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Answers (11)
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I suspected such. If you were $100K underwater, PHH would have a much easier time deciding how they were going to treat you.
I hope this all works out for y'all. Please keep us posted.
I hope this all works out for y'all. Please keep us posted.
- lincoe36
- Contributions:3
Yes I have about $55,000 in equity. My house has been on the market for over 1 year...had two buyers but their banks backed out right before closing.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Lincoe
Please write your Senator and Congressman and tell them your story. Just so they know how much help (none) they have been in helping solve the issues in our housing and lending markets. Then vote for someone new.
If I were you, I would not only speak to an attorney about helping prevent my foreclosure, but I would iterate the "oops we let you modify then reneged" story, and see if that were an actionable breach. No Lender should be able to get away with that sort of incompetence or malice, whichever it is. Do you have equity in this home?
Please write your Senator and Congressman and tell them your story. Just so they know how much help (none) they have been in helping solve the issues in our housing and lending markets. Then vote for someone new.
If I were you, I would not only speak to an attorney about helping prevent my foreclosure, but I would iterate the "oops we let you modify then reneged" story, and see if that were an actionable breach. No Lender should be able to get away with that sort of incompetence or malice, whichever it is. Do you have equity in this home?
- lincoe36
- Contributions:3
My mortgage company is PHH Mortgage and the lender is Sallie Mae. I am on a loan modification program, as of February 2010, and have made the payments. They told me that they made a mistake and I wasn't suppose to be place on this modification. They keep telling me they will try and set me up on another program, so I need to stop making the payments for the current modification!
Hamp Yonce...thank you for your help.
Hamp Yonce...thank you for your help.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I should rephrase part of my opinion. I said in the "last 90 days". What I should have said was, if they accept any funds after notifying you that you were in default. That period could be more or less than 90 days. Accepting funds after the NOD renders the NOD inaccurate and ineffective.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Yes, I believe that would be the case, if the Lender is dumb enough to cash the penny checks.
- wetdawgs
- Contributions:26842
@hamp: You wrote " I don't think they can foreclose if they have accepted a penny from you within the last 90 days. Accepting your money negates their right to proceed." Does that mean if we pay one penny per month on our mortgage and they "cash the check", they can never foreclose on us?
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I'm no attorney either but I respectfully disagree with Celia and Warren. I don't think they can foreclose if they have accepted a penny from you within the last 90 days. Accepting your money negates their right to proceed. They would have to wait 90 more days, and not accept anymore funds during that period. If you have enough funds to cure the default (meaning catch up all the way) they must accept those funds.
You need an attorney, or you need to have some pointed discussions with a supervisor type at your Lender. Who is the Lender? I just want to know which thief you are dealing with for my personal data bank.
You need an attorney, or you need to have some pointed discussions with a supervisor type at your Lender. Who is the Lender? I just want to know which thief you are dealing with for my personal data bank.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Before becoming a victim you should read up on equity stripping and leaseback scams! Google it!
- Celia Butler Home Loan Diva, "At Academy Mortgage"
- Contributions:359
I am truly sorry for your dilemma - believe me you are not alone ... if that is any comfort to you ...
What I believe happened is that they took your money and then realized they were not suppose to be applying your funds because you were behind on payments. Usually when you are behind they don't take your money unless you can bring the account to current with the funds you sent.
So then when they realized it they sent you back your money.
If it were me I would call and ask them. I personally think they still can foreclose but I am not an attorney. Did you know that if you call your state bar association they can get you an inexpense 1 hour consultation with a real estate attorney? That might assist you - but take all your paperwork.
You can always do a leaseback (new program) if you get real proactive and complete it immediately. That will keep you in your house if it all gets done quickly.
Sincerely,
Celia
- warren w1
- Contributions:122
I'm not an expert. If your received foreclosure papers, they will foreclose unless you hire an attorney to stop it. Sending them checks every month is just icing on the cake for them! They really shouldn't accept your payments.
Should I cash check sent by Mortgage Co for misapplication reversal.
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