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David Bach The Automatic Millionaire

Six Steps to Avoiding Foreclosure

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Posted on Monday, April 9, 2007, 12:00AM

If you're a homeowner and are having trouble paying your mortgage, this article could save your house and your family's finances.

As I write this, several million Americans are in jeopardy of losing their greatest investment to foreclosure within the next 18 months. But help is available, and there are ways to work with your lender to help keep your home.

Unfortunately, too many people don't know this. In fact, according to a survey conducted by lender Freddie Mac and market research firm Roper Public Affairs and Media, nearly two-thirds of delinquent borrowers are unaware that their lender even offers repayment options.

Pressure on Lenders, Help for Borrowers

Banks really don't want your house, and there's enormous financial pressure on lenders that foreclose. According to a recent New York Times article, it actually costs a bank an average of $40,000 to foreclose on a loan.

Equally important to lenders is the political pressure currently being placed on them to "work out this problem." The Federal Reserve, Congress, the Senate, and presidential candidates are all paying attention to the issue of record foreclosures, many of which are a result of adjustable rate mortgages (ARMs) and subprime lending.

In addition, agencies like Fannie Mae, Freddie Mac, and the Federal Housing Administration have begun putting pressure on lenders to offer more options to borrowers in trouble. As a result, there will be more help than ever for borrowers to work out a way to stay in their homes.

The Six Steps

With that in mind, here are six things you need to know if you or someone you know is having a problem making their mortgage payment:

1. Call your lender immediately.

The single biggest mistake borrowers make when they fall behind on their mortgage is not contacting their lender. As soon as you realize you have a problem, you've got to make that call.

"The sooner the lender is approached, the better," says Tim McGarry, spokesman for Washington Mutual. "Even after one receives a default notice, one should contact the lender and open up discussions." The foreclosure process for most lenders has a set schedule (see point 6 below), so the longer you wait the fewer options you'll have.

2. Ask to speak to the "loss mitigation" department.

See if your monthly statement contains the phone number to the lender's loss mitigation department. If not, call the customer service number and ask for that department.

At most lenders, the loss mitigation department helps borrowers determine which workout option they qualify for. Keep in mind, though, that some lenders have their collections departments advise borrowers on workout options, so don't be alarmed if you're sent straight to collections.

3. Be prepared to review your situation in detail with your lender.

Your lender will ask a series of questions to assess your financial situation. Some lenders, like Wells Fargo Home Mortgage, have specialists with both the training and technology to pre-qualify a caller for a workout option right over the phone.

If you have the right financial documents in front of you when you make the call, you might be able to get a resolution within minutes. So organize your bills, statements, and anything else that will help give an accurate picture of your current financial status.

Patrick Carey, senior vice president of Default and Retention Operations at Wells Fargo Home Mortgage, advises borrowers to be completely honest and upfront about their personal financial situation. "You've got to be candid," Carey says. "If you make your situation out to be better than it actually is, you'll get a workout agreement that isn't going to help you, leaving you worse off than where you started from."

On the other hand, he goes on, "If you make your situation out to be more dire than it is, your lender might determine that there's no way for you to afford your payments and may only offer liquidation options."

4. Know the ways your lender can help you avoid foreclosure.

Depending on how serious your situation is, your lender can either offer you retention options (ways to keep your house) or liquidation options (ways to give up your house without going into foreclosure). Specifics for each vary from lender to lender, but here's a general list of what to expect:

Retention options: A 2004 Freddie Mac study showed that retention options could lower the probability of foreclosure by 80 percent among all borrowers and by 68 percent among subprime borrowers. Retention options include:

• Forbearance: Generally lets you pay less than the full amount of your mortgage payment for a temporary period.

• Repayment plan: A form of forbearance where you pay the outstanding amount in installments divided over a period of time.

• Reinstatement: You pay your lender the total outstanding amount in one lump sum by a specific date.

• Loan modification: Your interest rate and/or term of loan is altered -- that is, the mortgage note itself is changed.

