorneys as well. The only problem with all that was we didn't want to keep our home; we wanted to sign over the deed the easy way, but they wouldn't let us. Quote Link to comment Share on other sites More sharing options...
Joanne Posted February 23, 2012 Share Posted February 23, 2012 Many hugs and good thoughts. After 18 months of trying to work with the Making Homes Affordable program, and even getting the Texas Attorney General and a private attorney, we gave up and were foreclosed on last year. It's my prayer that another person never has to go through it. Quote Link to comment Share on other sites More sharing options...
Cindyg Posted February 23, 2012 Share Posted February 23, 2012 I do not know why the Making Homes Affordable program and all the other loan modification programs have to be so difficult. I mean, if the federal government has made money available and set up the programs, why don't they work for people?! But I know from listening to Dave Ramsey and Clark Howard that they usually don't. I just don't get it. Quote Link to comment Share on other sites More sharing options...
frugalmama Posted February 23, 2012 Author Share Posted February 23, 2012 Many hugs and good thoughts. After 18 months of trying to work with the Making Homes Affordable program, and even getting the Texas Attorney General and a private attorney, we gave up and were foreclosed on last year. It's my prayer that another person never has to go through it. I do not know why the Making Homes Affordable program and all the other loan modification programs have to be so difficult. I mean, if the federal government has made money available and set up the programs, why don't they work for people?! But I know from listening to Dave Ramsey and Clark Howard that they usually don't. I just don't get it. Would you say that it would be better to simply try to catch it up and keep the current terms rather than try for a loan modification? We can make the current payment if we are careful with finances Quote Link to comment Share on other sites More sharing options...
acurtis75 Posted February 23, 2012 Share Posted February 23, 2012 If you are able to keep up with payments after getting out of foreclosure a modification is usually your best option. If you can do a modification with your current mortgage company it would be your best bet to keep your home without shelling out a lot of cash up front. If you think you are unable to make mortgage payments going forward a short sale might be your best option. Quote Link to comment Share on other sites More sharing options...
Hockey Mom Posted February 23, 2012 Share Posted February 23, 2012 Be leery of loan modification programs though. We did that with ours, then 4 months into the modification, they had an "audit" and made the mortgage higher than it originally was. It happened like that for a LOT of folks around our area. Granted, that was almost 3 years ago, so maybe they've changed. We did a short-sale. Our house (which I miss tremendously) sold for cash in 3 days. Quote Link to comment Share on other sites More sharing options...
K-FL Posted February 23, 2012 Share Posted February 23, 2012 Has anyone here been through foreclosure? We just found out our home is in foreclosure, and are trying to come up with the $6k to bring it out of foreclosure. We're selling everything not nailed down pretty much - renting would be higher than our payment on the house is, so we are trying to keep the house. Any tips? Is the $6000 just your back payments or does that include the additional fee (attorney, penalties, etc) that get going once they decide to foreclose? I've known folks that could make up the payments, but with the additional $$ were not able to save the house. If your rent would be higher, I'd do everything I could to save the house. Be leery of all the come-ons you'll get and go through a bank you know or the fed. govmt. Quote Link to comment Share on other sites More sharing options...
Liz CA Posted February 23, 2012 Share Posted February 23, 2012 A friend of ours did this and was approved...however the payment was only lowered by some $80 dollars a month and it was such a nightmare, drawn out process, paperwork gone astray, her home actually went into foreclosure then got pulled out because she was approved for the modification. All seems okay now. Several people have provided info and links. Check out those. I personally would try a short sale first if the modification does not look promising. Quote Link to comment Share on other sites More sharing options...
QuirkyKidAcademy Posted February 23, 2012 Share Posted February 23, 2012 When DH was laid off, he went to Wells Fargo to ask for their help in *keeping our mortgage out of foreclosure*. They did a loan modification that was so not helpful to our situation and, in fact, made our mortgage higher. Your lender may not do that to you, but ask specifically what a modification will do before you proceed. Best wishes Quote Link to comment Share on other sites More sharing options...
CalicoKat Posted February 23, 2012 Share Posted February 23, 2012 How long past due? I can't imagine it's been very long because they threaten foreclosure pretty loudly at first. Technically it's a year long process so take a deep breathe! They're not going to kick you out. BIL's been living in his home for 2 years in "foreclosure" and they're just getting ready to start the process to evict him. Yes, we've been where you're at. We went to this guy for financial counseling after DH lost his job and we realized that once severance was gone we'd be in an impossible financial position. My suggestion is to NOT answer the phones right now as you've probably already told them why you're in this position, right? Then get some help to understand the process and your legal rights. This isn't the end of the world. But it is huge huge huge and you'll want a lot of information so you don't lose your shirt. p.s. Don't worry about his location. They do this live over the internet if necessary to anywhere in the country. Remember, the banks are playing a game with your mortgage. It's already been paid off by some investor. Now it's devalued too I bet. You don't have anyone looking out for you at the bank. They're looking out for their own bottom line. :grouphug::grouphug: It will get better. Call Tom. Watch his videos. Quote Link to comment Share on other sites More sharing options...
hsbeth Posted February 23, 2012 Share Posted February 23, 2012 You could also get advice about filing for bankruptcy, either Ch7 or Ch 13 would prevent the bank from foreclosing in the short term. Ch 13 would allow you to catch up on the past due, but you would need to make your current payment going forward. Some atty's will roll most, if not all, of their legal fees into your repayment plan on a Ch 13. If both yourself and your husband are on the deed only one would need to file. IOW, in addition to talking with your bank you would also want to get some legal advice. Quote Link to comment Share on other sites More sharing options...
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