Trying to stop foreclosure

[ibcnet]

Re: Foreclosure Issue

You may find the "6 steps" to stopping foreclosure helpful. The steps are outlined at http://www.bcpl.net/~ibcnet. All suggestions regarding stopping foreclosure mentioned on this board are found there with additional information detailing each step.

The key here is the time factor. The more time you have to work things out the better. But make no hasty moves in either direction. Foreclosure is serious, you want to have the lenders full cooperation throughout the process. Think it all thru - do research and consult professionals with your best interest in mind.

-ibcnet

 

[bjabrams]

Hi, I am no way an attorney, but happened to read your problem. I am almost in the same situation. I just posted my first question today, hope I will get an answer too. I live in Maryland. I also don't want to lose our home, but, the value has gone up quite well so we do have some equity. Our foreclosure began last October. My mortgage company sent us letters, not an attorney. After speaking with mtg co. they came up with a payment plan. About $400 a month than before (we could barely make payments before), and I saw that next September, to get us caught up the payment for that month would be over $22,000! I couldn't believe that. I found a mortgage broker, who worked really hard and was able to get us refinanced. I will give you his name/phone in case you are interested - Thomas Jandt at Bridge Capital Corporation - 1-800-611-5525. He basically worked a miracle for us. We are just waiting to get papers signed, however, my problem is a second mortgage we already had with Beneficial Corp. They are being very strict, and are putting conditions on my refinance. Since we have bad credit, we can only refinance 70% of the value. Since the value is pretty good, we were going to pay off 4 small (some very small) credit cards and still have about $2,400 cash back to us. Beneficial's interest rate is better than what we're getting, so we wanted to keep that loan the way it is. They need to sign a subordination agreement, but are putting conditions on it - they don't want us to have any cash back, or pay off credit cards either. They said we will just go out and run the credit cards back up again. One of the accounts to be paid off is another Beneficial loan - we purchased furniture through a furniture store. So, we would not go out and run that bill back up. I wanted to get advise to see if this is legal, what they're doing. Good luck, I would try Tom Jandt - he is great.