What is the name of your state? CT
Detailed history of my problem:
We were rolling 60 on our mortgage for about 9 months. Just couldn't seem to catch up...in late October, I sent 2 payments to try to catch up...unfortuantely, it got there after we became 90+, payment sent back and foreclosure started.
Before we were served, I called a mortgage broker who had been calling a couple times a month for a few months. I gave her our information, including the fact that the lender was refusing payments, and that we hadn't been served, but might be soon. She said she would call back in a day or two.
Next day, we got served. I callled a lawyer, and the mortgage company to find out what our options were (pay to get up to date, arrange forbearance to sell, or arrange forbearance to refi. The latter plans involved a down payment with either a listing or a lender commitment to pause foreclosure proceedings).
Things looked dire. We talked to our lawyer who was working on the foreclosure, and he recommended another attorney who was good at Chapter 13s. Went for that initial consultation, and the second attorney felt that based on info we had, we would probably be a candidate for a chapter 13.
The day I met with the 2nd lawyer, the mortgage broker (who I had about given up on, it had been a couple weeks), said that she found a program for us, and wanted to get the ball rolling to close within a couple of weeks. We got all proper documentation to her, and the appraisal was scheduled.
Here's where things get interesting. The value I guessed when I gave to her was about 250. Outstanding debts (2 mortgages, back taxes) come to about 190-200, depending on what the inital lender comes back with for a payoff. When the appraiser finished, as he was filling out my reciept, he asks "Who gave the mortgage company this 250 number?". I reply that I did...I was guessing the value went up since we bought in 98 @ 170. He comes back with "Well, I can't legally give actual dollar figures, but you are looking at between 350 and 400 here."
Well, hooray for us, right? Now it looks like we can consolidate every single piece of debt we have, AND take a nice chunk of change out for some remodeling, AND still have 20% equity in the home, AND have a total debt to income ratio of about 27%. Which should be great to get us back on the road to rebuilding our credit. Additional docs were sent to mortgage broker, and title was ordered yesterday...they expect it back tomorrow.
Here is the problem I just realized...and of course, I realize it NOW when I can't talk to anyone until morning. While I told the broker 3 weeks ago that I EXPECTED to be served, I never actually told her that I was. She does know about the returned payment, so I would assume she would think that ball would be in motion.
How is this going to affect our prospects? Will the lis pendens totally hose the loan, or will it be cleared up BY the refi because the party taking action is the first mortgage holder whose debt is being satisfied? Or will I have to work with the mortgage company to somehow remove the lis pendens?
Sorry to be so long winded, but I wanted to get all the details I could in here...and it is kind of thereputic to type this all out since if I don't get a response here, I will have to be on pins and needles for a day or two.
Detailed history of my problem:
We were rolling 60 on our mortgage for about 9 months. Just couldn't seem to catch up...in late October, I sent 2 payments to try to catch up...unfortuantely, it got there after we became 90+, payment sent back and foreclosure started.
Before we were served, I called a mortgage broker who had been calling a couple times a month for a few months. I gave her our information, including the fact that the lender was refusing payments, and that we hadn't been served, but might be soon. She said she would call back in a day or two.
Next day, we got served. I callled a lawyer, and the mortgage company to find out what our options were (pay to get up to date, arrange forbearance to sell, or arrange forbearance to refi. The latter plans involved a down payment with either a listing or a lender commitment to pause foreclosure proceedings).
Things looked dire. We talked to our lawyer who was working on the foreclosure, and he recommended another attorney who was good at Chapter 13s. Went for that initial consultation, and the second attorney felt that based on info we had, we would probably be a candidate for a chapter 13.
The day I met with the 2nd lawyer, the mortgage broker (who I had about given up on, it had been a couple weeks), said that she found a program for us, and wanted to get the ball rolling to close within a couple of weeks. We got all proper documentation to her, and the appraisal was scheduled.
Here's where things get interesting. The value I guessed when I gave to her was about 250. Outstanding debts (2 mortgages, back taxes) come to about 190-200, depending on what the inital lender comes back with for a payoff. When the appraiser finished, as he was filling out my reciept, he asks "Who gave the mortgage company this 250 number?". I reply that I did...I was guessing the value went up since we bought in 98 @ 170. He comes back with "Well, I can't legally give actual dollar figures, but you are looking at between 350 and 400 here."
Well, hooray for us, right? Now it looks like we can consolidate every single piece of debt we have, AND take a nice chunk of change out for some remodeling, AND still have 20% equity in the home, AND have a total debt to income ratio of about 27%. Which should be great to get us back on the road to rebuilding our credit. Additional docs were sent to mortgage broker, and title was ordered yesterday...they expect it back tomorrow.
Here is the problem I just realized...and of course, I realize it NOW when I can't talk to anyone until morning. While I told the broker 3 weeks ago that I EXPECTED to be served, I never actually told her that I was. She does know about the returned payment, so I would assume she would think that ball would be in motion.
How is this going to affect our prospects? Will the lis pendens totally hose the loan, or will it be cleared up BY the refi because the party taking action is the first mortgage holder whose debt is being satisfied? Or will I have to work with the mortgage company to somehow remove the lis pendens?
Sorry to be so long winded, but I wanted to get all the details I could in here...and it is kind of thereputic to type this all out since if I don't get a response here, I will have to be on pins and needles for a day or two.