I have been with the same mortgage company for almost four years. I started with an adjustable mortgage. After two years the rates and payments shot up. I modified with them to a two year fixed. This expires in August. Last November, I filed a Chapter 13 bankruptcy, which includes the mortgage. My attorney says to either work on another modification with the company I have, or to seek out a refinance somewhere else. Has anyone out there been in similar situations? What did you do? Any recommendations on a good company to go with?

Technorati Tags: adjustable mortgage, chapter 13 bankruptcy, good company, last november, mortgage company

My husband and I have been trying to buy a house for 2 years. We both pay our bills on time and make decent money. The problem is that a few years ago he co-signed for a house for his sister. She moved out and quit paying for it and no one informed him until 3 days before it was supposed to foreclose in his name. They said we had to pay ,000 when he only cosigned originally for ,000 or the mortgage company was going to sue. She had put all her credit card debts and her car loan on the mortgage. So he filed bankruptcy to avoid being sued for ,000. Now all debt and credit is in my name which brought down my credit score and he has a bankruptcy on his credit report. We can’t seem to find any bank that will loan us the money to buy a house because they say my debt versus income to not good enough and his name can’t be on the house because of the bankruptcy. What can we do to buy a house?
It’s been 3 years since the bankruptcy. They did try to contact us many times, but they were mailing it to the address that he cosigned for. We lived somewhere else and didn’t know his sister moved out. They finally found us last minute. He had signed when she did refinancing at one time, but he he didn’t realize how much it was for and didn’t think his own sister would screw him over.
The worst part about it is that even with a bankruptcy he still has an awesome credit score and hardly any debt. He always has been very responsible when it comes to paying bills. One lender at our bank knows that we always pay off our loans, but he can’t seem to convince the other guys that don’t know us that they are safe to loan us the money for a house. So some advice to people: don’t ever cosign for anyone. Even if you think you can trust them. It gets honest people like us into a lot of trouble.

Technorati Tags: 3 years, bankruptcy, car loan, credit card debts, credit report, credit score, decent money, last minute, loans, money to buy a house, mortgage company

My parents just filed a mortgage with Option One along with a loan from a small company called Residential Access. I research Option One online and found many many many consumer complaints on them. Almost all of the complaints have said that they resulted in foreclosure after filing with them.

What do I tell my parents to do seeing the problems they are going to get into? We have already been in foreclosure (with another company) once and I don’t know what will happen if Option One will send us to foreclosure.

How can I prevent this from happening? Can my parents switch to another mortgage company?

PLEASE HELP! my parents are not fluent in english so I have to help them with all this and I am fresh out of high school starting college so I have no idea how the mortgaging and financing system works.

Technorati Tags: consumer complaints, foreclosure, mortgage company, option one online, parents, research option

here’s the situation, i am 26, my husband and i are forced to file bankruptcy because he was laid off twice last year and has just been laid off again, we have a new baby and i was forced to take 3 months maternity leave from complications. one of our cars was repossessed, so our credit is going to be shot either way. we bought our home when i was 21, they approved us for a 200,000 loan. at the time i didn’t know what i was doing and we purchased a home that cost that much. it has a fixed rate but the payments are 1500 a month. it is a 2 family and we get 750 rental income. it is a very large house and the utilities for one floor alone run us about 7-800 a month because of poor insulation and wiring,the home needs major repairs ( this is where i didn’t know what i was doing when i bought the house.) it needs a roof, it has old siding, the second floor bathroom is gutted, there is major water damage to one of the rooms due to the leaking roof, we started renovations and didn’t complete them because of finances so it needs major cosmetic work- it has old paneling and wallpaper in some areas of the house, old molding and plaster walls. old furnace, hot water tank the porch on the second floor is slowly deteriorating from water damage, since there is no awning above it and the previous owners had indoor outdoor carpeting on it.it is very weak and unsafe. the driveway is cracked and caving ( it is the size of 3 driveways. we fully intended to completely rehab the home when we purchased it and eventually use it as rental property. we would never get what we owed if we sold the way it is right now and we would need at least 50 grand to get it in selling condition. i still owe 192,000 and i am behind 4 payments from job loss. mortgage company is willing to work with me because of the bankruptcy but it would mean extending the loan and higher payments. i feel like i am drowning now! would it be better to just walk away from the property and claim it in the bankruptcy for a complete fresh start or would it be better to stay and try to fix it. i wouldnt even ask as i obviously know forclosure is never the best option but in my case with the house being worth so much less than what we owe what option be best for us in the long run. my primary concern is repairing my credit and creating a future for my family