Liquidation options: If you simply can't afford to stay in your home and haven't been able to sell it, you may qualify for one of the following liquidation options:

• Short sale: When you get an offer that's less than the amount you owe, your lender could consider it as a settlement.

• Deed in lieu of foreclosure: This allows you to transfer your property voluntarily to your lender.

• Assumption: Permits a qualified buyer to take over your mortgage debt and pay the mortgage payments.

If you have an FHA loan, you may have additional options available to you. For example, HUD provides interest-free loans to repay past-due interest and escrow amounts. It's important to check with your lender for details.

5. Know where to turn if you aren't getting the help you need from your lender.

There are other places to go for help if you find that your lender isn't being helpful. It's important not to give up, and to take further action. The Homeownership Preservation Foundation is a HUD-certified, nonprofit organization that offers advice and resources to help homeowners with financial challenges. Reach out to them by calling 1-888-995-HOPE.

6. Be aware of the foreclosure process -- and consequences.

If you're not making monthly payments and haven't discussed workout options with your lender, eventually the foreclosure countdown gets under way.

In general, there are four stages:

1. Redemption: The lender's attorney contacts you and gives a deadline -- known as a cure date -- by which all missed loan payments must be paid back in full in order to avoid foreclosure.

2. Default: If the cure date comes and goes without you doing anything about it, the lender posts a notice of default.

3. Foreclosure: If you don't cure the delinquent payments after the default notice has been posted, the lender exercises his rights under the trust deed he holds and forecloses on the mortgage, taking possession of your house. If you're still living there, the lender will get a court order to have you evicted.

4. Sale: The lender sells the foreclosed home at public auction. This can take place within 30 to 120 days depending on state law.

You should avoid foreclosure at all costs. Not only will it ruin your credit rating, but losing your home to foreclosure is one of the scariest experiences a family can go through.

Take Control of Your Future

If you have a subprime or ARM, pull out your loan documents today. Figure out whether you're going to have a problem meeting the monthly payments in the future. If so, call your lender right away to find out about refinancing options.

The bank will usually contact you 45 days before your mortgage resets, but by then it's too late to take any real action. Instead, take control. Contact your lender 120 to 180 days in advance to get working on your options.

Remember, your home is probably your best investment and largest asset. Do all you can to protect it -- and yourself.

