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Angie, Home Buyer in San Jose, CA

what should i do? I did call the Bank ask them to Forecloseure our home seen Apr 20008, untill know Jan 2010 nobody call or send us a letter.

Asked by Angie, San Jose, CA Thu Jan 14, 2010

We not pay the loan seen Apr 2009.

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5
Angie,
You have received good adivice, I would like to add you should go in person to your bank and talk to someone there, that always works best, then you will know your options and can proceed with the advice from the other agents as to what to do.
Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256
0 votes Thank Flag Link Sat Jan 16, 2010
Hi Angie,
NOW will be a good time to work with your existing home loan lender. Home values are going back up and the lender will feel more comfortable in modifying your loan than when the values were plummeting. In 2008, when you say you began trying to contact your lender, values were in a free-fall. Starting around August last year values began to level and rise. Simply click on the blogsite listed below for that data.

I would be happy to provide you with the charts we created demonstrating the rebounding numbers. Maybe they will NOW begin to listen to you when they see the facts on values in our area.

Good luck.
Mike Walters
Web Reference: http://CaHomes411.com
0 votes Thank Flag Link Thu Jan 14, 2010
Hi Angie,
Before you asked them to foreclose, have you considered all of you other options? Short sale, loan modification, deed in leiu? All of these services are FREE. Loan modifications you can do directly with your lender and it doesn't cost you anything. With short sales, you work with an agent who will sell your home and work with your lender to get the home sold. In the meantime, you can still live in the home. A deed in leiu is where you give the house back to the lender, but usually they will want you to try and sell the property before you give it back to them. I hope this information was helpful.
0 votes Thank Flag Link Thu Jan 14, 2010
I'm confused as to why you might have asked the bank to foreclose on your home - did you ask them for a deed in Lieu of foreclosure?

I'm assuming that you are a struggling homeowner in a tough situation, I would suggest that you contact you lender as well as the Hope Now organization to receive assistance. You can find the Hope Now organization online at http://www.MakingHomeAffordable.gov or call them at 888.995-HOPE.

I hope this helps!
0 votes Thank Flag Link Thu Jan 14, 2010
Why do you want them to foreclose? My suggestion is you need to work with someone who has experience working with banks - either a non-profit or a Realtor. I've helped many clients make that connection and get the dialogue going and would be willing to assist you (408-858-7199 or giroux@apr.com). Have you received a notice of default? Which bank are you working with? Watch out for banks purposely limiting contact and/or stringing you along until they suddenly foreclose with little warning. Most importantly: you need to understand your options and the consequences of each - for this you need the advice of a competent accountant and a competent attorney. We all can tell you what we know based on our experience, but there are tax consequences, credit consequences, future claims against income and assets consequences (depending on whether you've refinanced) etc. You need to fully understand them all. Do NOT spend money up front with anyone promising miracles ESPECIALLY an attorney. They do not deliver. ... Wayne
Web Reference: http://www.giroux.biz
0 votes Thank Flag Link Thu Jan 14, 2010
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