Re: JO

Posted by BJ (206.176.141.163) on June 07, 2002 at 11:09:17:

In Reply to: Losing Home? posted by Jo on June 06, 2002 at 22:34:59:

You have other options, besides a foreclosure. Contact your local HUD office, they can possible help you. They can pay the money that you are in arrears and do what is considered a second mortgage. BUT, you do not pay anything to them, nor is there any interest. The only thing is that when the home is sold, you owe this balance to HUD. You can also do what is called a forebearance agreement with your mortgage company. They can take the payments in arrears and spread them over a specific time period (usually 4-9 months, sometimes up to 12) and add that to your current payment. The "extra" money is put into a suspense account and then applied to your payments in arrears. There are other options, but I have found these are the most favorable. Contact your mortgage company, get verification on the past due balance immediately. Speak to the manager in "Loss Mitigation" at your mortgage company also ask for the manager of the collections department. These are the ONLY ones I have found that really know what they are doing. This will take a lot of work on your part and you really have to be strong. I have been through this situation a couple of times. One time I was a year past due, I was definitely supposed to be foreclosed on, but because I knew what I was talking about, they worked with me and I became current. Be prepared to fight!

If you have any other questions, I will try and help the best I can. I will also look for some links to info on the web for you.

Good Luck!

By the way, who is your mortage company?

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