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151 Comments

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samuel - Tuesday, April 17, 2007, 9:57PM ET Report Abuse
- Overall: 2/5
Want to save your home? Make an effort to call a broker that can help... 818 943 1150 ask for Sam.
Yahoo! Finance User - Sunday, April 15, 2007, 11:19AM ET Report Abuse
- Overall: 5/5
Excellent source of information. Although, if the homeowners are facing foreclosure because they used creative financing to buy a house they honestly didn't qualify for, then refinancing will only push further the inevitable. And they better not use taxpayer money to bailout irresponsible people.
Donald D - Saturday, April 14, 2007, 12:07AM ET Report Abuse
- Overall: 5/5
It good to see that someone realizes that everones not rich and that problems do occur. But here is some useful info to help make it through the tough times!
Yahoo! Finance User - Thursday, April 12, 2007, 11:27PM ET Report Abuse
- Overall: 5/5
As someone who deals with this on a daily basis, I wish more people would contact their mortgage co to discuss the options out there. I have heard from many homeowners that contact the company that I work for not knowing that there are options available to them. Please do not be embarresed. The mortgage company is there to assist you. They realize that life does sometimes happen.
Yahoo! Finance User - Thursday, April 12, 2007, 11:13AM ET Report Abuse
- Overall: 3/5
To begin with, thank you for the article. The article is not intended as a roadmap to mortgage freedom or foreclosure cleansing for those who became 'involved'. The article clearly indicates that it COULD help with the knowledge on what COULD BE DONE or undertaken in difficult circumstances. In today's world, nobody is guaranteed anything: health, wealth, job stability, family stability, etc. Neither is a person guaranteed the best mortgage out there. The reality is that one has and absolutely must do the following: 1. Take time to read everything about to be signed. If this is not possible, ask to meet with your friend and instead of watching or prior to watching the favorite game, glance through the agreement/paper together. Ask questions, re-ask, ask another pair of eyes about their understanding/comprehension of what is written. 2. If left unsure, continue watching the game, but register in the back of your mind the fact that when you get back home, you are to do MORE RESEARCH into the issue and ...a lot of times...terminology. It is not that you don't get it, it is the level of your vocabulary that prevents you from understanding the words in your agreement/papers. Example: escrow, adjustable rate, closed mortgage, amortization, term, fixed rate. 3. Ask your lender/broker for 1 hour of his/her time to go over the contract with you and explain all of the unfamiliar terms/words BEFORE you sign. 4. Don't be pressured. For every loan broker out there, there are at least 4-5 more, just like real esate agents. If you are hesitant, ask for clarification and to SHOW WHERE exactly this or that is written in the contract. 5. Ask the lender WHY they are offering you this particular contract. Example: Sir, I understand you are offering a wonderful solution through an Adjustable Rate Mortgage, but WHY exactly are you offering this particular type of a mortgage? 6. The rate lower by 2 pts, eg - 4.5% vs 6.5% is NOT an indicator how good the offer to you is. Period. It is the TERMS of the contract that will provide you with the benefit, e.g. convertibility feature before the terms is over, ability to close into a fixed rate of, let's say, 15 years of longer w/o any penalty, ability to increase your mortgage payments over and above your calculated ones (this extra payment, if allowed, goes straight towards your principal saving you a ton in interest and reducing amortization), etc. Whatâs the benefit â it builds a cushion once a difficult situation happens in your life. And guess what, there is an equity piece around that you could capitalize on and take out, if necessary, or sell the house and have as an extra cushion. I am aware of the fact that many folks reading this article are already somewhat in a precarious situation. But donât lose hope and donât fear to try to immediately sell your house should the situation get further ahead than what you were planning for. Put it up for sale. There is NOTHING WRONG with that. Yes, it is a moral loss, but remember that in a couple of weeks/months/a yearâs time you will be able to pick even a better house. Donât lose hope. For example, the strategy to short sell maybe actually beneficial and to your advantage. Why? 1. The difference between what you sell for (if lucky, of course) and the outstanding mortgage balance is worth, letâs say, 30,000. The bank would NOT let go this amount easily. Most likely, as a settlement arrangement, the bank would consider it as a loan. Think about it: you have no house to worry about any longer (mrtg pmts, utilities, upkeep, taxes, insurance) AND 2. you can arrange for this loan to be amortized/repaid over, letâs say, 10 years (bank willing, of course). Letâs assume, as an example, that the rate on this loan is 15%. Good grief, one might think. Hey, this is a worst case scenario. 3. Your monthly payment on this loan will then be somewhere around $476. At 10%, your payment will beâ¦$393. Also visit http://study.forwhatprice.com for a free web course.
