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Profile picture for MarcelaChacon

how can i save my home from forclosure?

I havent made my payments for about 4 months now because i lost my job..I am working now but the bank told me that tehy cant accept my payment anymore that its too late and my property is gonna be forclosed soon.what can I do?

  • April 25 2011 - Arleta
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Answers (8)

Also you can try contacting NACA neighborhoo assistance corporation aff America. Here is a link to their website:  https://www.naca.com/index_main.jsp

They assist with Loan Modifications and help people facing foreclosure.  Best of luck.

  • June 17 2011
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Profile picture for CJBrasiel
Marcela -
If you have lost your job you could qualify for California's Keep Your Home Program.  See the link for more information
http://www.keepyourhomecalifornia.org/programs.htm

If you are trying to decide what is best for you, it is always good to consult with a local real estate agent with short sale experience, an attorney to understand any legal options, and a tax professional to understand tax liability.  For a list of  experienced short sale agents in your area:
http://www.cdpe.com/find/cdpe

As a primary home owner you may also qualify for the HAMP or HAFA program.  Most of us do not believe the HAMP program is very successful but the HAFA program is gaining steam and provides $3,000 for relocation assistance to the seller.   Find out if you qualify:
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx

Good luck!
CJ
  • April 26 2011
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Profile picture for sgmmgs
Have you considered a Short Sale?  The last thing most lenders want is another property on their books.

Contact a local agent and ask for a consultaion, and let them explain the pros and cons of doing a Short Sale.  I think this would be the best course of action for you.

You can also contact me and I can help you through the process.

Good luck!
  • April 26 2011
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Hi,

foreclosure timelines in CA if Notice to accelerate, then they are supposed to wait and additional amount of time before they can even issue a Notice of Default.  

However what most people dont know is you can dispute a notice of default just like you can dispute any other debt.

Once you get your notice of default send both the lender and your trustee a dispute on their NOD.

You have the legal right to ask for several items.  

Additionally once you send in a dispute the lender can not longer collect on the account until they have verified the information is accurate!!  

You would want to send a disput and a request for documents  QWR.

the lender is required to respond to you per Dodd Frank within 5 business days they then have to answer the dispute with meaning full answers or fix the dispute.  Again they can not report you to the credit reporting agencies or continue collecting on the account until they have verified the informaiton.

You could send a demand and request for docs asking for your:

Endorsed and Assigned Note and Deed of trust,
make sure the amount they are saying you owe is correct.  Most of the time it is not.  

I would say this may be doable depending on the verification the lender gives you and of course if you can afford the new modified payment.

you will also want to get a NPV worksheet done.  this will tell you if your current income is enough to qualify for the mod.

If this type of work feel too overwhelming to you I suggest contacting NACA if you cant afford an attorney or legal aide depending on your income.  but it should be someone who knows that laws and foreclosure prevention. 
Best of Luck
  • April 26 2011
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Hello Marcela:

Log onto http://www.calhfa.ca.gov/ ... 11-02.pdf as well as their main site at http://www.calfha.ca.gov and see if may be you will be able to head them off.

You need to work overtime on this because I have come across two B of A homes in which they auctioned off the homes and purchased them themselves.

Heartless is being kind. I had an offer on one and was getting ready to write an offer on another one when the agent told me that they foreclosed.

I now have another offer on another home in which just so happens to be another B of A home. I hope the outcome is different for everyone involved.

Really sick situation we are in. One was a very young couple with a newborn baby.

Not cool... Not cool at all...

Hope it works out for you...
  • April 25 2011
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Hi Marcela,

If they will not engage in conversation with you they can be in violation of Califonia civil codes that say the lender contacted you and tried to offer you a modification.

This may simply be the representatives at your servicer do not know what they are doing.

California has a new program specifically for unemployed homeowners.  So that should not be an issue.  Now that you have a job, can you afford to pay a reduced payment?

1)If your current mortgage payment is greater than 31% of your gross income  fully amortized  (principal interest taxes insurance hoa) 

2) if you obtained this loan before 1/1/09
3) loan amount is $729,950 or below
4) you live in your home and it is your principal residence

This is the initial criteria.

Next you need to make enough money to pay a modified payment.  I believe this is where so many people go wrong.   If you submit an application that is $2,000 less than your net income you may not get approved, unless of course your mortgage payment is above 60% of your gross.

Your lender is required by treasury guidelines to review your loan mod application as long as you submit it before 7 business days before your sale date.  For them to simply say you wont qualify with out reviewing your application is not correct treasury guidelines. 

If you need to go on your lenders / servicers website and down loan their application.  make sure and submit all docs they requested  asap.

Additionally keep all of your notices you recieve from your lender, NOD and NOS.


  • April 25 2011
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Hi Marcela,
You mus thave gotten the wrong employee because most banks are at least trying to work with people now. They may want you to pay the arrears before reinstating the loan, but if that's not possible for you, see if they can add it to the back of the loan. There are numerous ways to get back on track. Like Chris said, call them back and ask to speak to home retention division. And don't give up until you have spoken to someone who will help you.

All my best,
Micki
  • April 25 2011
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Call them back, usually they will work with you.  I would keep calling until you find someone that works there that is not concerned with punching the time clock.
  • April 25 2011
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