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    #1

    Mortgage questions

    So most of you know we have decided not to keep our home. When we filed we were 3 months behind. Last payment made was in May. I have not received any NOD. Right before we filed I submitted loan mod paperwork. Yesterday I received a letter stating my mod has been received and it's in review.

    Today I received a phone call from WF. They did not leave a message.

    So I guess I'm looking for some advice on what to do so we can stay as long as we can to save for the move. Ideally I would like to stay at least 10 months or more. Should I answer the phone the next time they call? What do I tell them? I do not want to speed up the FC process at all. If I have to I can hire a FC attorney to stall the process.

    Info:

    House is $110K underwater
    HELCO is 13K - same lender - last payment made April,11
    Last payment made May, 11

    The house also needs some major repairs to one of the bathrooms. I received an estimate for about $4k. And we are having some drainage issues in the backyard. The land is eroding up to the patio. I do not plan on paying someone to fix these issues. Should it be mentioned to WF if I do speak with them??

    Thanks!
    "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11
    Tags: None
    #2
    Freddy

    what did you mark on your BK papers re: the house - reaffirm, surrender, pay and stay? If WF calls again, I'd just refer them to your lawyer as well as provide a case number for your filing. I wouldnt give them any more info than required and necessary regarding what you are planning to do - it will all come out in the wash, so to speak I wouldnt mention anything re: house needing repairs either....

    Comment

      #3
      Originally posted by Pandora View Post
      Freddy

      what did you mark on your BK papers re: the house - reaffirm, surrender, pay and stay? If WF calls again, I'd just refer them to your lawyer as well as provide a case number for your filing. I wouldnt give them any more info than required and necessary regarding what you are planning to do - it will all come out in the wash, so to speak I wouldnt mention anything re: house needing repairs either....
      It was marked other "pay and stay with modification" or something along those lines.
      "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

      Comment

        #4
        the problem may be that unless you actually pay them (since you marked "pay and stay" vs. surrender) they will foreclose regardless of the loan mod. For a loan mod to work, you have to make some sort of payment during the process (including review) as the foreclosure process does not stop during mod work out. So for you to not have them get the stay lifted, you will have to pay something at some point. You said you're looking for about 10 months to get to stay, however with you already not paying since April / May - things may roll faster than you want them to.

        What did your lawyer say regarding all of this?

        Comment

          #5
          Originally posted by Pandora View Post
          the problem may be that unless you actually pay them (since you marked "pay and stay" vs. surrender) they will foreclose regardless of the loan mod. For a loan mod to work, you have to make some sort of payment during the process (including review) as the foreclosure process does not stop during mod work out. So for you to not have them get the stay lifted, you will have to pay something at some point. You said you're looking for about 10 months to get to stay, however with you already not paying since April / May - things may roll faster than you want them to.

          What did your lawyer say regarding all of this?
          He said that since the house is so far underwater and I'm in Central Fl. I could possibly get 10 months or more but no one really knows.

          I have read that Fl FC process is taking anywhere from 300 to 600 days.

          Fingers crossed I have some time. I have been keeping my eye on rental homes in my zip code and I was shocked to see such nice homes available for about $800 less than what I pay for mortgage/taxes/insurance/hoa dues. I would just like to save a little.
          "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

          Comment

            #6
            I hear ya - hopefully you'll get the time needed in order to save up. I guess the next thing would be to ask your lawyer if you'd still get that possible timeframe if you dont pay anything at all as well as how to address the mod process / issues since you dont plan on paying / staying. You will have to talk to the lender at some point in the mod process since you have to submit tons of stuff along the way.

            That to me is the big issue - how to stay but not pay out. Guessing you're planning on modifying your BK paperwork and marking surrender later?

            Comment

              #7
              Originally posted by Pandora View Post
              I hear ya - hopefully you'll get the time needed in order to save up. I guess the next thing would be to ask your lawyer if you'd still get that possible timeframe if you dont pay anything at all as well as how to address the mod process / issues since you dont plan on paying / staying. You will have to talk to the lender at some point in the mod process since you have to submit tons of stuff along the way.

              That to me is the big issue - how to stay but not pay out. Guessing you're planning on modifying your BK paperwork and marking surrender later?
              Oh I have no clue about that. My attorney never mentioned it.
              "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

              Comment

                #8
                Originally posted by Freddy03 View Post
                So most of you know we have decided not to keep our home. When we filed we were 3 months behind. Last payment made was in May. I have not received any NOD. Right before we filed I submitted loan mod paperwork. Yesterday I received a letter stating my mod has been received and it's in review.

                Today I received a phone call from WF. They did not leave a message.

                So I guess I'm looking for some advice on what to do so we can stay as long as we can to save for the move. Ideally I would like to stay at least 10 months or more. Should I answer the phone the next time they call? What do I tell them? I do not want to speed up the FC process at all. If I have to I can hire a FC attorney to stall the process.

                Info:

                House is $110K underwater
                HELCO is 13K - same lender - last payment made April,11
                Last payment made May, 11

                The house also needs some major repairs to one of the bathrooms. I received an estimate for about $4k. And we are having some drainage issues in the backyard. The land is eroding up to the patio. I do not plan on paying someone to fix these issues. Should it be mentioned to WF if I do speak with them??

                Thanks!
                Don't know for sure how long you will have but honestly, the banks are so far behind in foreclosures, I 'd bet you'll get your 10 mos. and more. As far as telling them about the repairs, don't bother. It's their problem, no longer yours as long as you can live with it till ya move!!!
                Filed CH 7 4/15/11
                341 5/23/11
                DISCHARGED & CLOSED ON 7/27/11

                Comment

                  #9
                  Originally posted by sunshinepa View Post
                  Don't know for sure how long you will have but honestly, the banks are so far behind in foreclosures, I 'd bet you'll get your 10 mos. and more. As far as telling them about the repairs, don't bother. It's their problem, no longer yours as long as you can live with it till ya move!!!
                  Yeah I wasn't sure if I should tell them or not. I didn't know if it makes the house look less "attractive" to them.
                  "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

                  Comment

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