Re: Some good foreclosure news

Posted by Ethan on September 25, 2007 at 16:02:27:

In Reply to: Re: Some good foreclosure news posted by OC Andy on September 24, 2007 at 20:39:08:

I have the following questions for "Steele" and "OC Andy". I'm 90 days behind on my mortgage and am having a hard time keep making payments due to personal financial hardships. My intention is to foreclose on my property. But I want to save the house if the bank is willing to do a loan modification to reduce my monthly payment so that I'm able to afford it. I've talked to my lender over the phone and they've sent me a loss migiation package. My question is:

1. Does anyone know any lenders out there who are willing to forgive a certain amount of debt to make the payments affordable? Why they insist that I need to fill out the loss migitation package since they clearly know how much I make when I first apply for the loan?? or is it a trap for them to find out how much i make so they can come after me for the deficiency? I'm in California and I have never refi my loan so this would consider a money purchase, non-recourse loan. It's a owner occupied property.

2. The lending market standards are changing by the day. If I do foreclosed, which will kills my credit, and if I managed to save up say....35% down payment if I decide to buy a house in the next 7 years, how likely will I be able to obtain a loan assuming I've paid all my credit cards on time???

Time is running out and I need some answers quickly! My biggest dilmea is should i filled out the loss migitation package? Get my point???

Thank you very much!

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