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xavierjd, Attorney
Category: Legal
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Experience:  20+ yrs in criminal, landlord/tenant, family, & small claims
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I am 6 months behind my mortgage payment and have received

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I am 6 months behind my mortgage payment and have received notice of default. I bought this house 3 years ago when I got divorce and paid 150.000 down payment. House was 499.000 at the time. Now when I think of if I have no idea how I could got approved this loan. It is interest only mortgage. payment is $1965 for first 5 years. I did not have a good job but My credit score was excellent at the time so they told me that I had no problem get this loan. It was just right after the divorce and I did not know too much about it. Last summer I was furlough and I only could work as part time . I struggle to pay every months, and 2 months ago, I lost my job. currently I am unemployed looking for a job.When I called lender. They told me I owe more then the house worth so nothing they can do to help me. I have 2 kids and just don't know what to do. I just canceled my 401k so I have about $15.000. Should I pay 6 months of mortgage to avoid foreclosure or use the money to move out?
Submitted: 5 years ago.
Category: Legal
Expert:  xavierjd replied 5 years ago.

Thanks for using JustAnswer.com

 

What state are you in?

Customer: replied 5 years ago.
I am in california.
Expert:  xavierjd replied 5 years ago.

Thanks for the information.

 

California has a new "foreclosure moratorium law." I have provided a link to an article explaining the law below:

 

http://blogs.findlaw.com/law_and_life/2009/06/california-foreclosure-moratorium-goes-into-effect-which-mortgages-are-covered.html

 

Also, you may qualify for a loan modification or Mortgage Rate Reduction Program created in conjunction with the Government Economic Stimulus Act of 2008., especially if you have negative equity in your home. You may be able to get out of the "interest only" loan and into a low fixed rate loan. FIXED RATE loans are the best. Below is a great article to help guide you.

 

http://www.pressemeldungen.at/92235/loan-modification-fact-fiction-who-qualifies-what-can-be-modified/

 

You need to get on the phone with your lender ASAP if you want to keep your home. You must keep insisting to speak to a supervisor. The initial people who answer the phone may know nothing, but may just try to "get rid of you" and your problem.

 

You need to speak to someone who is knowledgable about your specific case and someone who has authority to make decisions. If the person on the other end of the phone realizes that you mean business and that you know what you are talking about, you will receive better service. DO NOT be demanding or mean, but be firm. Also, you should ask to set up an appointment with your lender to discuss your options. Face to face contact is always better than over the phone.

 

You may also want to speak to an attorney who specializes in foreclosure/real estate law to assist you. You may want to do that as soon as possible. You can contact your local bar association for a referral. It mayh give you 2 or 3 names. You can contact the attorney(s) for a telephone consultation, or ask to set up an appointment to discuss the specific facts of your case. Sometimes, these consultations are free. A free consultation is worth its weight in gold.

Legal Disclaimer: The answer provided herein is for informational purposes only and should not be considered legal advice. No claim is made that I am licensed to practice law in the state or jurisdiction where this information is being provided and you should always seek legal counsel admitted to practice in your local jurisdiction for representation and advice on any legal matter.

 

Customer: replied 5 years ago.
Do you think I still have a chance to save this house? I was told that I have no job so can't modify my loan. If I paid off 6 months mortgage $12,000 to avoid fourclosure, In the letter, it said that I need to pay the money before 14th, then what will happen ?I won't have too much money left and no job, I am sure that I will be behind a payment again. How long I can stay here if I don't pay.. They told me that sale date is not set yet. I recieved the default letter last months. People treat me like a child on the phone. No one takes me serious. I am desparate. Thank you for your help.
Expert:  xavierjd replied 5 years ago.

Don't let people on the phone treat you like a child. You are a CLIENT of the mortgage company.

 

Check out the moratorium on foreclosure law that I provided.

 

Also, try to get the company to take 1/2 of what is owed and see if you can negotiate a time period for the balance to be brought up to speed.

 

I think you still have a chance to save the house, but time is not on your side.

Below is an outline of the timeline of the foreclosure process. Unfortunately, in California, the process is not a long one.

 

http://ezinearticles.com/?Foreclosure---What-is-The-Foreclosure-Process-in-California?&id=515164

 

Again, take advantage of a free consultation from an attorney who specializes in real estate law. But do it RIGHT AWAY!! It may be worth hiring an attorney to deal with the lender. Your clock is ticking!

 

I wish you the best. You've already started the process by utilizing JustAnswer!

Legal Disclaimer: The answer provided herein is for informational purposes only and should not be considered legal advice. No claim is made that I am licensed to practice law in the state or jurisdiction where this information is being provided and you should always seek legal counsel admitted to practice in your local jurisdiction for representation and advice on any legal matter.

 

 

 

xavierjd, Attorney
Category: Legal
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Experience: 20+ yrs in criminal, landlord/tenant, family, & small claims
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xavierjd
xavierjd
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3400 Satisfied Customers
20+ yrs in criminal, landlord/tenant, family, & small claims