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we have an application i being processed for a modification,

Customer Question
specifically the Making Home Affordable...
we have an application i being processed for a modification, specifically the Making Home Affordable modification. If we do not qualify, the mortgage company, Citimortgage has informed us they have their own modification department that can review the app. I was told in filing this application, it will stop foreclosure proceedings. The bank stopped accepting payments from us, and there is now a sherrif's sale scheduled in July. I have contacted Citimortgage and asked them to stop the sale. their response was that they can't do that until the application reaches their underwriting department, and even then there is no guarantee they can stop it. Can they do this? I feel we're getting the runaround here.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 28 minutes by:
6/25/2010
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
Ellen
Ellen, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
Verified
Hello,

Unfortunately this is the scenario that is happening all too frequently. Lenders are putting homeowners on temporary payment plans and then opting not to modify leaving the homeowner further behind. Sorry to say this is legal.

Absent a voluntary forbearance by the lender, a Chapter 13 bankruptcy is the only alternative at this point.


A Chapter 13 bankruptcy would immediately stop the foreclosure action. It could permit you to set up a plan to reinstate your mortgage arrearages. In other words, it could allow you to pay the arrearage over a 5 year period.

The Chapter 13 bankruptcy may also be used to strip away the 2nd mortgage if the first mortgage equals or exceeds the value of the property.

It would be best to retain an attorney. If you cannot, you will want to purchase the forms on line and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.


I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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