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Foreclose Question - Need advice!

Ok so this is my situation. I am in process of foreclosure...I have just gotten served so I know I have some time (I live in ILL) anyhow I am confused. I'm been trying to fight with the lender so they can modify my mortgage but have had no luck. The lender told me to resubmit paper work. So I will have the money to pay my balance but do I really want to do that? Or should I wait to see if they can help me? But then will it be too late? I am soooooo confused, I can pay it but think they will never help me. I have until the end of the month to come up with the money. Which I hope I can do. I'm just so sad. I have never asked for help ... my DH has always worked but given the economy he's had 4 jobs in the past 2 years. I just don't know what to do. NO BASHING PLEASE!!!! THANK YOU ALL FOR LISTENING!


Answer Question

Asked by Anonymous at 12:00 PM on Mar. 25, 2010 in Money & Work

Answers (5)
  • So sorry you're going through this!!!

    I would keep trying to work with the lender. Tell them that you have some of the $ and want to work out a repayment plan.

    Answer by Luvmylilmonkies at 12:08 PM on Mar. 25, 2010

  • Here's what I did. I was behind, but I was sending in extra every month trying to catch up. The lender was misapplying it to principle instead of arrears. I spent many hours on the phone with them trying to get a history of how payments were applied. They gave me every excuse right down to we don't have a report for that. I called my state representative & my congressman and told them of my situation. Two days later I received the report in the mail. They had misapplied over $2000 of payments to principle. After several more days on the phone with them trying to get this fixed, I was told that the VP had to approve it. So I googled the VP of the lender & emailed him. He was the nicest person. Couldn't understand why his people were refusing to help me. Within a week it was all straightened out.

    Answer by motherofhope98 at 12:13 PM on Mar. 25, 2010

  • refinace with a different lender!!

    Answer by Anonymous at 12:14 PM on Mar. 25, 2010

  • ABC news is working on a piece about this as we type. Go to their website and see if your mortgage holder is one of the banks listed who is willing to work on these foreclosure situations. ABC news was encouraging folks to call the mortgage holder and ask questions. Maybe their site tells you the questions to ask. Good luck.

    Answer by admckenzie at 2:08 PM on Mar. 25, 2010

  • They just came out and said Obamas home restructuring plan was a bomb. I also heard today Citibank is going to be doing some also so maybe you should try and find another lender. It doesn't have to be your original lender.
    If you can pay I would go ahead and do it and keep trying to refinance it.
    just remember if you restructure through the government your credit score will go down more on top of the late payments. If you are able to just refinance there will only be what was reported from late payments. Of course you have to do what you have to do but look into another lender.

    Answer by itsmesteph11 at 2:18 PM on Mar. 25, 2010

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