Yahoo! Finance User - Wednesday, April 11, 2007, 6:10PM ET Report Abuse
- Overall: 2/5
He should warn people of the dangers of a short sell when he mentions it as an option. You will have to claim the difference between the reduced selling price of the home and the actual amount owed on the loan (including late fees and penalties) as income on your tax return! I know someone who was in this predicament that ended up owing several thousand dollars in federal and state taxes b/c of they had to claim the portion of the mortgage that was forgiven as income (mostly late fees - money that never existed to begin with!)
Corrie - Wednesday, April 11, 2007, 5:47PM ET Report Abuse
- Overall: 2/5
He forgot to mention if all else fails you can file for Chapter 13 bankruptcy. Not all lenders are willing to work with the debtors. Especially if this is not the first time they fell behind. I know that some lenders in the loss mitigation departments will tell the debtor that they will try to work something out but then tell them no @ 5pm the day before their foreclosure date. Chapter 13 bankruptcy will help these people who had a period of time where they lost their job or had to take care of a sick parent. Unexpected expenses happen if all else fails a Chapter 13 is very helpful.
Terry F - Wednesday, April 11, 2007, 4:54PM ET Report Abuse
- Overall: 5/5
Very good article!!!!!! Passed on to many people. Thank You for caring.
Yahoo! Finance User - Wednesday, April 11, 2007, 2:31PM ET Report Abuse
- Overall: 1/5
The one and only step necessary to avoid foreclosure is paying your bills!!!!!
Dan S - Wednesday, April 11, 2007, 10:04AM ET Report Abuse
- Overall: 5/5
Excellant article!! I wish I had read it in January. Our loan payment spiked in January 2007 due to 400% increase in homeowvers insurance and mortage company tacking on another $300 a month to recoup escrow in arrears. We did contact our lender in January and they advised us they couldn't help until our payments were 60 days in arrears....dummy us took their advice and now since late February we have been trying to work out a loan modification, but, they seem to be dragging their feet with a resolution. Other lenders won't talk to us because now our credit rating has taken a dive due to not making mortgage payments. At least this article has pointed out there are other options. Thanks.
MoneyNing - Wednesday, April 11, 2007, 12:36AM ET Report Abuse
- Overall: 5/5
Great article! As a financial blog writer, I'm being asked many question about mortgages from my readers. I believe that this is a great article that is worth everyone's attention and if people do get in trouble, they need to be honest and open to discuss option since foreclosure like the author said is very tough for a family to go through!
Latasha - Wednesday, April 11, 2007, 12:30AM ET Report Abuse
- Overall: 5/5
I found this article to be highly informative. As a homeowner who is in a bit of a jam it was very encouraging to hear that my first response was the correct one. Now I realize that I need to be more persistent about coming to terms with my lender. I was disappointed to read the opinion of the NJ realtor. As a realtor, I would hope that he would be able to understand that the point of this article is to help homeowners that are in trouble from reaching a point where they would have to "test the judges patience too much" in order to only "buy yourself a little time". If a workable agreement can be reached between the homeowner and the lender without having to go to the added hassle and expense of going to court then surely that must be the best situation for all involved. (Except maybe the realtor who doesn't get another chance to sell the house....)
Gina - Wednesday, April 11, 2007, 12:01AM ET Report Abuse
- Overall: 5/5
We are a Mortgage Broker in San Diego, CA. and are truly flat amazed at the hesitation to refinance adjustable rate mortgage that homeowners are going to or already experiencing. It always amazes us that when home value are on the rise people will just max out their homes value, but when things get rough they tighten up. Please know that there are still options out there that do not consist of walking away from your home or even stressing out about it. I think that this article is quite informative and as a last result should be implemented. I encourage any to visit or call us for a truly ethical analysis of your possible or current situation. If not and you and your family have already decided on what to do, God bless you! Tomorrow is the VERY FIRST DAY OF YOUR LIVES! (760)798-7351 or www.papinirealestategroup.blogspot.com There should be this much info and disclosures about the home loan process before anyone buys........Gina & Brian.
