We are in NH.
Would like to keep our home, but not sure if they can mod the loan(s) enough to make it affordable for us. We are upside down in the two loans, but I think the first is not underwater by itself (unless the house is worth less than I think it is, but I think that is a long shot).
Last paid July on the 1st. The 2nd is 40 days late. First is Freddie Mac, serviced by Sovereign, 2nd is consumer division of Sovereign.
Sent in modification packages for both loans last week, both are in internal review. Got a notice of sale date today. Sale date is March 7, to be held on the property.
IF they can mod well enough for us to afford, I want to keep the home. If not, well, then of course we'll surrender it and go forward with the BK and come out the other side with our pitiful belongings in a pile, because nothing we own will be desired by the trustee, except for some things we'll use exemptions to protect.
Sovereign Loss Mit dept didn't know the sale date was set when I called them. Freddie's attorney sent the letter.
We will qualify for a chapter 7. I assume if they mod the loan, we can still do a 7, because the arrearage will be pulled in to the modification. I shouldn't need a 13 for that, right?
Anyway, since Sovereign takes forever to review mod packages (this is the 3rd and final go around because the programs keep changing and just as they finally get out of internal review and go to the investor's review, the program changed and we were not qualified at the time.) So since last time it took them 75 days from when I sent it in to say "NO!", I assume that they will not even finish their internal review before they have already foreclosed.
But... if I file BK to stop that action, it will disqualify us from the program (again). What is it we need to do to sort this all out?
And... if we can't get a mod, or figure out for sure that even if we could, that we can't afford the house, what's the timeframe typically for Sovereign and Freddie to boot us?
Would like to keep our home, but not sure if they can mod the loan(s) enough to make it affordable for us. We are upside down in the two loans, but I think the first is not underwater by itself (unless the house is worth less than I think it is, but I think that is a long shot).
Last paid July on the 1st. The 2nd is 40 days late. First is Freddie Mac, serviced by Sovereign, 2nd is consumer division of Sovereign.
Sent in modification packages for both loans last week, both are in internal review. Got a notice of sale date today. Sale date is March 7, to be held on the property.
IF they can mod well enough for us to afford, I want to keep the home. If not, well, then of course we'll surrender it and go forward with the BK and come out the other side with our pitiful belongings in a pile, because nothing we own will be desired by the trustee, except for some things we'll use exemptions to protect.
Sovereign Loss Mit dept didn't know the sale date was set when I called them. Freddie's attorney sent the letter.
We will qualify for a chapter 7. I assume if they mod the loan, we can still do a 7, because the arrearage will be pulled in to the modification. I shouldn't need a 13 for that, right?
Anyway, since Sovereign takes forever to review mod packages (this is the 3rd and final go around because the programs keep changing and just as they finally get out of internal review and go to the investor's review, the program changed and we were not qualified at the time.) So since last time it took them 75 days from when I sent it in to say "NO!", I assume that they will not even finish their internal review before they have already foreclosed.
But... if I file BK to stop that action, it will disqualify us from the program (again). What is it we need to do to sort this all out?
And... if we can't get a mod, or figure out for sure that even if we could, that we can't afford the house, what's the timeframe typically for Sovereign and Freddie to boot us?
) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011 