called bac about car wreck and two surgeries needed was put on two diff loan mod and not approved they reduced our payments now want all money owed fo

Asked by Jp, 38138 Wed Jun 22, 2011

foreclosure sale date sept 21 told us we were approved from start this happened 2009 we been making reduced payments every month dont have the money for diff in payments missed 6 mos work car wreck lawsuit about to be mediated trying to hold off bank long enough to settle and pay up what can i do

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Suzanne MacDowell’s answer
Suzanne MacD…, Agent, Succasunna, NJ
Wed Jun 22, 2011
Call and write to your representatives in congress. Your story sounds all too familiar. The promise people a loan modification, take their money, then when it's time to make the modification permanent they say no, because the government, through the FDIC bailout, is paying them to foreclose on citizens. Call and write your Senators and Representatives, The President, anybody and everybody, the Attorney General of your State, and try to get them involved in helping you to straighten this out.

Good Luck, and please, please let me know how this turns out. I really do care, it makes me sick the things that are happening to good people like you in this country. Our government seems to have forgotten taht banks don't vote, people do!
1 vote
Dan Tabit, Agent, Issaquah, WA
Wed Jun 22, 2011
I agree with Suzanne, Call your Congressperson and your State Senator. Banks have played games with loan modifications and our tax dollars. If you were approved, you should have received paperwork which states that, but even if that never happened, if they put you on a trial modification and now expect you to come up with all the back payments this does not seem reasonable. Let us know how things turn out.
0 votes
Sally Summer…, Agent, Memphis, TN
Wed Jun 22, 2011
JP - BAC had rather have you in your home helping them keep it up and from deteriorating. It is very expensive for them to foreclose - but they will. I'm working 2 BAC short sales now. I've helped my clients write hardship letters and have worked with BAC on their behalf.

This may be the delay you need to get your settlement and pay them off. A short sale if it comes to that is better for credit repair in most cases.

I'm here to help. Please call.

Sally Summerlin
Germantown, TN
0 votes
John Van Hog…, Agent, Portland, OR
Wed Jun 22, 2011
Hey JP,

This sounds like a tough situation to be. I hope you have fully recovered from the accident.

Naturally, it's hard to speak about your situation without direct involvement. With that said, this behaviour from the banks is not uncommon. Many people have entered into reduced payment modifications only to lose the home to foreclosure in the end. The truth is that the number of homeowners helped by loan mods is very, very small.

What can you do? Get some help to fight back. Depending on your state, you may be able to delay the foreclosure date long enough to make it to your settlement. What does your attorney say? Ask if they can help or make a recommendation to someone who can. Contact the county and ask if they offer help for people facing foreclosure. As a prevoius post said, contact the local media, your elected representatives...any one you think can help shine a light on your situation.

Good luck -John
0 votes
Shanna Rogers, Agent, Murrieta, CA
Wed Jun 22, 2011
Hi Jp,

Contact a Real Estate Attorney.

Shanna Rogers
SR Realty
0 votes
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