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Foreclosure Avoidance Seminars
My financial situation has deteriorated somewhat over the last year. My wife lost her decent paying, 30+ year job due to the company closing up shop. She was forced into taking a similar position at another firm at a 20% lower salary. Our current mortgage payment is based on our household salary as it existed with her previous position. Now with her salary reduced 20%, we have found ourselves in arrears with our mortgage.
We are planning on attending a foreclosure avoidance seminar this coming Saturday. Supposedly, we'll get the chance to meet with our mortgage holder, discuss our situation and try and come to an agreement for a reduced monthly payment.
Has anyone gone through a similar circumstance? Have you had a positive outcome with any kind of a mortgage modification or payment reduction?
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| February 8, 2009, 10:03 |
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Re: Foreclosure Avoidance Seminars
I just hate to hear that, VB...
I don't know anything about these seminars, been kinda living in a cave lately, haven't been keeping up with things.
I just hope that everything works out for you.
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| February 9, 2009, 21:19 |
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Re: Foreclosure Avoidance Seminars
My wife and I attended the seminar this past Saturday and saw a counselor pretty quickly. The counselor was a collections officer for a mortgage bank and explained how the bank is looking at the current trend in mortgage problems and are waiting to see exactly what the president is planning to do about helping the banks absorb the bad mortgages.
She also said that you will be strung along while you make partial payments until you become a full 3 months in arrears. At that point, you fall into the foreclosure category in which you'll probably (?) be offered a very good rework of your principle balance owed to the bank and they may agree to lower that principle balance and even extending the term of the mortgage to say 40 years instead of the current 30 year term.
The banks are saying nothing of substance as to what they will do until they see what their options are.
Stay tuned....... 
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| February 16, 2009, 07:51 |
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Re: Foreclosure Avoidance Seminars
Sorry to hear this VB.
Have you tried talking to your bank?
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| February 16, 2009, 08:42 |
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Re: Re: Foreclosure Avoidance Seminars
QUOTE (JCSOS @ February 16, 2009, 08:42)Sorry to hear this VB.
Have you tried talking to your bank?
Are you serial?? That's all I have been doing is talking to the bank. I talk to one collections person, I'm old one thing. I talk to another on another day and I'm told something altogether different.
The bank will not show their hand until they see what comes out of Washington in the upcoming months. Until then, it's a day to day mystery.......
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| February 16, 2009, 09:17 |
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Liberalwife
47 / female
north, England, UK
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Re: Foreclosure Avoidance Seminars
A little too late maybe, but payment protection cover is paramount.
Good luck VB, I hope you can reach a satisfactory outcome.
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| February 16, 2009, 09:22 |
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Re: Re: Foreclosure Avoidance Seminars
QUOTE (Liberalwife @ February 16, 2009, 09:22)A little too late maybe, but payment protection cover is paramount.
Good luck VB, I hope you can reach a satisfactory outcome.
Thanks sweety!! 
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| February 16, 2009, 09:38 |
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Re: Foreclosure Avoidance Seminars
I went to my bank to discuss options of lowering my payment so I could stay in my house and not uproot my children because of their father and I splitting up. They said, "Well, you are not behind and your making your payments so what is the problem?" I told them I have to pay taxes on the house and I'm concerned with having the money at the end of the year. I was told that wasn't their problem because my payments were current. I would have to take it up with the tax collector's office.
I am sorry VB, I do understand!!!
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| February 16, 2009, 18:12 |
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Re: Re: Foreclosure Avoidance Seminars
QUOTE (beckandcall @ February 16, 2009, 18:12)I went to my bank to discuss options of lowering my payment so I could stay in my house and not uproot my children because of their father and I splitting up. They said, "Well, you are not behind and your making your payments so what is the problem?" I told them I have to pay taxes on the house and I'm concerned with having the money at the end of the year. I was told that wasn't their problem because my payments were current. I would have to take it up with the tax collector's office.
I am sorry VB, I do understand!!!
Well with my arrangement, my escrow (property taxes) is part of my monthly mortgage payement, so the bank has no choice but tofactor that in with their decision. It's federal law that forces them into do that. Otherwise, I would be in exactly the same position with the bank.
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| February 17, 2009, 05:57 |
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