I recieved this letter from the Mortgage Company Lawyers about the home I had surrendered in my BK, I will just write it as it says on the letter.
Dear Borrower,
Your Loan was scheduled for a foreclosure sale between November 26 2008 and January 9 2009. Fannie Mae, the investor with respect to your loan, instructed us to temporily halt the foreclosure sale to provide you with additional time to explore all potential alternatives to foreclosure, which may include the recently-announced streamlined modification program.
We strongly encourage you to contact your Loan Servicer immeadiately to determine whether you are eligible for various options to avoid foreclosure. Depending upon your circumstances, these alternatives may include,,
Repayment plan.. an agreement to pay the delinquency over a series of months.
HomeSavers Advance,, an unsecured loan that cures the mortgage delinquency.
Modification,, altering the loan terms to cure the delinquency and/or reduce
the amount of the loan payment.
Pre-foreclosure Sale.. agreement between you and the loan servicer to sell the property for less than the amount owed
Deed in Liue of Foreclosure.. a voluntary transfer of ownership of the property to the lender in exchange for the cancellation of the Mortgage debt.
Again, please contact your loan servicer at your earliest opportunity to discuss these options. If you are unable to reach an agreement with your loan servicer to resolve the delinquency, the foreclosure may be completed after January 9 2009.........
I surrendered this property in August when I filed and a motion for abandonment was done, the water utility immediately had the water turned off, I had to make a connection between my neighbor and my home to have water and pay him for the usage, as can be summarized I still reside in the property, the present market value is less than one third of the loan value and I have stopped paying since March of this year.
My idea is to offer one third of what I was paying for my monthly payment to conform with the value from the county appraisers, having read what I have posted any ideas, thoughts, bits of knowledge you wish to impart would be appreciated, thanks for reading, I know its a bit long.
Dear Borrower,
Your Loan was scheduled for a foreclosure sale between November 26 2008 and January 9 2009. Fannie Mae, the investor with respect to your loan, instructed us to temporily halt the foreclosure sale to provide you with additional time to explore all potential alternatives to foreclosure, which may include the recently-announced streamlined modification program.
We strongly encourage you to contact your Loan Servicer immeadiately to determine whether you are eligible for various options to avoid foreclosure. Depending upon your circumstances, these alternatives may include,,
Repayment plan.. an agreement to pay the delinquency over a series of months.
HomeSavers Advance,, an unsecured loan that cures the mortgage delinquency.
Modification,, altering the loan terms to cure the delinquency and/or reduce
the amount of the loan payment.
Pre-foreclosure Sale.. agreement between you and the loan servicer to sell the property for less than the amount owed
Deed in Liue of Foreclosure.. a voluntary transfer of ownership of the property to the lender in exchange for the cancellation of the Mortgage debt.
Again, please contact your loan servicer at your earliest opportunity to discuss these options. If you are unable to reach an agreement with your loan servicer to resolve the delinquency, the foreclosure may be completed after January 9 2009.........
I surrendered this property in August when I filed and a motion for abandonment was done, the water utility immediately had the water turned off, I had to make a connection between my neighbor and my home to have water and pay him for the usage, as can be summarized I still reside in the property, the present market value is less than one third of the loan value and I have stopped paying since March of this year.
My idea is to offer one third of what I was paying for my monthly payment to conform with the value from the county appraisers, having read what I have posted any ideas, thoughts, bits of knowledge you wish to impart would be appreciated, thanks for reading, I know its a bit long.
Bankruptcy Wizard
Comment