Yahoo! Finance User - Tuesday, April 10, 2007, 11:57PM ET Report Abuse
- Overall: 5/5
Excellent artice, I work in the collections department at a large mortgage company and there are many people who wait too long to contact us and miss out on options they could have had. The best thing you can do is call your lender as soon as you know you can not make the payment. If your lender does not have all of these options available to you, try calling the bank who finances your car loan, or credit card companies to see if they can defer a payment, this may free up enough money to allow you to bring your mortgage payment current.
Marivic GMAC Real Estate - Tuesday, April 10, 2007, 11:40PM ET Report Abuse
- Overall: 1/5
As a REALTOR in New Jersey I can give a bit of advice that may allow you to keep your house for a little while longer until you get your feet back on the ground. Did you know, at least in NJ that the foreclosure process is a long process and nobody can just take your house? It's nothing like eminent domain which is more difficult of an issue to escape. There are court proceedings, the home owner MUST be notified so many days in advance and so forth. If it gets so far to a point that the courts are about to grant a foreclosure you may be too late however if you can manage to scrape up a little something to send to the banks (and no not $100 but a tangible amount) the foreclosure proceedings needs to be withdrawn and the entire process started over again if you fail to make a payments again. This is not a cure all and I'm sure this is not a never ending cycle which the courts would allow to carry on without end however it may buy you enough time to get back on your feet even if you must do it more than once. A judge is more likely to side with a home owner than a bank, they do not "want to throw anyone out into the streets" and will try their best to help you avoid that situation. But don't test the judges patience too much. Once again, this is only a way to buy yourself a little time... Good luck all in this situation and seek advice from a competent foreclosure attorney. Another and final option is to contact a competent REALTOR, but do give him/her more than a few days or weeks to try and sell your home. Once again, good luck all... Victor Kaminski Marivic GMAC Real Estate Edison, NJ
Tanya - Tuesday, April 10, 2007, 11:35PM ET Report Abuse
- Overall: 4/5
I wish I would have searched for more information before I bought my now foreclosed condo. I waited too late to contact the mortgage company for a short sale or deed in lieu. I have an 80/20 mortgage with the same company, so I will have a double wammy on my credit report!
PaulL - Tuesday, April 10, 2007, 11:20PM ET Report Abuse
- Overall: 5/5
Very informative, this is a great alternative to forclosure. I work for a Direct/Wholesale Lender in Florida and have seen many people who thought they were doomed keep their homes working with lenders like mentioned above. Another way to adress this situation if you have the equity is to refinance into a "Pay-Option ARM" where you can lower your payment by $500-$1000 a month! Even though "ARM"s have gotten a lot of negative attention lately they are still a great alternative for those who are faced with foreclosure or anybody that is looking to lower their payments dramatically. if you would like more info give me a call 561-348-4768.
Enrique - Tuesday, April 10, 2007, 11:19PM ET Report Abuse
- Overall: 5/5
Simple the best and the reality everyone have to know
traci - Tuesday, April 10, 2007, 11:01PM ET Report Abuse
- Overall: 5/5
I have been behind for a while due to a car accident. I was afraid to call my lender. When I saw the possible options and the information provided in the article, I mustered enough courage to call and a apply for one of the programs available that would bring me current. Thank you so much
Sylvia - Tuesday, April 10, 2007, 10:59PM ET Report Abuse
- Overall: 2/5
I read the article and I think itâs great to follow plan but hmmm Hey lendersâ¦.Are you reading this? I guess I just don't understand why the lenders are not reaching out instead of the home owners having to contact the lenders! If the lenders can see that payments are not being made and they don't want to see another foreclosure on their portfolio then why not contact the home ownerâs way before the word foreclosure screams out? Why not work with them and help them? And listen up everyone, even if you go through foreclosure, for the lender to say that it will ruin your credit is right, but hey isn't your credit already ruined by the payments not being made? So, even if you foreclose on your home trust me in a few years there will be another lender out there that will give you a loan for another home. It may be at a