um i asked question for help not criticism. yes he did look for other employment and did do small jobs until he found something but a fast food job would not cut the 62,000 a year he was making as a machinest, with two kid, 2 car payments and other misc bills. and i was on bedrest the last 6 weeks of my pregnancy from incompetent cervix so how is that hard to believe and what reason would i have to lie. i am only here to get some feedback on what would be the best option for my family in the long term.

Technorati Tags: awning, cosmetic work, driveways, fixed rate, floor bathroom, fresh start, hot water tank, indoor outdoor carpeting, leaking roof, maternity leave, molding, mortgage company, new baby, old furnace, paneling, plaster walls, poor insulation, rental property, siding, water damage

My house mortgage company is a Lehman brothers company. Now Lehman brothers have filed bankruptcy. Do I still need to pay my mortgage?

Technorati Tags: bankruptcy, lehman brothers, mortgage company

We filed ch7 bankruptcy 3yrs ago. It was discharged. Just recently I discovered our home mortgage was never reaffirmed. We’re making payments, our mortgage company is happy. But our payments are not being reported to any credit agency (our credit report doesn’t show we even have a mortgage.)

A quick call to our lawyer who handled this told us that no assumption papers were signed. I know when I filled out the "so you want to file bankruptcy" paperwork that I checked that we wanted to assume our mortgage. Our lawyer said the following:
A) it wasn’t a big deal but nothing could be done now
B) the mortgage companies often don’t allow mortgages to be reaffirmed (essentially saying it was their fault)
C) we should seek other methods of rebuilding our credit.

Does any one know:
A) is it really no bid deal?
B) should I fight to determine who’s fault this really was?
C) is there anything that can be done to get our mortgage back in good standing?

Thanks
Frustrated in Big

Technorati Tags: assumption, bankruptcy, credit report, home mortgage, lawyer, mortgage companies, mortgage company, mortgages, paperwork, quot, report doesn

This year has been extraordinarily difficult and I’ve had to use the money that I was setting aside for property taxes which are due in Jan and Feb. They give you till the end of Feb to pay without penalties. Credit cards and title loans aren’t an option, those have already been tapped this year as has the Roth which was depleted anyways because of previous problems years ago. About the best I could hope for would be to borrow against my 403b but again due to serious problems a few years ago (including being told I would be dead within two to five years by Doctors), I never amassed anything significant there and actually nearly lost track of having it. It would only be enough for maybe half of the property taxes. There isn’t any equity in the home that can be drawn on, I’ve only had it for a year and aside from antique computers, I have nothing to sell. There’s a benefits retirement program but because I had a backup job that reactivated the program when I lost my job in April, I can’t touch that money at all unless I quit my job. Also that money may have gone into the State lost funds thing because I lost track of a lot when I was really sick a few years ago. So now with maybe four months max to save up for property taxes, which means it isn’t going to happen, what’s going to happen when I can’t pay the full bill by the end of Feb? Should I file for forebearance from the mortgage company? The Obama MHA would require an escrow for the taxes to be established, if I can’t save up enough for that by the end of Feb, how could I establish an escrow for that amount? Should I let bills go into arrears to save up for the taxes? Should I just declare chapter 13 bankruptcy?
I should probably add that I’ve lost a third of my income. I had a backup job already arranged when I lost my job in April but it was at two thirds the pay with better benefits. My girlfriend also had legal problems that I sorted out for her but that has left me with a budget that doesn’t balance. I’ll make it balance somehow, I have to. But loosing one third of my wages is loosing over k. I’m in a serious negative cash flow situation. I should be able to pick up some contract work, that should bring in up to 20% more cash but that’s not a certainty. Can’t ask family, sister had a stroke and is about to declare bankruptcy if the hotel folds. Probably need a DMP to make budget work.

