Foreclosure in Valrico>Question Details

Joann, Both Buyer and Seller in Clermont, FL

Where do you turn to get out of foreclosure? All i need is my mortgage reduced a little!

Asked by Joann, Clermont, FL Wed Aug 13, 2008

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Free attorney help from the Florida Bar!

Call: 866.607.2187

good luck!
2 votes Thank Flag Link Mon Aug 18, 2008
Who is the bank? Often if you call your lender they can work something out for you. If not, check out - this is the new program the government just came up with to help homeowners in trouble.
1 vote Thank Flag Link Fri Aug 22, 2008
Hi Joann,

A new bill was just signed by President Bush on July 30th which includes a provision for foreclosure rescue for homeowners in your position. This legislation provides for the development of a refinance program for homebuyers with problematic subprime loans. Lenders will write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of the current appraised value which for many homeowners will be much less than the amount they currently owe due to the declining market over the past several years. Conditions of this program are that borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide and this Hope For Homeowners program will be effective on October 1, 2008. You can get more information on the specifics to see if you will qualify by going to the following website:…

If you do qualify, then I would contact your current mortgage lender and let them know you will be wanting to proceed with the Hope For Homeowners Program come October.

Try to hang in there until then!

Lorraine Bennett, REALTOR
(813) 716-3997 Direct
1 vote Thank Flag Link Wed Aug 13, 2008
Ask for the home retention department. Call in the morning as the wait times are less than calling in the evening. Explain your problem and your finances. They should send you financial forms to fill out much like your mortgage application. Stay in touch, be nice but firm. Dont hesitate to ask for a manager if they are not assisting you or listening to you. SOme banks are better than others. Dont wait, call today. I wish luck.
Web Reference:
1 vote Thank Flag Link Wed Aug 13, 2008
Hi Joann,

As Ron said, "don't give up" keep calling them until you get results.

Phil Fowler
Web Reference:
1 vote Thank Flag Link Wed Aug 13, 2008
Joann, You need to go directly to your current mortgage holder. They probably have a mitigation department. Try and negotiate with them. You may have to call several times a day in order to make contact with someone.
1 vote Thank Flag Link Wed Aug 13, 2008
The new legislation just passed probably will not help you. A lot depend on your past history with the lender and if they are just servicing the mortgage for an investor or actually hold the paper. They will usually roll what's owed into a larger payment spread over 6 months, but someone going thru bankruptcy doesn't need higher payments. Most homeowners let pride get in the way of sound judgement. If there's a family involved, that makes the situation even harder emotionally. First and foremost, I'd like to express my humble sympathies for what you're going thru. It's no different from a death in the family, or a serious illness. Try and stay as mentally positive as you can. Everyone knows someone who persevered in life despite terrible tragedies. That was always my grandmother. Though I don't have her around anymore, when I'm at my lowest point I try and remember her love and beautiful spirit and just get thru my moment of despair. Someone else wrote about leasing, which is running well below (PITI) mortgage payments. Try your best to get your lender to work with you. The market is so bad they're acting somewhat human. The problem with most programs is, you need good credit. Your lender is still your best bet. Try and remain strong. There are millions of people going thru what you are. Good luck!
0 votes Thank Flag Link Fri Aug 22, 2008
call your lender. they may restructure.
Web Reference:
0 votes Thank Flag Link Fri Aug 22, 2008
Unfortunately, when someone is backed into a corner, its very difficult to stay composed and not blow up!Best to have a third party call your lender for you, they have nothing to gain and nothing to lose. This is one of the most rewarding aspects of my job right now!
Either have an attorney, a realtor, mortgage broker, a family member or friend (calm & relaxed) fax over a third party authorization and usually within 3 days, thay can make the call. The longer you have owned your home, the better your chances are of the lender making an arrangement for keeping your home that will satisfy you. Be reasonable and believe they are there for you. You will most likely need to make a good faith payment, one full or a partial and be very careful of what you promise!! Once you have the foreclosure lifted and you are working on your arrangements, if you were already scheduled for sheriff sale, they can reschedule it immediately.
Right now, most banks are adjusted to what has happened to this housing market and are more flexible in the terms because they want to keep as many good loans as possble. They do not want your home in foreclosure, they do not want you to file bankruptcy.
Good luck!!
0 votes Thank Flag Link Fri Aug 22, 2008
Maybe look for a rental. Renting is probably 1/2 the cost of owning. It's better than a reduced mortgage. Lower payment, no stress, no maintenance. Or try ,as the otheres have said, to call the lender.
0 votes Thank Flag Link Fri Aug 22, 2008
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