Jla, Home Buyer in 06790

Having trouble making my mortgage payments; I got a letter from my lender saying I'll be Foreclosed. I tried

Asked by Jla, 06790 Wed Mar 25, 2009

to get my payments down, they aren't willing to negotiate with us. My father in law that lives in Mexico offered our lender a reasonable amount for us to keep the house, but our lender didn't accept the offer. My father in law wants to buy us a newer home. Because our house is old and he thinks that it will need a lot of repairs, plus our lender isn't easy to deal with. He thinks we should go into foreclosure, the question is: He is a non resident, he's got a visa, he will give a $60,000 down payment, depending on the cost of the house, we have been looking for lenders and nobody has any knowledge on non citizen loans in Connecticut. What are the requirements for my father in law to get a loan in US, Can the house be in our name if we are getting foreclosed in our present home even though the house would be a gift? Or it would be better on his name. He will be making the payments of the new home. What would happen to us if go into foreclosure, what’s the best thing to do? Thank you

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James - funny you accuse the realtors of just wanting a commission, and a short sale not being a viable alternative here - which it very well could be. Yet your answer is for the OP to spend 5k on an attorney to accuse his lender of fraud. Very constructive.
0 votes Thank Flag Link Fri Mar 27, 2009
First all of none of the answers below will help you in your situation. And although a short sale is a doable method it should not be your first line of defense. It amazes me that real estate agents are touting shortsales as method to prevent foreclosure when investors came up with the concept to begin with.

Real agents talk about a shortsale as a remedy to your problem because naturally it leads to a commission for them if the house sales.

Let me let you in on a little secret from someone that actually deals with lenders every single day. In order to deal with your lender in a fair fashion you have to have something to make them negotiate with.

What a few insiders are doing when lenders don't want play fair is that the get a forensic mortgage audit, find violations on their loan and hire a lawyer and force the lender to modify your loan. Simpler than you think and wields tons of better results.

Also way cheaper than buying a new house and $60,000 down in market where cash in king. Even mortgage brokers who are in trouble with their own personal home loan use this method to negotiate with lenders for loan modifications. For about $5,000 you can stay in your current house and put that money towards the new mortgage payments from a settlement with the lender.

But in your mind you feel you must go this route find a mortgage broker that deals with foreign nationals. You can find one at sites like brokeroutpost.com just like you can find a realtor on trulia. Isn't the internet wonderful. LOL

Who is the lender that giving you trouble? Some are more predatory than others. And here's big secret they don't have the authority to approve a loan modification its their investor that behind them. But if you find violations associated with the loan then investor must be notified and that's when they will usually bend to your will.

85% if loan originated through mortgage brokers have at least one violation, I pretty sure yours does.
I'll ask you a couple questions where you can decipher whether or not what I am saying is worth your time.

Let me a ask you.

Do you get a stated loan where you didn't have to submit any tax information to the lender to qualify.
Has your monthly loan payment has increased more than $200 in the past year.
Has your monthly payment will increase by more than $200 in the next six months, or
Has your loan has a pre-payment penalty longer than three years.
Was your home was originally appraised for a higher value than homes were selling for in your neighborhood.
Did you Realtor or title company steered you to a specific mortgage company.

If you answer yes to any of these questions you may have a case against your lender for loan violations.

By law if your lender is found to have violate any law associated with your loan they must halt all foreclosure proceedings until the the violations are corrected. You need an attorney to make sure they comply with what is called a demand letter an an injunction. So I wouldn't worry about the foreclosure thing too much unless of course you choose another method to resolve your problems.

Also you live in Connecticut . Your state right now detest the banking industry and their are tons of laws on the books statewide and federal in your favor if they violate the law during the origination and servicing of your loan.

The good part about choosing the legal route is that if its determined that the lender violated the law associated with your mortgage you can legally stop paying your mortgage and they have to stop reporting the loan on your credit until either a settlement or they prove otherwise their violations in court.

For a free consultation you can give me a call at 718-530-0738 or email me at nyloanmodifications@gmail.com

I an writing a free report to be released soon called "Insider Legal Secrets to Loan Modifications Your Lender Hopes You Never Find Out About." available at website below.

Regardless of the method you choose get a forensic mortgage audit from a reputable company and an attorney that is versed with negotiating with lender's before considering any loan modification.
0 votes Thank Flag Link Fri Mar 27, 2009
Hi Jla,

First of all, let me say that I am sorry to hear about your situation. You are not alone. The good news is that there are many options available to someone in your situation and there are many solutions available that can help you. While I don't know the details of your current financial distress, therefore it is difficult to truly advise you, what I can say is that you have taken the first step towards either staying in your home or getting out without severe damage to your credit.

My office, Century 21 Home Services, has an affiliation with a company that provides a no obligation consultation to help you know what your options are. Together with them, we offer specialized services in loan modification assistance, credit restoration, quick purchase program, and if your home is worth less than you what you owe, we can also assist with successful execution of a "short sale" (where your bank agrees to forgive any remaining debt from the purchase of your home). First, they will exhaust all scenerios to help you stay in your home, they are also commited to helping you manage the transition period of your life to assist you in retaining your home or finding a new one.

It would be my pleasure to connect you with this company. Our office has assisted many home owners like yourself and has had great success with this wonderful partnership. If you would like to find out more, please contact me and I can get you in touch with them.

I hope that you are successful in determining the best course of action, and if I can be of further assistance to you, please don't hesitate to contact me.
Regards,
Melissa
0 votes Thank Flag Link Thu Mar 26, 2009
If you let the house go into foreclosure, theres a good chance the lender will get a deficiency judgement and come after your assets - including a new home in your name. If you truly cannot keep your present home, then get a short sale going now. A good realtor will be able to help you sell the home via a short. In a short you have a lesser chance of being pursued for a deficiency judgement.
You wont qualify for any type of mortgage for awhile, but you can be on title for a home. However you really need to sort out your present situation first before worrying about whether you can own a new home or not. You cant just walk away from your home and let it foreclose and have no repercussion. You will still owe money and the bank wont just let it slide.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Thu Mar 26, 2009
Jia
I would suggest your father try to obtain a loan in Mexico to purchase a home here.

From your perspective if you plan on buying another home, then you need to figure out
1, How you got into this mess in the first place - so it does not happen again
2. To qualify for a short sale, you need to prove hardship...meaning you are broke and cannot pay your bills. That means that you will not qualify for a mortgage.
3. You could try a loan modification, however they may not talk with you until you are behind in your payments...again, it will hurt your chances to by a new home for a while.

I think you need advice from a sharp local Realtor who knows all of the details about your home and your personal situation.
0 votes Thank Flag Link Wed Mar 25, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Jla,

The best thing you can do is keep making your payments. Maybe work out a short sale with the lender meaning go through the approval process to short the money that is owed to your lender through the sale of your house. It will be less damage on your credit. Are you currently behind on your mortgage or are you current? Maybe the better solution is to see if your lender will consider a short sale.

If I can provide you anymore advice, please feel free to call me at 307-9600 or e-mail me Kristina@prudentialct.com I mainly do my business in Torrington & I can guide you through the process if you are interested.

Have a great night!
0 votes Thank Flag Link Wed Mar 25, 2009
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