Independent Field Inspector? Huh?

[mzbunny26]

Hi,
A field inspector at the request of my home mortgage company came by my house today and left a slip of paper on my door. A phone number was on the slip and also said to contact my home mortgage company. Do you think this is legit or maybe a scam? I'm so nervouse about everything I do and say through this whole process. I am giving up my house and about to go to court in a few weeks for my BK meeting.

Also, is it a good idea to call my mortgage company and tell them what is going on, even though I know that they should have been contacted by now of my filing BK?

These questions seem like they are so simple minded? I feel strange about all of this anyway. Thanks for any help.

Everyone has been so helpful here!

[sh9730]

Assuming you are late with the mortgage, dont worry about the inspector. The bank has the right to send someone out to see if the property is abandoned, and that is all that is. No biggie.

As you say, the bank probably has been notified of your BK filing, BUT....even if in the end you are probably going to let the house go...you can try and get in the Loan Modification review process and by yourself more time before you have to go. Its easier if you said in your BK filing that you intended to stay in the home (rather than surrender), but can still be done even if you didnt file that way.

YOU can contact your lender (they will refer you to the BK department since noone else can speak with you), and then they will have your attorney sign a form saying it is ok to speak with you. Apply for a modification....if somehow you like the numbers and can afford it...then great! But even if they deny, or you dont like it....your FC process is put on hold longer, allowing you time to save more money for the move.

[mzbunny26]

Thank you sh9730 for your help.
I actually have been through the home modification process already. The mortgage company could hardly help at all. My lawyer, support group, family and friends all are shocked. This is why it has come to this point. I'm at the point that even if my payments could be lowered enough to be comfortable, I still wouldn't be able to maintain my houses upkeep. Problems in the house have turned it into a money pit. (Mold, old falling fence, deck needs to be ripped out and so and so on. I feel way in over my head. I feel like I am walking in a "dim light" through this because I am not actually in the complete dark but still not sure of what the next step will be. I'm guessing it all depends on the mortgage company and how fast they want me out. I have heard so many different situations. Some companies want you out in a month, some will take a year or more.

Do you think that there is anything I can do to delay the foreclosure process? Thanks again for your advice.

[sh9730]

Oh there is lots you can do....the first thing though is to re-apply for a modification. That will keep the bank from filing a motion to lift the stay in the BK court, which will by more time. Since I cant post about other forums here, google "hampster wheel" and you will get many more ideas.

Best of luck.

[IamOld]

Hello mzbunny - just be careful - in VA, once foreclosure is initiated, it goes...quickly...90 days or so...

[norcal]

I had Wells Fargo Financial and I actually had to call and tell them that we had filed for BK after we received a sale notice on our front door. They said that they had no notification which was a lie. I know they were sent the notice by the court and it was sent to the correct address. They cancelled the sale and I called them again 4 months after we were discharged because we had not heard from them and had already moved out. They looked up the BK while I was on the phone and saw that it was discharged. We were offering the deed back in lieu of foreclosure, so we wanted the process expedited. What was supposed to take a month took 3 months, but the house is finally out of our name. I can say that this whole process was a huge eye opener in the banking/mortgage industry. Our mortgage was over $350,000 and our house actually sold for $74,000 after the bank took it back. I can't believe how little Wells Fargo was willing to work with us to keep the house. They took a huge loss when all we initially wanted was an interest rate decrease. I'm relieved that that chapter is finally closed.

[IamOld]

Norcal it just shows you that they do not CARE about you, me, or anyone else - they do not care because they make their money and then some thanks to the taxpayer.

I had Wells Fargo Financial and I actually had to call and tell them that we had filed for BK after we received a sale notice on our front door. They said that they had no notification which was a lie. I know they were sent the notice by the court and it was sent to the correct address. They cancelled the sale and I called them again 4 months after we were discharged because we had not heard from them and had already moved out. They looked up the BK while I was on the phone and saw that it was discharged. We were offering the deed back in lieu of foreclosure, so we wanted the process expedited. What was supposed to take a month took 3 months, but the house is finally out of our name. I can say that this whole process was a huge eye opener in the banking/mortgage industry. Our mortgage was over $350,000 and our house actually sold for $74,000 after the bank took it back. I can't believe how little Wells Fargo was willing to work with us to keep the house. They took a huge loss when all we initially wanted was an interest rate decrease. I'm relieved that that chapter is finally closed.