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Posted by Ang on September 22, 2004 at 15:45:29:
In Reply to: Re: Help in Masschusetts posted by Janie on September 22, 2004 at 13:02:24:
I have tried to work with Ameriquest, I have tried to sell, I have tried to refi...nothing has worked.
I have put together a plan. I would like to move and come clean, but by the looks of things, nothing is selling. I have spoken with Ameriquest and they will do nothing short of my coming up with 1/2 now and adding the remainder to the monthly payments...which we can hardly afford anyhow. In any case, I have decided to go back to work full time, which will sufficiently cover the mortgage, but that will take some time to get back up to speed. I was hoping that they would do as you suggested, add the arrearages to the end of the mortgage and start fresh for november, but it's not looking too good. By the looks of things, we will probably have to give it up. Not my first choice, we'll never get another house.
: 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.
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: : 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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