No, I am not asking if they can foreclose. I know they can. They want to sell the house at auction as Fanny M (?) is holding the note and doesn't care about people, only money. So be it!
They made a loan modification offer, a monthly payment of $938 / month ( down from $1500) but were quick to inform me that the term of the $180,000 loan was still in effect. According to what you and the Court Trustee told me, I don't believe that's accurate.
I want to make a counter offer. Do you suppose they are receptive to offers?
The terms of the original mortgage loan are still in effect in the sense that they can require fulfillment of the original terms to prevent a foreclosure sale. They cannot sue you in court for any portion of the mortgage balance - whether or not the house forecloses.
You absolutely can make a counter-offer. Whether or not they will be receptive will depend largely on whether you can prove that you can abide by the new terms - whether you have enough income to pay the new mortgage amount - and also on what your house can realistically sell for.
If your counter-offer is close to the current market value of your house, and if you are able to pay the new amount, then the mortgage company should be receptive to your counter-offer.
I want to make a counter offer but to whom? B of A or Fanny Who?
If the shoe was on the other foot and the bank was to buy my house, would they be offering market value or would they tell me the house is only worth X amout of dollars at auction and that's what we're willing to pay. Buy cheap and sell high, right?
Also, to whom would I make the offer to, B of A or Fanny M- - ? Fanny's holding the note. I guess they'er the 3 rd party. Tom
In what office or where would you suggest I look to learn of, determine or find out what my 1180 Sq. Ft. house might sell for at auction? With that figure I could base a my counter offer. Any suggestions? TW
Your a peach! Thank You
I will attempt to scan 2 copies of the offer sent to me by B of A.
Sorry, my computer skills are lacking and I am unable to transfer the scanned copies from my PC to this note to you at Ask. Is it possible to fax to you?
In the offer made to me by B of A they said in two different places in their letter / offer that "Your current loan documents remain in effect". But the Bank is well aware of the bankruptcy. My question for you is; are they not in violation of Federal Bankruptcy Laws now? That they would even mention the original loan?
I do wish I could communicate these two portions of their letter to you as things must be coming across as vague to you. They're even vague to me and I'm the one creating this note.
Say, you don't happen to live near Tucson,AZ do you? I could use your Office, Thanks Tom Willard.
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