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Posted by Janie on September 22, 2004 at 13:02:24:
In Reply to: Help in Masschusetts posted by Ang on September 22, 2004 at 12:07:18:
When you say you have tried everything, what does that entail?
Have you put together a comprehensive plan for recovery? Do you have a back up plan in case Plan A fails? The trick to successfully dealing with lenders is to have a viable plan. They are no monsters. They would rather you work a plan, keep making payments on time, then the hassle of foreclosure.
Legally, in some states, a lender can file default after 15 days late. Lenders will often wait for two months because they want to succeed and get back on your feet.
You didn't say what your goal is.
Are wanting out of the house while protecting your credit? I can tell you having late payments after a BK discharge does not look good and is probably why Ameriquest lost confidence in you.
The late payments, penalities, attorney fees for collection, foreclosure costs, etc. will eat most of your hoped gain in the sale of the house.
Also, if they file a default notice. Then you are like the limping gisell in a pack of wolves.
If it were me, I would put together a plan that includes lowering the price, then talk to Ameriquest, let them know the plan and ask for them to put the arrearages on the tail end of the loan.
: My husband and I have a house is MA. We were recently discharged from our ch 7 bankruptcy. We owe $430 on the house and are 2 payments behind. The house has been on the market for a short time for $459. I will probably have to lower the price which means we will owe more than we get for it, including RE fees. We have tried FSBO with no luck. We are running out of time. Ameriquest is our lender and they start charging between $50-$100/day after 2 month lates. What are my options here? I have tried everything...Ameriquest won't even work with us. HELP.
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