Question by Jeff S: Can my mortgage broker foreclose on me?
In march I did a FHA refi. the mortgage broker messed up big time on my escrow and put me in a big bind. FHA kicked the loan back and is not insuranable so the broker wants me to sign a modification agreement. I refused to sign it till they correct their mistake. They then told me that they can forelcose. Is this possible?
Best answer:
Answer by golferwhoworks
not the broker– FHA
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Question by Sana: What I need to do about my 2nd lender? I can qualify under Modification Program but I also need to lower my2nd?
I can refinance my 1st loan but how I can refinance my 2nd loan? In this program is saying that you can do only 1st one?
Best answer:
Answer by debijs
~~Contact the lender who owns your second. Tell them of your financial hardship. If it is through a bank, visit they are suppose to send you information for a loan modification also. Good luck~~
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FHA Streamline Refinance Without Credit History
Known as a quick and easy process, more about the FHA streamline refinance is available without the need of a credit history. The FHA streamline refinance is available to homeowners who want to refinance their existing FHA loan. Because FHA wants homeowners to …
For more informaiton please visit here…
How do I handle a short sale and FHA loan?
With FHA short sales, the usual process you must go through involves two levels of negotiators to get approval from the U.S. Department of Housing and Urban Development (HUD). From my experience, it always seems like each level of the negotiation phase …
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Finance Committee Chair Suggests FHA Could be Next Countrywide
In its current form FHA is clearly an impediment to such a system. " The Chairman said FHA had strayed far from its original purpose and no longer focuses on low and moderate income Americans but rather caters to a risky market with high loan limits …
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Question by sam: Does anyone know of any programs out there to save a home that has already been in foreclosure for a week?
The type of the loan is FHA and I have few months left and unable to get help on any government programs out there. Your feedback is greately appreciated.
Best answer:
Answer by Becky
There are all kinds of programs out there — but, approved you have to Qualify for the assistance. To do this there has to be a hardship but there also has to be an income. The investor is not going to modify the loan if there is no income or not enough income to support a monthly payment.
The first thing you need to do is gather your general monthly expenses. List all of those on a sheet of paper. By *general* I mean utilities, groceries, cell phone/cable, credit card, tuition, personal loans, car payments, etc. Also add in your mortgage payment. Subtract all that expense from your monthly income.. Is there a deficit or surplus? If there is a deficit that is more than $ 100 what is it and what unnecessary expense can go away to bring you to a surplus situation? Is there a car payment somewhere? Are you paying high monthly payments for credit cards? Maybe BK is the way to go for those types of expenses, but BK won’t keep you in your home – the bank/investor still has the right to foreclose.
If you’re in a surplus situation or if you can correct the deficit situation – how much money do you have to put down towards the delinquency?? You’re going to need something… If you’ve got the surplus and at least 1+ payment to contribute, call your servicer. Chances are you will qualify for a Partial Claim or a Loan Modification.
The investor doesn’t want to foreclose, but they’re not going to hand you the house on a platter either. You need to qualify for the workout. If you don’t qualify then what you are going to need to consider is selling the property because the reality is that you can’t afford it. To get out from under the *foreclosure* code on your credit you can list your property for sale, for fair market value. If you can get an offer on it you can request the investor approve a Short Sale (again, call your servicer) but again, you’ll need to have a purchase agreement, HUD1, proof of buyer funds, bank statements and listing agreement ready to fax your servicer before you request the Short Sale. The servicer isn’t going to pre-negotiate a short sale. If you get an offer that is investor approved your credit will show a ‘Settlement’ vs. a ‘Foreclosure’ which is a 200-300 point hit. If the property doesn’t sell in 90 days – you can request a Deed in Lieu.
Be realistic, think long term and understand what you’re getting yourself into if you keep the house. I’m not saying you can’t afford it if it is a modified loan, but you should understand that 50% of the people who are successful at getting a loan modification are back in foreclosure within 12 months and once your loan is modified it cannot be re-modified more than once a year and in some cases it can only be modified twice during the life of the loan. Do what is best for you, your family and your future. If it’ll work, great.. if it’s just prolonging the inevitable you may want to consider starting your future today — by getting rid of the home.
If you want to attempt the Partial Claim or Loan Mod – get your information together and call the servicer. You can also ask them about the Short Sale and the Deed In Lieu Of.
Good Luck.
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There’s a process called redemption. Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.
Many states have some type of redemption period. The redemption period and availability is often determined by whether the foreclosure is judicial or non-judicial. And, timelines and procedures can vary greatly from state to state. You can find specific information about the redemption period of your state (if applicable) by reading the state laws on foreclosure.
There are many programs out there that can help you. The first thing that i would suggest is to speak with a financial counselor to appoint you to the right program that will fit you. I have received so much help and saved my home which is a big relief because when your in a bind and looking for help there’s so many options to take and so many companies out there that take advantage of people.
What worked for me was a loan modification. i spoke with a financial counselor *free of charge* and he took me through the whole process and at the end he was able to save my home and drop my mortgage payments. again its all on finding what works for you.
If your interested i can give you the information about the company that helped me you can speak to a financial counselor for free which can give you some options on saving your home. keep in mind the program itself like that loan modification that i did will have fees but not the consultation. the fees never exceed more than what your already paying on your mortgage.
Hope this helps you!
Talk to the mortgage company. Even if they have sold it and it reverted to them you may still be able to get it back. There is something called HOPE that is a government program you may want to look that up online.