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Collections: Foreclosure |
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More Advice Team |
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According to my mortgage company, I'm behind one month (I disagree!) But in order to protect our credit I'm willing to pay $200 a month for five months for a total of $1,000. Can they force me to pay that amount at once? Can they sue me even if I'm willing to make those payments? Can they foreclose on my house because of this? - Virgilio |
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Virgilio,
Do you have proof that you are current on your payments? Check your bank statements, mortgage statements, or cancelled checks to verify payment.
With proof, you and your mortgage company can surely resolve the situation. Without proof, the mortgage company can request payment in full and does not have to accept you plan to pay the amount in installments. Unfortunately, they are within their rights to proceed with foreclosure. Let’s hope it never gets this far. Start searching for that proof and remember to keep detailed records in the future.
Good Luck,
The Advice Team |
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I got two months behind on my mortgage and when I sent the mortgage company one month’s payment, they refused it since it wasn't the full amount owed for the two months I was behind.
How can the refuse payment for a full month’s payment? -Janet |
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Janet,
Your mortgage company refused the payment because it wasn’t enough to bring your mortgage current. It is very important that you make both payments due or the mortgage company may foreclose on your home. If you need help, you can talk with a HUD certified housing counselor by calling 800-762-2271. The appointment is free and confidential.
Good Luck,
The Advice Team |
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I purchased my first house December. I lost my job in June and have been unable to pay my mortgage payment for the past three months. I have returned to work and although my income is substantially less I can now resume paying my mortgage payments again. I am not able to make up for the missing payments at this time, what are my options? I do not want to lose my home. Thanks. -Jordan |
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Jordan,
The first thing you need to do is contact your mortgage company to see what options they might be able to offer to help you keep your house. There are many solutions to a foreclosure through loss mitigation. Some of the many alternatives to curing a delinquent mortgage include a partial claim, a straight modification, and a forbearance.
For more information, visit the Department of Housing and Urban Development's website at www.hud.gov.
Best of luck,
The Advice Team |
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I recently received notice of a foreclosure through my mortgage company and was seeking some advice on procedures which might be able to help me stop or put a forbearance for a few months on my payments and possibly put them towards the back of my loan. I recently was approached by a door-to-door sales real estate broker claiming he would be able to negotiate with the bank and he would do this for me at a set fee of $1,400. My request for assistance is: would it be a quicker way to do with what this broker mentioned, or is filing for Chapter 13 an option which I was advised not to do, or a real concern of, can I proceed by myself of filing the necessary forms for a "special forbearance" and negotiate myself with the bank.
-Steven |
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Steven,
The first thing you need to do is call your mortgage company yourself. Open communication is very important. Be wary of anyone coming to your door offering unsolicited services. Make sure you understand exactly what you are buying, $1,400 is a lot of money.
Many mortgage companies have programs already in place that will accomplish the same thing this door-to-door broker is selling.
You could also speak with a HUD certified housing counselor at 800-762-2271 for free, professional advice.
Good Luck,
The Advice Team |
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If I had an forclosure on a house, how long does it take for me to be able to aquire a new home? It has been one year that my house was forclosed on. What is the average waiting period and how much will the mortage company be willing to finance me for? -Pete |
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Pete,
The foreclosure will remain on your credit report for up to seven years. Since it has only been one year since the foreclosure, your ability to get a loan at a reasonable interest rate will be affected for quite some time.
In the meantime, keep paying your bills on time and as agreed. As the foreclosure ages and you continue to use credit wisely, your chances of obtaining a loan will improve.
The Advice Team
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We recently bought a house and my husband lost his job with the airlines. We are not behind in the house just yet. I would like to know my choices. Can I turn over the keys to the bank? Or will the bank let me pay the interest until next spring or summer when maybe things are better?
-Monica |
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Dear Monica,
Open communication may be the answer to your problem. Many lenders have policies in place to help people in your situation. Please call your mortgage company today.
Turning the keys over the bank is not a desirable solution. It would result in what is called “foreclosure.” This would negatively impact your credit for the next seven years and possibly prevent you from getting another loan during that time. In addition, if the bank sold the home for less than the loan amount, you may be responsible for the difference. My advice is to slow down a bit and analyze all of your options.
Best of Luck,
The Advice Team |
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