Are we losing our home to foreclosure? Please help?

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I have not paid my house bills in about 7 months and have been going through modification. I have received a few notices in the last month from my mortgage company stating the foreclosure process has begun on my house. Recently I received this message from the woman dealing with the modification:

Called your lender and was advised that the loan modification was denied due to investor guidelines. This investor does not offer loan modifications.
Saxon is going to order Attorney fee’s and I h ave to call back on Monday so we can see if there is any program that can be offered through lender. This would probably be a repayment plan. I will call on Monday to find out details of repayment plan and get back to you then.
Thank you.
What does this mean? My home is going up for auction in 12 days. Am I certain to lose my home, is there any chance we’ll get to stay here?
Thank you.

  1. Reply
    Liberal AssKicker
    April 29, 2011 at 10:09 pm

    Sounds like the foreclosure hasn’t been finalized and you’re still in the grey area between winning and losing. Your bank may be holding up the process if they have some confidence that you’re trying to get the loan satisfied.

    At least half of the people who enter foreclosure proceedings emerge with their home intact simply because they were able to get back above board.

  2. Reply
    April 29, 2011 at 10:21 pm

    Unfortunately many loan modifications do not occur. In many cases the bank only services the loan but does not fund the mortgage so has to get the approval of all the investors (could be many).

    Unless you become current with your payments, it is likely that your home will be foreclosed. Sorry.

  3. Reply
    April 29, 2011 at 11:18 pm

    It’s not looking good. Call your lender yourself and ask about Making Homes Affordable and any other program they may have to help you keep your home. If the auction is set for 12 days from now, you’ve probably passed the point where you can redeem your house.

    I’m not trying to sound harsh, but you wasted valuable time going to whoever that woman is. The lender makes the modification. You are one of many borrowers trying to get help, and both the lender and that woman have other customers. You have to be your own advocate and politely but persistently follow up.

    Call your lender Monday morning and ask for help. For everyone else having problems making mortgage payments, call the lender NOW before it’s too late.

  4. Reply
    April 29, 2011 at 11:23 pm

    sorry, you look like a nice person, and that cute kid looks more like me everyday.

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