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4 Bumps

Forclosure question

We just got a notice in the mail today that our house will be up for forclosure. We are 4 months behind but we will have the 4 months payments on November 6th. Is there any chance that we can stop the forclosure by paying what we are behind? What other options are out there?

 
Anonymous

Asked by Anonymous at 3:38 PM on Oct. 20, 2010 in Money & Work

This question is closed.
Answers (14)
  • If your husband's name is the only name on the mortgage, you might need the power of attorney. My name is on the deed to our house, but not on the mortgage, so I have needed to have this also.

    I would get on the phone ASAP and see what you can arrange - tell them you have the 4 months funds and can they take off any of the fees ? Anything they can take off will help. In this economy, they most likely will work with you - it is not in their best interest to take your home - they most likely will make more money if you kept it and keep paying them ! If you can't get them to work with you, then get a lawyer ASAP - some are more willing to talk to a lawyer, since it makes you look more willing to make this work out, but more money out of pocket for you. Keep fighting - 4 months is nothing, relatively. I fought for 4 years and stayed in my house the entire time !!
    JustMyOpinion22

    Answer by JustMyOpinion22 at 6:45 AM on Oct. 22, 2010

  • Contact your mortgage company and an attorney. If you have legal council the company is more likely to work with you (we learned this too late). Since you are behind the mortgage company can demand the note be paid in full, which is what happened to us. Good luck!
    scout_mom

    Answer by scout_mom at 3:40 PM on Oct. 20, 2010

  • Get on the phone and make the calls to the mortage company, Im sure they will work with you if your willing to work with them.
    raemommy

    Answer by raemommy at 3:42 PM on Oct. 20, 2010

  • "The law in most states gives the homeowner every opportunity to stop the process leading to foreclosure, right up to the minute that the auctioneer's gavel comes down and sometimes even beyond.  In some states there is a period after the foreclosure during which the homeowner can redeem the property (right of redemption.)"


    Contact them and explain the situation.

    musicmom08

    Answer by musicmom08 at 7:05 PM on Oct. 20, 2010

  • If you have all the back payments in 2 weeks yes they will...Will that bring you completely current--through Nov as well?
    Happymom2-2

    Answer by Happymom2-2 at 9:20 PM on Oct. 20, 2010

  • I hope so for you guys. It would seem like if you have all the back payments then you should be good to know, I really know nothing about it but I hope it all works out.
    Melbornj

    Answer by Melbornj at 3:48 PM on Oct. 20, 2010

  • If you pay up you'll probably be able to stop the foreclosure but you need to contact your mortage company immediately.
    UpSheRises

    Answer by UpSheRises at 3:50 PM on Oct. 20, 2010

  • I have called the mortgage company but my power of attorney has expired. I faxed over my new one but they said it will take 24 hours until it is approved so that I can talk with them.

    Anonymous

    Comment by Anonymous (original poster) at 3:52 PM on Oct. 20, 2010

  • I agree with the above Mom. Talk to someone at the mortgage company who has some authority and let them know that you will be able to make payment on Nov 6. They still have the right to demand payment in full, but banks really do not want to own houses at this time.
    MeggieSwan

    Answer by MeggieSwan at 3:52 PM on Oct. 20, 2010

  • Chances are they will not accept the payments to stop the foreclosure because, the payments alone will not bring the loan current. Now the company has added late fees and attorney's fees to file the claim with the courts.. This happened to us also.. Don't get into a loan modification deal with them, it is a vicious cycle for many.. Less than 5% of homeowners are approved for the modification. Research this, you will see how bad it is.If you can afford your home and want to keep it, talk to a lawyer about filing for chapter 13 bankruptcy. Please make sure you can afford your home before you think about doing this.. It will be an added payment each month to your already monthly expenses.
    midnightmoma

    Answer by midnightmoma at 4:03 PM on Oct. 20, 2010

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