In Big Trouble

Discussion in 'Credit Talk' started by ohnostuck, Oct 30, 2001.

  1. ohnostuck

    ohnostuck Well-Known Member

    BAD BAD news. Hubby got laid off today. My mortgage for OCTOBER still isnt paid. I would apply for a loan but now citibank has our charge off with 2 different collection agencies and a phone bill that isnt even mine is the same way. I sent the mortgage company 600 last week (my payment is 985) and they sent it back saying it must be paid in full. Anyone have any advice to deal with them? Hubbys hours went way down before his lay off and he said that when he goes tomorrow to file for unemployment it will take 3 weeks to get his first check. We were going to try and sell the house but now they might take it......hellllllllllllllllp!

    GEORGE Well-Known Member

  3. ohnostuck

    ohnostuck Well-Known Member

    How would I go about that? No doc..does that mean that they dont pull my credit?
  4. ohnostuck

    ohnostuck Well-Known Member

    that wouldnt work for an FHA this is what I found..
    The mortgage to be refinanced must already be FHA insured
    The mortgage to be refinanced should be current (not delinquent).
    The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
    No cash may be taken out on mortgages refinanced using the streamline refinance process.
  5. Mirage

    Mirage Well-Known Member

    Seek an attorney who deals in bk and foreclosure matters.

    Best regards,
  6. anna

    anna Well-Known Member

    What state are you in? Here in PA we have "Act 91 Emergency Mortgage Asistance." I don't know if this is a state or federal program, but surely every state has something like this. They paid all our past - due payments, and all our past - due taxes. The payment is $25 /month, no interest, on a 7800$ loan. While the loan request is processing, (Ours took 4 months), all legal procedings against you must cease. One thing to remember - the guide lines are very strict, and you must adhear to them in every way regarding documentation, deadlines, and anything else. The application must be filled out by a CCS counseler within a certain amount of time after recieving the notice to forclose, or you will lose your right to apply. In PA, lenders are required to include a notice of Act 91 with their first threat of legal action. I have heard of people who have recieved upwards of $50,000 in assistance, then coming back 10 years later for the same amount. And yes, it does report to all 3 CRAs, It's one of the positives on our reports, and the newest ( Feb, 01), but I don't think the whopping $25 payment is all that impressive! Good Luck - I'm sure it will all work out for the best - everything happens for a reason, you know.
  7. star

    star Well-Known Member

    I was just in the same boat- there is a way, IF you have FHA you will be eligible for there Mortgage modification program thru FHA(GO to FHA's website and click on foreclosure) You will have to get the paperwork from your mortgage co , it all goes thru them(call and ask for there loss mitigation dept). I was 11 months behind, they dont go by your credit AT ALL, FHA refinanced my mortgage to a lower % and brought my loan current with on $900 in fees to mtg co for title search, law fees and paper work, now i am current and the arrears are in my refied mtge.Its all thru FHA the only thing is I think you need to be 3 months behind at least- go to the website NOW and get the info
  8. lbrown59

    lbrown59 Well-Known Member

    You paid 600 so now all you owe is 385.
  9. Andrew

    Andrew Well-Known Member

    Isn't there a clause somewhere that states a lender cannot refuse payment and if the lender does it means that the debt has been satisfied?
  10. lbrown59

    lbrown59 Well-Known Member

    Does anyone know the answer to this ??????????
  11. keepmine

    keepmine Well-Known Member

    There is no such clause. The agreement between lender and debtor will read a specified amount by due date and the lender has the option to decline to accept payments less that those specified.
    This person should really have called the lender instead of just sending in a check that was short and explained the situayion and asked about any hardship programs, etc. instaed of springing it on them out of the blue.
    Lenders will try and work with you but, they need to be informed. Don't just send a partial payment with no warning.
  12. doodyhead

    doodyhead Well-Known Member

    I am so sorry, I know how losing your job can wreak financial havoc. Do you work? Can hubby get ANY job in order to pay the bills - do you have anything you can sell? Just until he finds another job - he's surely going to look for another job, right? Can YOU get a job? Even temporarily till he's working?

    Sorry, a lot of questions, I've been there , good luck!!
  13. elsocete

    elsocete Active Member

    Hate to put you more in debt, but if you have a card, can you do a cash advance for the remaining $300? At least it would pay the mortgage and buy you more time until the unemployment check comes in.
  14. ohnostuck

    ohnostuck Well-Known Member

    Yes, I can work. I have sent in resumes all over the place. The thing is, if he is going to collect unemployment he can not work- so I will be. His benifit will be 400 a week and then I should bring in about that working. If both of us were to get a job I would still have to as well, meaning child care for our three children. That alone is at least 300.00 a week, so it doesnt make sence for him to get one elsewhere. As far as calling the mortgage company I did. They told me before I sent the payment it was OK as long as I sent it via western union. I did that and they sent me a check back. I am not a bad person. I know I owe this debt, but my lender is impossible to deal with. I will call and ask about your suggestions.
  15. doodyhead

    doodyhead Well-Known Member

    how's your situation going? You guys hanging in there?
  16. leo728

    leo728 Well-Known Member

    Try this website, greenpoint bank is a good bank here in ny,

    Maybe they can help you out. They are true no docs.
  17. Momof3

    Momof3 Well-Known Member

    No doc means you don't have to verify your income.
  18. ohnostuck

    ohnostuck Well-Known Member

    leo- I read that info you have to have a score of 660 or above. Unfortantly I dont.
  19. ohnostuck

    ohnostuck Well-Known Member

    Yeah, I goess but as soon as my mortgage gets another 30 day late I wont be able to get another anywhere. My credit stuff all came back veridied from Experian. Ameritech has an account listed now 3 times, and IT IS NOT MINE. UGGG
  20. amaineman

    amaineman Well-Known Member

    See if lender will take a small payment plan while your trying to sell the house. If you really want to move.

    If you want the house seek chapter 13 protection,
    or at least speak with an attorney who specializes in troubled finance.

    Does FHA offer any emergency assistance?

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