Q: I went through a loan modification with my mortgage company back in Feb. of 2010.The original monthly payment was $1,528.00, which was reduced to $1297.97.The document was signed and notorized and faxed back to Sun Trust Mortgage.I continued to make the reduced mortgage payment but the harrassing calls and foreclosure notices kept coming.Every time I called Sun Trust, they assured me every thing is fine and that the Collection Dept. and the Loss Mitigation Dept. just needed time for the paper work to catch up.This went on for over ten months,I called every month asking when are my new payment coupons and statements arriving and always got the same answer; "We're working on finalizing the documents and you should be recieving a new payment coupon soon, in the mean time continue to make your payments." On Dec. 2010 my Mortgage was sold to Nation Star Mortgage and I was Assured Every thing would be just the same as before just a different name on the Payee.Nation Star Did not receive the loan mod. documents from Sun Trust And even though I sent several Fax at their request showing proof of the loan mod. and documents,they are denying they received the fax and demanding $16,000.00 in back payment/penalties.They are returning the house payments and set April 19,2011 as foreclosure and auction date for my house.How do I save my home? I really need your help PLEASE!!!
A: I will list a few options that you can exercise.
1. Reinstate the loan by paying the back payments. If you ask the bank, they might sugget a payment plan to catch up.
2. You can apply for another loan modification and hope that they accept your request since you still have a month left till the auction date.
3. Apply for a shortsale and live in your property for a few months more and receive $3000 as a moving allowance.
4. File bankruptcy to postpone the sale date, but this is a temporary option which will put you back to the same situation that you are in.
5. Ask for forebearance for your hardship. The bank can spread the penaties over the life of your loan and let you pay the monthly payment.
6. Foreclosure
If you want to understand each option and need help to find out which is best, contact me for further assistance. I wish you found an answer you were looking for. Thanks.
김원석 부동산 에이전트
Direct: 213-369-9087
