You need to contact your mtg company immediately, as well as seek assistance from a real estate attorney, or If you are unable to reach your mortgage company, the company is unable to help, or you are not yet delinquent but think you may be unable to make future payments, contact the Homeownership Preservation Foundation at 1-888-995-HOPE. Experienced counselors can help you consider the best plan of action for your personal financial situation.
Understand your options
Your mortgage company or a homeownership counselor can help you understand the options available to you. They may include:
Repayment Planâ€”If you have missed some monthly payments, you may be able to catch up by creating a schedule for repaying the past-due amount.
Advance (HomeSaver Advanceâ„¢)â€”If your mortgage company tells you that your loan is owned by Fannie Mae, you may be eligible for an unsecured personal loan to help you catch up on mortgage payments.
Modificationâ€”In some cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable.
Foreclosure will damage your credit rating and your ability to borrow money or buy a home in the future. When the options above donâ€™t work or you know you can no longer make your monthly payment, you may need to sell your home.
There are also counselors available to help you with this, depending on if your mtg is fannie mae, freddie mac or FHA/VA. Here is a link to some resources available to get help:
I hope this helps, if you have any further questions, please let me know. I am a real estate consultant and can point you in the right direction. I've done many mortgage mods, but you need to know what type of mtg you have (look on your closing paperwork, the settlement statement will show this info) also, if you are behind in payments, have a hardship situation (medical, loss of job, etc).
YOU have many alternatives, but you must call your mtg co and then seek assistance from there depending on your situation.
BTW - why is it that the modification company out of NY was unable to help you? Did you pay them money? MY best advice is never deal with an out of state company, laws are governed by the state in which you own the real estate, and I've seen many empty promises from the billions of companies jumping on the foreclosure bandwagon. It's a shame that most of them are taking advantage of people like you - try to get your money back!