Foreclosure question--UPDATE

[Bart Sr.]

What happens with your "stuff"??Like furniture,TVs,tools,BOAT.

Are they confiscated and auctioned/sold to recover a small piece of cash.

We could fall into the foreclosure category this year so I am curious.

No jokes please.

 

[marlboro180]

Re: Foreclosure question

Re: Foreclosure question

Your mortgage is for the property itself (Land, House) and not for the chattle in or around it.

When one faces foreclosure, it may force a sale of some of that stuff (boat) to make good with the bank.

Banks really are not in the position of wanting to be owners of private property (chattle or even the home itself), as they generally take a serious bath getting rid of it.

Hopefully you make it through this unfortunate situation should it arise.

Bart, do you know if the mortgage is for more than what the house could bring on the market?

 

[Bart Sr.]

Re: Foreclosure question

Re: Foreclosure question

Bart, do you know if the mortgage is for more than what the house could bring on the market?

Yes we are underwater.

 

[bruceb58]

Re: Foreclosure question

Re: Foreclosure question

Sorry to hear.

Was this the original mortgage or a refi? Depending on the state, the very first loan on the property is a non recourse loan which means thaty can't go back after you but if it is a refi, they can go back for you to get the difference of the loan principal and what they get for the house. They may not do it, especially with all that is happening but it is possible.

 

[eaglejim]

Re: Foreclosure question

Re: Foreclosure question

Bart stay on the phone with the mortgage company as stated before they don't want or need it they are willing to make all kinds of deals.My BIL went 7 months without paying and they still wanted him to stay after he moved out because he got a letter saying they were going to sell his house on the courthouse steps he moved out 3 weeks later gets a call or letter saying because he vacated the property he would need permission to go back on the property this all happen because he refused to talk to the folks,An answer to the question no they do not want your stuff,hope that helps good luck

 

[Moody Blue]

Re: Foreclosure question

Re: Foreclosure question

Sorry to hear that Bart.

Hope everything works out for the better.

 

[Bart Sr.]

Re: Foreclosure question

Re: Foreclosure question

Was this the original mortgage or a refi?

Yes Re-fi A few years back some difficulties forced a re-fi.We did real well until the employment went to he!!.

We are definitely exploring options.

Boat sale will be LAST.

Thanks all for the moral support.

 

[kenmyfam]

Re: Foreclosure question

Re: Foreclosure question

So sorry to hear that. Best advice I can give to anyone is to keep communicating with the lender. They will believe it or not try to help you out. Ignoring it will be of no help at all.
Hope things can be worked out for you.

 

[backyard mechanic]

Re: Foreclosure question

Re: Foreclosure question

Bart- Have you talked to the Army about your problem? I was in the CG and they have a mutual assistance program for issues just like this.

Thanks for your service and I hope things work out for you.

 

[bruceb58]

Re: Foreclosure question

Re: Foreclosure question

Who is the loan with? Bank of America just announced that they are willing to reduce principal on many upside down mortgages. Are you having trouble with the payments or just that your are upside down?

 

[moonfish]

Re: Foreclosure question

Re: Foreclosure question

I would assume they have to warn you by law when you need to be vacated. You get your stuff out before then. I wouldn't think they would have any claim to your posessions unless you abandon them. right/wrong?????????

 

[Bart Sr.]

Re: Foreclosure question

Re: Foreclosure question

CITIMortgage.

Recent changes in our income make it impossible to make the payments.Wife has been dealing with them about the reduction thing and they say that her income alone is enough to make the payments.

I can't seem to land a job of ANY kind and have been cut off from unemployment.I am convinced that my age and weight have a lot to do with not finding work.If I do land something soon we MIGHT be okay.

Here's to a better next week.

 

[OldePharte]

Re: Foreclosure question

Re: Foreclosure question

Congress is pressuring many banks to redo upside down mortgages.

If your mortgage company is not working with you, you may want to contact your congressman to see if he/she could expedite a fix.

 

[halas]

Re: Foreclosure question

Re: Foreclosure question

Look into The" Loan Modification Program" .
They just passed some new guide lines and you may qualify for reduced principle and monthly payments as well.
Keep at it and you will be fine.

 

[aspeck]

Re: Foreclosure question

Re: Foreclosure question

Look into The" Loan Modification Program" .
They just passed some new guide lines and you may qualify for reduced principle and monthly payments as well.
Keep at it and you will be fine.

What he said. Also keep talking with CITImortgage. They would much rather have your payments, even partial payments, than property that is owed more on that it is worth.

They can not take your personal property or effects, so you don't have to hide them, however, if you do default on the loan they can force a sheriff sale to recover as many losses as possible. Realistically, those sales are more costly (time and profit wise) then they are worth, so unless someone really has it out for you, you will be fine.

Keep your chin up, and if there is anything we can do for you, please let us know!

Edit: Here is a little reading for you about the resently announced government plan: http://news.yahoo.com/s/ap/20100326/ap_on_bi_ge/us_mortgage_aid

 

[JRJ]

Re: Foreclosure question

Re: Foreclosure question

I don't think the bank could force you to sell any of your stuff. I hope things work out for you. Good luck.

 

[Bigprairie1]

Re: Foreclosure question

Re: Foreclosure question

Whatever you do Bart...don't run. Talk to them...see what you can pay and pay them consistently and without hesitation. Make sure you offer as much as you can.
Lose any other costs (car payments, etc).
Can you rent out a room for a couple hundred extra bucks? Rent out some RV storage space on your property? Part time job on the side?
As mentioned, none of the parties holding your mortage...really want it back right now...they would rather have some money (of course, ideally all of it...but tough times). People that play ball and pay what they can get cut a lot of slack.
I wish you the very best luck with this...keep at it, chin up, head up...keep pushing.
all Good
BP

 

[rndn]

Re: Foreclosure question

Re: Foreclosure question

Sorry to hear about your issues you and your wife are facing, I really am.
USA Today just ahd an artical about the Feds releasing an additional 14 billion to assist homeowners that are underwater on their mortgage.
That's why Bank of America did it because the bailout actually required the banks to do something and they have been dragging their feet. BoA did this to settle a Massachusetts lawsuit. The Feds are actually going to vouch for your mortgage if you can get into the program.
Don't be afaid to call your local federal reprentative for help. I'm sure they can guide you in the right direction.
Foreclosures only affect your house and land and any buildings attached to the land.

 

[bruceb58]

Re: Foreclosure question

Re: Foreclosure question

As I noted before, since this is a refinance the bank may have recourse to recover the delta between the principal and what they can sell the house after the foreclosure sale. You just don't walk away clean from these unless its the original loan. Laws vary state by state.

Are you currently current with your loan payments? Have they initated forclosure filings?

In the mean time, do you have car payments or any other installment payments? If so, can you sell the cars and pick up something cheaper used? Do you have balances on your credit cards? Are you at all thinking about Bankruptcy protection?

Might be worth sitting down with a financial planner who is familiar with the situation you are in. May save you money on the long run.

 

[Bart Sr.]

Re: Foreclosure question

Re: Foreclosure question

We just missed our first payment and are being called 3-4 times a day.I informed the last person I talked to of how we started trying 3 months ago to get a reduction/modification started/set up and recently got the letter of non-qualification.

2 car payments total $400 per month.1 credit card balance less than $500.

I spent an hour with the loan officer at our local bank for information purposes and she steered me to the office of our County Community Action service where a counselor works with the mortgage company through the process of relief.After an interview and some forms to fill we will meet again on Monday to get the ball rolling.This will help immensely.

Now I am more hopeful of a good outcome.