Technorati Tags: 403b, antique computers, arrears, backup job, budget, chapter 13 bankruptcy, credit cards, doctors, escrow, forebearance, four months, girlfriend, mha, money, mortgage company, property taxes, retirement program, title loans, two thirds

We are in Adair county Missouri and it has been 2+ years since a new mortgage company bought out our mortgage and still no change on the deed. We are struggling to pay the payment, but they refuse to work with us on lowering it since my husband is unemployed at the moment and they don’t consider unemployment income, but they will take every dime of it every month for the payment. My husband read somewhere online where a mortgage company hadn’t filed the proper paperwork after purchasing a mortgage and didn’t have the original paperwork for the loan and the woman was able to file bankruptcy against her house. She kept the house and the bank got nothing for it since their paperwork wasn’t in order. Is this possible?
I don’t believe everything that I read online because most of it is not true, but my husband wanted to believe that it was possible to file bankruptcy on the house and keep it. I told him I would ask on here and get us some answers from people who would know. Thank you everyone who answered for helping to clear up this matter. We really appreciate it.

Technorati Tags: adair county missouri, bankruptcy, hadn, mortgage company, new mortgage, proper paperwork, unemployment

Im 9 months behind on my house and its in foreclosure. Suppose to be foreclosed on April 6th 2010. We have tried a short sale and we have an offer but the 2nd mortgage company is not going to take it. They want an extra ,000 on top of the offer. My real estate agent said they will probably take ,000 when it gets closer to the actual foreclosure. Im also upside down on my car ,000. Should I pay the ,000 and keep the car that is upside down or just file bankruptcy? If I file bankruptcy before the foreclosure date will both go on my credit? The lawyer suggests a chapter 7. Thank you in advance!!

Technorati Tags: 9 months, bankruptcy, chapter 7, foreclosure, lawyer, mortgage company, real estate agent, short sale

My husband told our mortgage company that he will be filing bankruptcy. The lady asked whether or not he has filed yet. I am concerned that was the wrong thing to do. Does anyone out there know? Is there something they can do to us now? =/

Technorati Tags: filing bankruptcy, mortgage company

What happen if one pays a large sum of money, say 0,000.00 to their mortgage company just days before filing bankruptcy? Would the other creditors be able to claim preference force the court to order the mortgage company to send the money paid back to the court? I am in Florida.

Technorati Tags: creditors, filing bankruptcy, mortgage company, preference, sum of money

Our loan was in a "modification" with the mortgage company and we were late on the payments. We sold one of our trucks on Friday for 00.00 to pay the 2 months behind and today we got the letter in mail saying they were continuing foreclosure proceedings.
We called and they said we don’t make enough, but we do so they are working on something, but I have a bad feeling that they are stalling. I want to sell the house, but my boyfriend does not want to. Our home is worth more than we refinanced for, but will be hard to sell quickly. Our credit is terrible and our score is very low. What about filing for bankruptcy or trying to sell fast..before foreclosure starts again?
I don’t think we can do much to get out of the mess we’re in.
(we missed the payments because a/c broke..we live in florida and have new baby so we had to buy window units.)

Technorati Tags: amp, filing for bankruptcy, foreclosure proceedings, mail, mortgage company, new baby, score, trucks

I know that the trustee has to sell whatever assets you have, to partially pay back the creditors, but what ARE those assets? Like Furniture? Dishes?

Please dont tell me how bankruptcy can ruin credit, etc. I know it already, and after all of this hell with the credit card companies and the mortgage company, who the hell in their right mind would want to deal with credit ever again? Just, if you have the answer, then great, please answer. If not, then keep your opinion to yourself and move on. Thanks.
I dont even have the money to buy food or toilet paper, let alone a boat. If they are only looking at major purchases, then they are going to be in for a shock.

