foreclosure

[S.Wilsford]

What is the name of your state? TEXAS

I need information concerning banks foreclosing on my home ASAP. Our house payment just became two payments behind and today my loan officer called stating we must make atleast one of the payments by 2:00p.m. tomorrow. If we do not make it by 2:00 with the required payment she said they have scheduled a meeting to start the foreclosure process at that time! We only owe $20,000 on our home, our payment is $274 a month, our home is valued at $50,000!!! I told her my husband had trouble with his kidneys the prior week causing him to miss 3 days of work, but that he was finishing a big job(he installs ceramic tile) for which he will be paid Tuesday evening, told her we would be in to make 2, possibly 3 payments Wednesday morning and she still insisted we make a payment by 2:00 tomorrow or they have every intention of foreclosing!!! Can she do this?

 

[Ladynred]

Yes, they can do it. You're behind in your payments and they do have the right. TX has a 100% homestead exemption if you're sued or file bankrutpcy, but in TX a lender can foreclose at any time for just about any reason !

I would try speaking with someone higher up at the bank, you may be able to negotiate the extra 24 hours you need.

 

[S.Wilsford]

Texas
Since this thread things have become much worse. I was unable to get anyone to refinance our home because they will not finance a mortgage if it is less than $50,000. We needed $25,000 financed. Also it can not be for more than what the "original" mortgage was and ours was originally for $29,000. Our home appraises for approximately $55,000, they have to appraise for $70,000 or more! The mortgage was set up on a three year with a ballon note, when the ballon came due we tried to have them refinance it on a 15 or 30 year note but they would not. We found a few people who would refinance without going by the rules listed above, but the closer we came to getting in done the bank loan officer would lie to them when they requested our payment history from her. She went from us being 30 days late twice and 90 days late once in 6 years to telling them we were late 90 days three times, 60 days late numerous times, and almost everytime 30 days late. This was not true and showed not to be on the credit report, but her telling them this made it immpossible for us to get the house financed elsewhere. We ended up filing bankruptcy, Chapter 13, but the payment was so high that with our income there was no way we could afford it. I do not know what to do now. I need help. I feel this woman(the loan officer) is out to ruin our lives. I trusted my attorney to help us by doing what we could afford, this did not happen. I am on disability, I have two young boys and about to be without a home. They repossed my truck when we could not make the bankruptcy payment. Help!!!