Will I lose my house?

[southernbelle]

The last call I received was from the bank rep that said, when my past due status reached 60 days (this Monday the 10th), they bundle all three loans and can put my home in foreclosure. She also said she could not accept partial payment and there was nothing she could do, but maybe I could work out something with special collections. I called her back, since I want to keep my home and she mentioned that the loans were forwarded to the "Special Collections" department. I don't know if special collections is the foreclosure dept. or not, but she didn't say.

I haven't received a call from them yet, but since I want to keep my house, I'm trying to reach the first rep. again to find out who the rep. from Special Collections is. I REALLY need to keep my home and can pay 1/2 now and 1/2 in 2 weeks, but can't get the people handling my case on the phone. The first rep put a note in my file so that they have my number to call me, but nothing so far. Maybe they are still assigning my case to someone.

Do you guys think I can still save my home. I haven't gotten a foreclosure letter yet, but I can't reach the people I need to speak with to send a payment. I'll keep trying to call, and will drive to their office (about an hour away) if I need to in order to deal with this if I can't handle this via telephone. What can I do? How willing are banks to foreclose, is it that easy with the housing market what it is right now?

[HHM]

about all you can do right now is start saving money. You are in default, and you might as well hold onto the cash and keep calling. Doing mortgage workouts is no different than doing B2B sales, you have to be persistent and you have to get by the gate-keepers.

Have you received any acceleration notice. If you really can cure the default as quickly as you said, then my guess is the bank will let you do so. But in the mean time, until you have an agreement with the bank to do anything, there is no point in sending in additional payments.

The news media has really skewed peoples thought about foreclosure...banks ARE STILL FORECLOSING. The reason why banks are still foreclosing is complex and beyond the scope of this post, but just realize, foreclosures are UP for a reason, because banks are still foreclosing.

[southernbelle]

THANK GOD!!!! I called several people before finally getting in touch with the first rep. I spoke with. She hadn't sent my loan to special collections or foreclosure so I caught it just in time. She was able to accept my payment and I'm dropping it off at the branch location at lunch TODAY!!!

Thank you HHM. Your wisdom is a lifesaver. I didn't give up and finally was able to save my house. If my BK goes as planned, I will be one step closer to debt free living. Thanks again.