Technorati Tags: assets, bankruptcy, credit card companies, creditors, dishes, furniture, hell, money, mortgage company, shock, toilet paper, trustee

I’m two months behind on my mortgage payment. I’m working with my mortgage company on a repayment plan, but have read some horrible stuff about this mortgage company online. My credit is terrible and refinance is out of the question. I’m working to repair my credit, but I want to have options before the house goes into foreclosure. HELP!!!

Technorati Tags: foreclosure, horrible stuff, mortgage company, mortgage payment, repayment plan

I refinanced my house through Ocwen in 2002 just before a major surgery to help with cost that I knew I would incur during the no work time. They told me one thing on the phone and when it came to signing, the paper work was nothing like what they offered me on the phone, but at the time is was only one week before surgery so I went ahead and signed. Since then I struggled and finally last year I was able to pay off my 2nd mortgage and all credit cards. The only bill left was the mortgage, since I paid off my vehicle the year before. November of last year I was in a bad car accident that totaled my vehicle. After receiving the check from the insurance company I purchased a used 2008 Dodge Advenger for 15,000 with 6,500 down on a 36 month loan. (Trying to stay debt free). Well December comes in and on the 2nd I was informed that layoffs would begin that week and sure enough two days later I got the call not to come in. This was a big surprise, since my company received records profits just the quarter before. Anyway I feel really bad, but I just cannot handle the mortgage payments anymore and I have tried everything to get the mortgage company to do something. They say I do not make enough for them to be able to help me. I am currently spending three hundred every month more than I am bringing in. My savings is now gone and starting to use credit cards again. And at this point I have a good chance of getting a job outside of Michigan, but if I do get the Obama modification I have to stay here with no hope of a job. Things just look worse at my company each month.
Will I be able to keep the car even though there is some equity in it? And can I let the house go this way with no reprecussions? I feel bad, but I also feel they took advantage of me when I was in a bad situation. And I have had the house on the market for over three years with not even a glimmer of hope. Thanks in advance for any and all advice. For those who like to talk down about people that file bankruptcy I pray you never find yourself in this situation. Current situation:

House owed 99,500 value about 105,000
Car owed 7,000 value about 15,000 (kbb)

Technorati Tags: 2008 dodge advenger, bad car, bad situation, bankruptcy, car accident, credit cards, dodge, getting a job, glimmer of hope, good chance, insurance company, layoffs, major surgery, mortgage company, mortgage payments, ocwen, profits, reprecussions, thanks in advance, work time

I live in Indiana, I’m filing chapter 7 bankruptcy, found another home I would love to buy, and that I can actually afford this time! I’ve been told that it is possible to buy a house even one day after disclosure, does anyone know of a mortgage company that will do this?

Technorati Tags: chapter 7 bankruptcy, disclosure, filing chapter 7, filing chapter 7 bankruptcy, mortgage company

I am looking for a good company to buy leads from for a mortgage company that specializes in ‘hard to do’ loans such as bad credit, bankruptcy, etc. Would prefer to find out about great live leads companies as well as lower cost leads that have a high closing rate. With so many of the companies out there, it is hard to find a really good one with a good reputation.

Technorati Tags: bad credit, bankruptcy, good company, good reputation, loans, mortgage company

The mortgage is in good standing but its not reporting to the credit agencies. If I have proof of payments to the mortgage company is it necessary to try and get added to the credit reports by reopening the case and filing the reaffirmation? My credit is already shot for 7-10 years because of the BK.

Technorati Tags: 10 years, bk, credit agencies, credit reports, mortgage company, proof, reaffirmation

We are in the middle of a chapter 7 bankruptcy n are 5 months behind on the house payments. The house place wants a relief from the stay or all of the money from where we are behind in. Can we go to a chapter 13 bankruptcy now in order to save the house n can we do it on only the mortgage company?

Technorati Tags: 5 months, chapter 13 bankruptcy, chapter 7 bankruptcy, money, mortgage company