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vince
Kansas
324 Posts |
 Posted - 01/23/2010 : 08:17:53 AM
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| Nice ending. Adds to everyone's day. |
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LindaH
Florida
1754 Posts |
Posted - 01/22/2010 : 1:11:52 PM
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quote:
Originally posted by gjk-fl
Well, she saved her house! With help from friends and family, she came up with all of the money except for the late payment fees which they rolled to the back of the loan. Funny how they couldn't (wouldn't) do that with any other of the monies she was behind. Anyway, they didn't get her house which they really wanted due to the amount of equity she has in it. Thanks to everyone who inputted regarding this matter.
gjk
Great Result!! Happy to hear it!!
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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gjk-fl
Florida
151 Posts |
Posted - 01/22/2010 : 09:46:15 AM
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Well, she saved her house! With help from friends and family, she came up with all of the money except for the late payment fees which they rolled to the back of the loan. Funny how they couldn't (wouldn't) do that with any other of the monies she was behind. Anyway, they didn't get her house which they really wanted due to the amount of equity she has in it. Thanks to everyone who inputted regarding this matter.
gjk |
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gjk-fl
Florida
151 Posts |
Posted - 01/15/2010 : 12:13:46 PM
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Thanks Linda. She said something to the same effect regarding the horses. She has been talking to an attorney here in Tallahassee so we'll see what happens next week with the HUD counselors and hopefully, she can get her hands on some money. I'll keep y'all posted. Have a great weekend!
gjk |
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LindaH
Florida
1754 Posts |
Posted - 01/15/2010 : 10:54:10 AM
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Hate to say it, but good luck selling the horses unless she sells them for pennies on the dollar - info up here is people are in such bad financial straits in that area that they're taking their horses, tack and all, and leaving them in the state park down there with a note saying "take him/her, I can't afford it any more"....
We have a thoroughbred...wish we had the money to take one off her hands...
She's best off going through a verified modification program (HUD or her own lender) - why in the world her lender would want the property is beyond me - they'll need to unload it and they won't be able to...
IMO she really needs an attorney who can step in on her behalf, especially if they've started foreclosure proceedings. With the right counsel she can hold things off long enough to bring it current - and I've seen refi's go through when people are in foreclosure - the rate might not be the best but they kept their home.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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gjk-fl
Florida
151 Posts |
Posted - 01/15/2010 : 10:47:37 AM
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Thanks for responding Renee. She's made some calls and is waiting on callbacks. She's has a lot of friends in the Ocala area and has some horses too she can sell. She's an ex-jockey and has friends in the thoroughbred horse circles. I called her and gave her the number off the HUD.Gov website like Linda suggested and she called and the counselor for her area is off until Tuesday, so she'll call back on Tuesday. Thanks for the input. I hate to see her lose her home with all of that equity.
gjk |
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Renee
Michigan
549 Posts |
Posted - 01/15/2010 : 10:12:12 AM
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| Does she have anyone who could/would co-sign on the truck loan? Sounds like she's being denied that loan due to credit issues, and a co-signer (in good standing) might do the trick. That would enable her to catch her mtg up-to-date, hopefully in time. |
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gjk-fl
Florida
151 Posts |
Posted - 01/15/2010 : 09:56:58 AM
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The small town bank isn't budging. Like I said they WANT her home. The only thing at play here is that since she got behind, now her credit isn't good and that was another bank she was trying to get the loan from on the truck. I've put her in touch with Money Management International, (Suze Ormon endorsed) which is a HUD approved negotiator between her and her bank, however they are swamped and she needs immediate help. I'll tell her to go the HUD website and see if they can help her. Meanwhile, she is pursuing other avenues to borrow against the truck. Thanks for the input, any help is appreciated. The bank won't roll anything to the back of the loan either. I told her to catch this up and refi with another company who would work with her.
gjk |
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LindaH
Florida
1754 Posts |
Posted - 01/15/2010 : 08:02:30 AM
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Under the new regulations doesn't the bank HAVE to work with her to keep her in her home? If that house is truly worth $300K and she only owes $150K, I don't see why they don't just modify the loan or give her a refi. Also, why was she denied on the truck loan? Honestly, being denied modification help AND the truck issue, it sounds to me like there's more at play here.
Personally, I'd suggest she see an attorney who can negotiate a refi or modification for her. You could also refer her to the HUD website for help in staving off the foreclosure.
I'm not an attorney, so all of the above not to be taken as legal advice.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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gjk-fl
Florida
151 Posts |
Posted - 01/15/2010 : 07:54:19 AM
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I need your input because some times I tunnel vision and may not think of something that could help my friend. Have a co-worker who lives in Tallahassee, but owns a $300,000.00 house in Ocala that she rents out. The bank is trying to take her home over $3,600.00 that she is behind. She only owes $150,000.00 on it and this is her life savings so to speak. She owns a truck free and clear that the KBB value is $13,000.00. One bank wouldn't lend her the $3,600.00 on the truck. She's going to try other means. She got behind because of no job, but now she works here and also has another part-time job, so she's back on her feet. This bank really wants her house and isn't budging on anything. Anything y'all can tell me to help her out? Thanks.
gjk |
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