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Ughhh...foreclosure
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<blockquote data-quote="susiestar" data-source="post: 319200" data-attributes="member: 1233"><p>Thanks to all who explained all of this. We are good for a while yet, and husband has a LOT of irons in the fire. But it is always good to know.</p><p></p><p>Our loan is held by a major bank. We were NOT a subprime loan. husband made the mistake of accepting an offer by the loan department to pay the mortgage in 2 payments a month instead of one. It would let us make extra payments each year because he got paid every 2 weeks instead of monthly or bimonthly.</p><p></p><p>Instead of setting things up properly in their system, the bank held two checks and then said that they were late. They cashed them and didn't bother to post them to any account. </p><p></p><p>I had a very good friend who asked if we were having real problems and if we knew our home was listed as foreclosure?</p><p></p><p>We don't get the paper so we didn't see the listing.</p><p></p><p>We were HORRIFIED and TERRIFIED! We eventually found a company that helps with mortgage defaults. They had good reviews and no trouble with the Better Business Bureau, so we asked them for help. </p><p></p><p>We had to pay them a fee (about $800) and then they took over the entire problem.</p><p></p><p>The bank did all sorts of things from lieing to us saying that they would help us do the refinance and we didn't have to pay the company to filing an EVICTION notice and trying to get the Sheriff to evict us before the foreclosure sale.</p><p></p><p>As it turned out, this bank was not doing it to just US. They had some people in a regional office doing this to hundreds of people!! We ended up getting credited for 3 months that we didn't have to pay (ever - it was part of the deal that they signed and then tried to get out of), getting new people who are very helpful in that office and several people including vice presidents got fired.</p><p></p><p>Much of what the bank did was illegal in our situation - and they KNEW it! It is a HUGE bank with thousands of mortgages and they thought that they would just get away with it because none of the clients would call in some help.</p><p></p><p>You DO have another option. Sometimes a bank will let you do a "deed in lieu of foreclosure". My bro's ex had to do this early in their marriage. They had a certain date to be out by, bro did a few repairs (fixed siding on the garage that had rotted off, walls her sons put holes in when they were mad, etc... We also helped repaint. Part of their agreement was having the house in shape to immediately go on the market.</p><p></p><p>So it did not have as bad a mark on their credit.</p><p></p><p>I hope that this does not cause you extra stress and worry!</p></blockquote><p></p>
[QUOTE="susiestar, post: 319200, member: 1233"] Thanks to all who explained all of this. We are good for a while yet, and husband has a LOT of irons in the fire. But it is always good to know. Our loan is held by a major bank. We were NOT a subprime loan. husband made the mistake of accepting an offer by the loan department to pay the mortgage in 2 payments a month instead of one. It would let us make extra payments each year because he got paid every 2 weeks instead of monthly or bimonthly. Instead of setting things up properly in their system, the bank held two checks and then said that they were late. They cashed them and didn't bother to post them to any account. I had a very good friend who asked if we were having real problems and if we knew our home was listed as foreclosure? We don't get the paper so we didn't see the listing. We were HORRIFIED and TERRIFIED! We eventually found a company that helps with mortgage defaults. They had good reviews and no trouble with the Better Business Bureau, so we asked them for help. We had to pay them a fee (about $800) and then they took over the entire problem. The bank did all sorts of things from lieing to us saying that they would help us do the refinance and we didn't have to pay the company to filing an EVICTION notice and trying to get the Sheriff to evict us before the foreclosure sale. As it turned out, this bank was not doing it to just US. They had some people in a regional office doing this to hundreds of people!! We ended up getting credited for 3 months that we didn't have to pay (ever - it was part of the deal that they signed and then tried to get out of), getting new people who are very helpful in that office and several people including vice presidents got fired. Much of what the bank did was illegal in our situation - and they KNEW it! It is a HUGE bank with thousands of mortgages and they thought that they would just get away with it because none of the clients would call in some help. You DO have another option. Sometimes a bank will let you do a "deed in lieu of foreclosure". My bro's ex had to do this early in their marriage. They had a certain date to be out by, bro did a few repairs (fixed siding on the garage that had rotted off, walls her sons put holes in when they were mad, etc... We also helped repaint. Part of their agreement was having the house in shape to immediately go on the market. So it did not have as bad a mark on their credit. I hope that this does not cause you extra stress and worry! [/QUOTE]
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