Mortgage – Walk away or fight to keep my home? Will the bail out help me?

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Does anyone here have ANY positive experience on the foreclosure bail out? Any progress?

I bought my home for $ 510k (invested a lot of money fixing it up) and unfortunately I am in a negative amortization loan, I now owe my mortgage company over $ 546k for the same house… that is today worth $ 280k.

My mortgage company has thus far done ZERO to help me… until I started to default on the loan… which got their attention, but still they are trying to do everything possible scenario not to refi or modify….

Will a BK judge force them to try to meet me in the middle and help me KEEP MY HOUSE? Anyone with ANY experience have advice on this????

5 Comments
  1. Reply
    golferwhoworks
    May 4, 2011 at 4:23 am

    I doubt that will be the case since you now owe $ 230,000 more than the value. The only thing is you can pay more and start fulling amortizing the note as foreclosure is the worst you can do

  2. Reply
    brandonbroker
    May 4, 2011 at 4:35 am

    You may want to consider loan modification with your hardship. I know quite a bit about it if you have any questions, ask..

  3. Reply
    unclematt49
    May 4, 2011 at 5:26 am

    They will just do enough to keep you making payments until they foreclose. The lender has all the cards and no reason to help. There are alternatives. Check out summit-legal.com they can help you. Trust me it is worth checking out.

  4. Reply
    dangrilley
    May 4, 2011 at 5:48 am

    Sounds like your best bet is foreclsoure. I’m assuming you did a neg AM loan because you could not afford to do more. In general the banks are doing little to keep people in their homes. Its possibly they will give you something to temporarily keep you in the home, but over the longer term you are fighting a losing battle. Your best bet is to stop paying the mortgage. It will take up to a year for the foreclosure to actually happen. You save all the money that you would have been paying for the mortgage as this will be your cushion (potentially a start for a down payment on a home in 5 years). If you are completely committed to keeping your home you might have some success with a bankruptcy judge but this is still a fairly new concept.

  5. Reply
    midasfx
    May 4, 2011 at 6:32 am

    please give me a call, you are in the most toxic loan right now. NEG AM’s are terrible. I help people like you everyday fix your current situation. please give me a call or shoot me an email if you want help. but please, please do not go into foreclosure/short sale/bankrupt

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