Foreclosure problems
If your mortgage is in a very large bank, you have made a mistake! Trying to find a solution to your deficiency is very complicated and the service is terrible. Your foreclosure problems have begun!
A friend was delinquent on her mortgage payments. She had owned her property for 37 years. The bank filed the documents to put the property in suspension of payments (foreclosure action) with the bank. The friend immediately called the bank to see if there was anything she could do. She worked out a plan with the bank to reduce her payments and made full, adjusted and on-time payments for 13 months. When he tried to make the fourteenth payment, the bank returned it to him.
One day, he received a notice that his home was scheduled for a “Sheriff’s Sale.” Disconcerted by the notice, she immediately called the bank and was told that they did not need to submit any more legal documents, as they had previously submitted the necessary documents (before she made the arrangements) and Obama’s application for mortgage assistance had been rejected. . What this means is that the shortfall, the difference between the existing mortgage payments and the adjusted payments while Obama’s mortgage assistance modification application was pending approval or rejection, expired in full when the application was rejected. Example: existing mortgage payment, $ 1,100; payment under Obama’s mortgage assistance, $ 700. Denial would mean that $ 400 X 13 or $ 5,200 would be paid immediately and fees could apply. During the 13 months, the bank never provided a statement showing your account. You were informed that when a mortgage is in default, the bank is not legally required to provide a statement.
The bank bought the property at the “Sheriff’s Sale.” Did you know that after a “sheriff’s sale” and confirmation of the sale, the bank (buyer) only has to give you 48 hours to vacate? Also, all these strangers enter your property to complete various tasks on behalf of the lender / buyer (the bank).
People around me are losing their homes to foreclosure. It’s almost a repeat of the Great Depression. The exception is that during the Great Depression, saved money placed in banks was also lost. Today, bank accounts are insured by the FDIC.
What caused this dilemma? My take on this is that credit was “too easy”! On the side of the lenders, banks and mortgage companies were willing to be held liable for an excessive mortgage. On the buyer’s side, lack of concern and understanding of how much debt was being assumed. No one planned to lose a job or other circumstances, not being able to meet the mortgage payments. You always want the lowest possible payment at the lowest interest rate. I personally experienced this. When times are tough, you should work closely with your lender. In 1946, a family member, who had a home loan, sometimes only made the interest payment on the mortgage due to difficulties. They did not lose their property, but many years later they paid for it. Could this be a solution to current foreclosure problems?
The Obama Making Home Affordable program is a complete disaster. Those who really need help are not getting it. A recent conversation with my banker revealed that the seminars that mortgage lenders’ finance clerks attend left them with a big blank trying to figure out what the heck they are supposed to do. Home loan firms are less than helpful to clients who have lost or will lose their homes shortly. An application was rejected because the owner’s income was too low. Isn’t that what a loan modification should consider when reviewing need? Very few people have been approved under the Making Home Affordable program.
If you are having trouble making your home loan payments, the best thing to do is visit your lender in person and suggest that you may be able to pay the interest on the loan for a period of time.
Obviously, not being able to pay the mortgage payment is a very serious situation and should be avoided at all costs, even to the point of putting the property up for sale. You won’t see a penny of your equity if you allow your lender to foreclose. It is also very important that your mortgage lender is local.