Mortgage Forum

SuzieQ

First, just a brief note to let you know that I have found this site extremely helpful. It's good to know I'm not alone, but sad to see that so many people are having these issues.

My situation: I have an Interest Only ARM at 7.35%, not due to adjust until 5/1/11. This is a refi done April '06, with a payment of $2139 including about $500 in taxes and HO ins. The original balance on the loan was $269,000 and now is $272,000 with late fees and such. This mortgage is now being held by Central Mortgage Company in Arkansas.

My husband and I had an income reduction last year, I used all of my credit cards and HELOC (10,000) to help us pay the bills (really bad move - but at the time, I just wanted to pay all of our bills). Of course, now we are way beyond what we can afford to pay. Our net income is about $3200 per month, which you can already tell our mortgage payment takes up too much of that! When I realized that we were going to start having problems paying the mortgage, I called CMC (Central Mortgage Company) to see if there was any way I could get a rate reduction and they told me they couldn't do refinance in NJ. After thinking about it, I decided to call again and was told they would send me paperwork to send back to them in regards to our hardship.

I mailed the paperwork 3/4/08, waited a couple of weeks (they said it took that long to process). I called to check on status when I didn't hear from them and they told me they never got it. Then I faxed over all of the paperwork and waited some more after verifying that they received the fax. I have had multiple conversations with different reps in their Home Owners Assistance department. I was told they didn't take partial payments due to my contract. Then told I shouldn't make any payments as this would mess up my loan modification (they would put overdue amounts in new loan).

Then I called again to check the status and was told that the person who told me that was incorrect and I COULD make partial payments and to call them first if I was going to do that. They also told me that it could take 2 months to get an official answer on my modification and as of last week they told me it was still in review. Saturday, we received a notice of Intent to Foreclose and if we don't pay them $6500 in certified funds by June 1st, they will start foreclosure proceedings. Obviously, we do not have that kind of money.

We have decided that we are going to put the house of up for sale (last valuation was $340,000 Nov. 07) and RE agent is coming Saturday to give us an idea of what we can get. We are looking into getting a mobile home because we realize we can no longer afford this house and we need to get out of all of the other debt too. I did some research on NJ foreclosure laws and it looks like it takes an average of 250 days to complete the process.

If anyone has any advice, it would be helpful. Thanks a bunch!!!

robibrk

Hi SuzieQ,

May you check our Loan Articles in my signature. I am sure you will find some great resources.

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Zino

Your site currently has an error robibrk.

Line 3 of your config.php file has an < so you possibly have some whitespace before your opening php tag.

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gtull1

Hey Susie. First of all, I sure know where you are coming from. When you bought your home, you could afford it, but now you can't. You're not alone!! Many people get into a house when things are great, but then they can't afford to make the mortgage payments when times get tough. I have met so many people that are in situations such as yours. Heck, the whole mortgage industry is in a crisis right now for this very reason!

Yes, it can take up to a year for your foreclosure to go through in New Jersey. 250 days sounds like a reasonable average. You could live in the house for "free" until it is foreclosed upon, but then you will owe the lender a heap after they seize the house and sell it at auction. If you're planning on filing for bankruptcy, this may be a good decision.

if you're not planning on filing for bankruptcy, you really should just sell your house quickly. Before you jump on board with a real estate agent, why not see if you can sell it yourself as a "for sale by owner"? It would save you quite a bit in real estate brokers fees and such. Just a suggestion.

Good luck to you!!

chase1

I have a loan number which was resigtered on Mortgage Electronic Registration systems INC Loan # POR004234, can some help me find out who holds the note on this property, so I don't get screwed


Chase1

apaykin

Chase1: Your best bet is to go to your county clerk's office and get a copy of the mortgage recording page. On there, it will indicate which bank owned the note at the time MERS registered it. Then, you contact that bank and ask them if they own it or sold it, and if they sold it, to whom... Then repeat with next bank, until you find one that admits to owning it still...