foreclosure consequences ,Colorado

---

Posted by christy p. on August 27, 2003 at 18:17:06:

Our house is currently in foreclosure. We were trying to borrow money to get us caught up. We we due for April,May & June @ $1240 mo. We have been trying to send Novastar at least Julys payment and still try and get a loan to get us caught up. It was all or nothing with them. They said we owed roughly $4900 in payments and approx $500 in fees and legal services.
At the beginning of July we needed approx, $5.400.
We were sent to the loss mitigations department the middle of July and complied with thier every request, called them for the last 6 weeks trying to get an answer if they got an investor to do a back end loan.

This has dragged on for nearly 7 weeks and Novastar finally called us saying that they would work with us.

This is the kicker though... They said that we had to pay $1240, it wasnt going to be applied to any months mortgage payment and that the back end loan at no interest was going to be $10,300!!!. We jumped from $5,400 to $10,300 in almost 2 months time!!!

We only were behind 3 months in the beginning of July and now we are 5 months because of all the footdragging
and we want to know what is a reasonable amount of money we should be be expected to pay for late fees and attorneys fees ( and what's legal).

We are now contemplating just letting the house go because we feel we are being ripped off.

Can we be obligated monetarily in any way if we walk away?

Thank You, Christy

Follow Ups:

• Re: foreclosure consequences ,Colorado - Raj 02:42:18 08/31/03 (0)
• Re: foreclosure consequences ,Colorado - Raj 02:36:24 08/31/03 (0)
• Workout (url) - Reinstatement Services, Inc. 19:00:55 08/27/03 (0)

---

Name    : 


E-Mail  : 


Subject : 



Comments:




: Our house is currently in foreclosure. We were trying to borrow money to get us caught up. We we due for April,May & June @ $1240 mo.  We have been trying to send Novastar at least Julys payment and still try and get a loan to get us caught up.  It was all or nothing with them.  They said we owed roughly $4900 in payments and approx $500 in fees and legal services.


: At the beginning of July we needed approx, $5.400.


: We were sent to the loss mitigations department the middle of July and complied with thier every request, called them for the last 6 weeks trying to get an answer if they got an investor to do a back end loan.





: This has dragged on for nearly 7 weeks and Novastar finally called us saying that they would work with us.





: This is the kicker though... They said that we had to pay $1240, it wasnt going to be applied to any months mortgage payment and that the back end loan at no interest was going to be $10,300!!!. We jumped from $5,400 to $10,300 in almost 2 months time!!!





: We only were behind 3 months in the beginning of July and now we are 5 months because of all the footdragging


: and we want to know what is a reasonable amount of money we should be be expected to pay for late fees and attorneys fees ( and what's legal).





: We are now contemplating just letting the house go because we feel we are being ripped off.





: Can we be obligated monetarily in any way if we walk away?





: Thank You, Christy








Optional Link URL : 


Link Title        : 

If you press "Preview Message," you are taken to a preview screen where your
message is shown to you before allowing you to post it.
Your message is not finalized until you click "Post Message".

---

Foreclosures Section

Foreclosure Help

Foreclosure Investing

Real Estate Articles

Our Site Resources

Discussion Archives