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Discussion Starter · #1 ·
My house has been in foreclosure for about a week. I have already tried every known (to me) avenue to get the mortgage modified with zero luck. I owe (approx) $500K on the house including the ~$30K in late mortgage payments. Approximately 9 months after it was requested the county has finaly reassessed the house/property value total from the original $478K to $200K.

At this stage of the mortgage, can the reassessment help me in any way to keep the house and/or get the loan modified?

The only step that I am aware of that I have not done (yet) is to take the lender to court to "show me the original note". It is impossible for me to come up with the $30K in late payments.

Thanks for your time.
 

· mo balls than $cents$
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My house has been in foreclosure for about a week. I have already tried every known (to me) avenue to get the mortgage modified with zero luck. I owe (approx) $500K on the house including the ~$30K in late mortgage payments. Approximately 9 months after it was requested the county has finaly reassessed the house/property value total from the original $478K to $200K.

At this stage of the mortgage, can the reassessment help me in any way to keep the house and/or get the loan modified?

The only step that I am aware of that I have not done (yet) is to take the lender to court to "show me the original note". It is impossible for me to come up with the $30K in late payments.
Thanks for your time.

ya got nuff boats around there to sell and cover that:)bulb
 

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Try non-profit organization called ACORN what you do is fill out an application and gather all of your paperwork and then they assign a counselor to you. You then fax over everything to them and they submit it to your lender. This can take several months, not sure if you have the time

ACORN's number is 1-888-409-3557.
 

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My house has been in foreclosure for about a week. I have already tried every known (to me) avenue to get the mortgage modified with zero luck. I owe (approx) $500K on the house including the ~$30K in late mortgage payments. Approximately 9 months after it was requested the county has finaly reassessed the house/property value total from the original $478K to $200K.

At this stage of the mortgage, can the reassessment help me in any way to keep the house and/or get the loan modified?

The only step that I am aware of that I have not done (yet) is to take the lender to court to "show me the original note". It is impossible for me to come up with the $30K in late payments.

Thanks for your time.
Did you hire a service to do your modification for you or did you do it yourself? If you hired a service, I would immediately get on the horn yourself to your lender and speak to loss mitigation NOT to customer service. Suing the lender on the wing and a prayer that they can't produce the original note is a 90% losing scenario. They may have to dig, but eventually they'll find the note. You could possibly try bankruptcy. That may halt the procedure and might also prod your lender into assisting with a modification. Just my .02.
 

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Discussion Starter · #6 ·
Try non-profit organization called ACORN what you do is fill out an application and gather all of your paperwork and then they assign a counselor to you. You then fax over everything to them and they submit it to your lender. This can take several months, not sure if you have the time

ACORN's number is 1-888-409-3557.
I've already done that.
 

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Discussion Starter · #7 ·
Did you hire a service to do your modification for you or did you do it yourself? If you hired a service, I would immediately get on the horn yourself to your lender and speak to loss mitigation NOT to customer service. Suing the lender on the wing and a prayer that they can't produce the original note is a 90% losing scenario. They may have to dig, but eventually they'll find the note. You could possibly try bankruptcy. That may halt the procedure and might also prod your lender into assisting with a modification. Just my .02.
One service was free and gov't sponsored but it didn't work. Before that I tried to negotiate with them but it didn't work. My real estate guy tried also. Suying the lender is a stall tactic and nothing else, but it's cheap and it'll give me a couple more months. I haven't considered bankruptcy.

I'm more concerened with whether or not the property value's huge drop will have a affect on me being able to modify the loan now when I couldn't get it modified before with the higher property value.
 

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Consult a BK attorney. Under Ch13. If you have a 2nd Trust Deed you can lien strip the 2nd from the property. If this was an investment property the courts could modify the mortgage to current appraised value. Your going to have to file a BK anyway might as well try and save the home if you can.
 
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