higher interest but it can happen. People are already doing this. I am not saying go and foreclose but hey, I came to the point with my bank to just hand back the keys and say here it is! If you are getting close to foreclosure then just give up the house voluntarily to the lender and see what they say. Why let the bank charge you for the court cost on top of your foreclosure? I said that to my lender and they started listening. I said don't threaten me with the credit bureau rating. I said you should be more worried on how many homes will default against you as the lender. I finally stopped making payments after logging more then 300 calls to inform the lender that I was facing financial problems due the economy and not because I couldnât balance my check book. The lender would just not listen period. So, I kept on advertising to sell my home and found a buyer. It was way much less then what I owed to the bank. So, I called the bank and said, you either take the loss at $34,000.00 (below what I owed the bank) or take a total loss of $239,000.00. The bank chose the lesser amount and I did a quick sale. But the bank said, I had to choose to either pay back the remaining amount ($34,000.00) in another loan or file the remaining dollar amount in my taxes as claimed earn income. I took the claim on my taxes. I figured I would have to pay $5,000.00 in taxes in earned income which is better then taking a loan out for $34,000.00, AND the IRS will offer you smaller paymentsâ¦imagine that. BUT since I claimed the 1099-C as income tax, there is a small CLAUSE in taxes that you can claim as filing insolvent. There is an IRS form for it. This is where you can claim to the IRS that your liabilities were more then your assets. This may not apply to everyoneâ¦ In America today, itâs not worth the stress when you are trying to ask for the lender to work with you. And if any lender out there is reading this, please think about this, why wait for the home owner to call you? Why don't you call them and take a small loss in helping the home owner vs. a great risk of loosing the entire loan amount. Be the better lender not the "Big Bad Wolf"! And remember this is America! What used to be the dream of a life time, "to own a home" is not the dream anymore. People will not buy if other family, friends are experiencing loss of their own homes. People will only spread the news if the good is worthy in sharing to others. For all others that are close to loosing their home, I wish you remember one thing, if you life is too stressed from loosing your home, just let it go...You will find happiness again somewhere else. The lenders can take a home from you, but they can not take your happiness away. Sorry if, I fretted against the lenders, but these lenders should know how the "Big Picture" is looking by now, so donât just sit there, call a home owner today and work with them! Maybe you might just feel better knowing that you saved an American dream! I think it's a great tool but the lenders should be reading this as well. P.S. Is there a plan to teach the Lenders a step by step plan on How to take looses on late payments & interests? Peace
teresab - Tuesday, April 10, 2007, 10:59PM ET Report Abuse
- Overall: 5/5
thank you for that information i love it and i need it ,
Yahoo! Finance User - Tuesday, April 10, 2007, 10:52PM ET Report Abuse
- Overall: 2/5
What needs to be mentioned is people need to watch out for these greedy self centered mortgage brokers that are sticking people in terrible loans that do nothing but hurt the borrower and charge them $10,000 in closing costs. If you're paying more than $1500 in closing costs you are getting raped by an unethical lender. My husband and I work at a mortgage company and are constantly bailing out people who are getting screwed by these companies. They need a law passed to limit the money brokers can make off these loans, the closing costs and they need to get rid of pre-pay penalities all together.
CJ - Tuesday, April 10, 2007, 10:44PM ET Report Abuse
- Overall: 5/5
This is a coooooooooooooooooooooooooool artical
James T - Tuesday, April 10, 2007, 10:43PM ET Report Abuse
- Overall: 5/5
Hello, I am genuinely interested in assisting people that have the problems you described in your article. Foreclosure is running rampant and really hits home (so to speak) to alot of property owners in every one of our US states. The reason for my letter is I am a concerned American homeowner. With that said I am a partner with a company called EZ HARD MONEY in southern California. We have a Foreclosure bailout program called the "Home Saver" or "Home Rescue" which you can very well assume is one of the most popular programs as an alternative to foreclosure allowing the property owner to stay in their home, rebuild their credit and get back into a loan they better deserve! The way it works is very simple: an investor will purchase the single family residence up to 90% of it's value and lease it back to the