About to loose my Mortgage and HOUSE !!! Help !! need orientation !!?

Deal Score0

Hello, I have tried to pay my mortgage since June but the bank had increase my payments from 2,500 to 3,600 and havent received an explanation why?! I have called but they have different versions like: you dont have insurance, you need to pay last year taxes, your rate just increased … and now they wont accept payments, visits or even provide solutions for this. What can I do ??!!! I am selling the house as a solution but the bank wants to charge a 2 year penalty !! I live in Miami, the real estate situation here is bad … but I am moving to solve this ASAP but they are killing me. Please help !

  1. Reply
    February 15, 2014 at 7:31 pm

    Talk to someone at HUD fast: http://www.hud.gov/foreclosure/index.cfm

  2. Reply
    February 15, 2014 at 7:54 pm

    You might get hold of the Attorney General’s office for Florida and see if what they are doing is legal or not. They cannot, as far as I know, refuse payments that you are trying to make in good faith.

    Worse case scenario, consult with a lawyer.

    Wish I could help further, but not being an expert in the field, that’s the best advice I can think of.

  3. Reply
    February 15, 2014 at 8:30 pm

    I am willing to bet your credit score has already taken a hit. You can do one of two things. Try refinancing with a hard money investor IF your loan is not too large and you are willing to try and pay the high interest payment they will charge you. This will buy you time as far as selling or at least get you time to move out and find a tenant.

    Also, you may want to look into a yard sale or car sale to make that payment if it has not hit your credit yet just to keep your score decent so that you can find another lender to refinance for you so that you can buy yourself time to get out of that high mortgage.

    Other than that I don’t know what to tell you. Lenders are not working with anyone really these days because so many people are defaulting on mortgages that they NEED the ones who THEY feel can makes payments to continue paying otherwise they will have to sell your loan and claim bankruptcy.

    I would try to refinance, contact a mortgage broker and ask about Private Investors or High Risk refi’s.

    Good luck.

  4. Reply
    February 15, 2014 at 9:20 pm

    sounds like you might have had an ARM and it adjusted
    they are trying to take the home back you need someone to request a true payoff with explinations. I live in sarasota and im a mortgage banker i know how bad it is there.

    keep the payments seperate and contact someone fast i can look onto it for you if you wish as a banker i can get straight answers for you !

    have acess to all types on money including hard money for foreclosure bailout! you must act fast!!!


  5. Reply
    February 15, 2014 at 9:36 pm

    It’s perhaps due to the rocky sub-prime lending market that perhaps your mortgage payments have increased drastically, as investors, are seeking to pull their money out of hedge funds. Unfortunately this means for you, that you may have to pay higher re-payments.

    Negotiation is the best possible solution. First sit yourself down and re-assess your finances. Work out how much you are willing to pay towards your mortgage. I’m not sure about your current repayments, but it looks to me as though you are paying monthly. It’s best to budget your mortgage repayments to fortnightly as it will pay off your mortgage quickly and save in interest.
    The next step is to call you Mortgage lender and let them know that the current repayments are unacceptable and that you are willing to move to another lender, unless their willing to lower the repayments. Having a history of good cash-flow(i.e. employment), great credit history and no defaults will strengthen your claim.
    If they still don’t accept your offer, then shop around for another lender that is willing to take up your mortgage. Try the banks first, and then look around at the other credit lenders. Look for lower fees, lower rates and lower repayments.
    Hope this helps. Good luck!

  6. Reply
    Frances M
    February 15, 2014 at 9:53 pm

    Contact the tax office find out if you owe anything, ours is built into payment. Contact insurance do you owe anything. Declare your home a homestead. Then approach the bank and ask for documentation to prove why they are doing this. Contact your local news station and ask them to bring this to the fore front, maybe you can help others. Contact a lawyer. Obtain a recorded property deed. Do your homework and have documentation. Sue the bank? Find out if you should place the funds in escrow. Check your credit and have a copy. Credit rating is very important. Good luck, God Bless.

  7. Reply
    February 15, 2014 at 10:38 pm

    If you do not have insurance, your escrow payments went up to cover the cost on the lender insuring the property. They have also made it cover the tax payments that you seem to have neglected. These things make you a bad risk and bad risks pay a higher rate, especially on ARMs (Adjustable Rate Mortgages). You should be entitled to a WRITTEN explanation of any increases. They may not have to accept partial payments, if you are not paying the full amount. That is a lawyer issue. Congratulations. You got caught in the mortgage rate problems that are currently killing the stock market.

  8. Reply
    February 15, 2014 at 11:01 pm

    Have you already found a buyer?

  9. Reply
    February 15, 2014 at 11:28 pm

    They cant refuse payments…. but the payment must be the FULL default amount. If you have not paid since June, the foreclosure is pretty far along…. but you should have til September to pay all back payments.

    Did you get an ARM? Interest rates on ARM’s went way up, which is why getting an ARM is always a very bad mistake. Taxes in South Florida also have gone up a lot… so has insurance.

    They should give you a reason for the increase… it should be on a statement, letter, something. If not, call a lawyer.

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