homeowner for 6 or 12 months allowing the homeowner to stay in the house. The investor refinances the existing loan(s) into a competitive program with his excellent credit enabling the home owner to easily afford the mortgage payments. If the home owner cannot afford the payments, all the payments for the mortgage are placed into an escrow account from the remaining equity in the property. There is a one-time fee for this Solution of course, but the alternative to foreclosure is much more costly and quite frankly sets the customer up for failure. Better yet, it is a Win/Win scenario for the homeowner! We get to help the customer stay out of foreclosure, clean up his/her credit and get back into a more deserving loan plan rather than having the sheriff coming in and selling the property, kicking out the homeowner on the street with bad credit, a foreclosure or bankruptcy on their credit And the bank would end up struggling to re-coup their outstanding monies lost through the sale of the property. I would appreciate the opportunity to speak to you further about our National Foreclosure Solution. Please respond at your earliest convenience, thank you! A Concerned American with Answers, James Taylor iejamest@yahoo.com
Yahoo! Finance User - Tuesday, April 10, 2007, 10:39PM ET Report Abuse
- Overall: 5/5
Thank you for this information I was in this position and I signed the house over to the mortage company to avoid forclosure, But I was still charged by the IRS to pay a tax on the gain of the sakle and I was told later by an attorney this could have ben avoided if I knew in advance about it
Yahoo! Finance User - Tuesday, April 10, 2007, 10:38PM ET Report Abuse
- Overall: 4/5
As a Loan Mediation Specialist, I've seen many homeowners in terrible situations. It's been very unfortunate that lenders have been putting buyers in these unethical loan programs. I happen to help homeowners out of foreclosure and run a loan mediation company www.bergenhomesolutions.com. We negotiate with the foreclosing lender (even if they are extremely difficult to work with) to provide you a reinstatement, loan modification, forbearance and several other creative programs. We also work with homeowners who are upside-down on their mortgage and need to sell their home. A consultation is free. Log on to the site for more information. Good luck. Chris.
Timberley - Tuesday, April 10, 2007, 10:36PM ET Report Abuse
- Overall: 5/5
I have contacted my mortgage company and I have had my home for sale since 11/28/06. The mortgage and my realtor lost a great deal and now I am suffering from that, any recourse I can take, as I was not behind on payments, the bank did not want to talk to me. But they did make promises to my realtor that it would be taken care of quick if I got an offer, but we could not get returned phone calls, and the buyer went elsewhere. This buyer also was putting $250k down on a $360k offer. Upset at bank and I changed realtors, even though she was my sister-n-law and did not know how to handle "Short Sales".
Yahoo! Finance User - Tuesday, April 10, 2007, 10:35PM ET Report Abuse
- Overall: 3/5
Good information but may not be on the mark with current mortgage companies. I purchased a home in Nov 06. I was moved by the military in Feb 07 due to a terminally ill family member. Citi Mortgage has just asked for the money. When I have spoken to them and stated the problem of not being able to pay for two houses and not being able to sell the property they have just put a deaf ear up and asked for the payments. I will ask them to see if they will accept the deed in leiu of foreclosure. Well, here goes my credit rating.
Diem N - Tuesday, April 10, 2007, 10:35PM ET Report Abuse
- Overall: 3/5
I think we have a lot of home's owner end up their home in foreclose cause scam realtor agent anh loan officer...what the heck?? I am studied for 4 5 years and come out make only 50K/Year..For those realtor & loan officer, they are only take 3 weeks of class and come out making more than me in 6/month,,,give me a break here...some don't even know what the heck,,,just carry suitecase, wear nice suite and eat luxury...drove nice car...acted like high class...I think the goverment should go behind those realtor and loan officer agent..and put them in jail...cause of bad worm..that why make out economic not improve...anyone from now on,,,if you can not make payment,,don't plan buy new and big home..just live and enjoy what you got...THE US GOVERMENT SHOULD INVESTIGATION ALL LOAN HAS BEEN APPROVED BY BANK AND END UP FORECLOSE..THE LOAN OFFICER DID PUT BORROWERS IN TO SCAM AND THEY ARE MAKE MONEY EASY...PUT THEM IN JAIL OR TAKE BACK LICENSE...FOREVER...IT WILL HELP OUR ECONOMY ALSO REQUIRED THE REALSTATE AGENT TAKE MORE CLASS AND HOUR FOR STUDY...
Yahoo! Finance User - Tuesday, April 10, 2007, 10:34PM ET Report Abuse
- Overall: 5/5
GREAT INFORMATION!!! HOPE TO SEE MORE OF THIS TYPE OF ARTICLES.

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