Recoving from Foreclosure - A Single Mothers Journey and Tips to Financial Freedom

Then they tell us, you have to be current for them to help us. We had to hire an attorney…after the bank filed a foreclosure on our home, and after us submitting countless mod packages never seeing the bank review one of them. The worst part is that it is a Sonymae mortgage and the lender does not participate with any of the government assistance programs that any other mortgage could help us. This lender ends up getting paid for the home whether we pay it or not. It is a horrific situation.

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What would give them incentive to help anyone in this type of mortgage if they lose nothing. Any advice would be so helpful. You may want to contact the HOA and see if you can pay the dues and penalties to get the account back in good standing instead of dealing with costly foreclosure proceedings. We made the payment on time, but are currently 15 days behind on this month. Can they file foreclosure on us for being currently 15 days one month behind as this bully on the phone with my wife claimed?

WF has been a horrible lender, and instantly started to bully us when I had a job loss last year. We were originally 2 months behind but are less than one month behind now. They have been a horrible company to deal with, and I just want to know if they are just making empty threats, or can file foreclosure for being a month late, even though we continue to pay them.

Those missed payments may have been added to your outstanding loan balance. Best to ask them directly what the loan amount will be on the modified loan including missed payments, fees, etc. I am 13 months behind in my mortgage.

They offered me a streamline modification, where they will give me a trial period of 3 months and then my mortgage term will become 40 years, maturing in We originally took this mortgage in What I want to know is what happened to all the payments prior. My wife and I started making payments in August of We paid each and every month on line and was weeks early on every payment we ever made.

In June of the mortgage company locked us out of our online account with no explanation.

Trump Treasury pick Steven Mnuchin has a 'widow foreclosure' problem

I called them and asked them why are we locked out from making our monthly payments. The response was it was in legal. I asked them can we still pay on our loan and they said no because it is in legal. At this time they stopped all monthly statements that were being mailed each and every month.

I would keep in contact with them each month asking them why is it in legal and can we make a payment. Same answer as before. I went to bank and even tried to pay it at their branch. Now here we are over 2 years of them not wanting to except our payments to where they are foreclosing on us.

I had to retain a lawyer to help us with everything that happened to us. They finally sent a letter to our lawyer stating that they locked up our account and refused our payments because of some type of description problem. Do we as consumers have a chance to go after them for wrong doing and or have a chance to make them stop the foreclosure.

Not sure if we would have any legal recourse against the mortgage lender. Any information will greatly help us. They are giving him information he needs last minute and making it impossible for him to do the modification. They are putting the house up for sale Sept. Is there any way to avoid this other than filing for bankruptcy? My company buys houses for cash we are connected nationally.

It might be a solution for you to contact us and avoid years of damage to your credit. There are also state housing agencies https: I am over a year behind on my mortgage. I do not want to lose my home. I have been working with the lender to try to rectify the situation. However I received a auction letter in the mail which made me really panic. Powered by the lovely Wordpress platform. What Is a Mortgage? What Is the Loan-to-Value Ratio? How Does Refinancing Work? When to Refinance a Mortgage Vs. ARM Cash Out vs. Conventional Loan Home Prices vs. Mortgage Rates Pre-Qualification vs.

Pre-Approval Mortgage Brokers vs. Banks Mortgage Rate vs. The foreclosure process usually goes something like this: Colin Robertson Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 12 years.

Patricia O Howard March 21, at Roberta Perez January 11, at 8: Colin Robertson December 10, at 8: Greg, If the lender is unwilling to help, have you thought about reaching out to a state housing counselor to seek assistance. Greg December 10, at 3: Colin Robertson December 4, at 8: Colin Robertson November 10, at 4: Adam Looman November 10, at Paul Davis October 24, at 8: Colin Robertson June 19, at 9: Emily, Not sure what your agreement is with the bank and if you informed them of the repairs and your intention to list once complete to prevent foreclosure proceedings.

Emily white June 17, at 7: Jose Espinoza March 29, at 3: Colin Robertson February 23, at Rob, Sorry to hear that. Rob February 21, at 7: Colin Robertson February 17, at Andy February 16, at Colin Robertson February 15, at 3: Keith February 11, at 1: Colin Robertson February 4, at 4: Georgette M Williams February 3, at Marquetta December 16, at 8: Colin Robertson September 8, at 9: Karen, Really sorry to hear all that.

Karen M Sanft September 6, at Colin Robertson August 22, at 7: Allison August 17, at Robertson, I am trying to find something out that seems to be eluding my research. Colin Robertson June 24, at 4: Linda keckler June 12, at 4: Colin Robertson May 25, at 2: Kathryn May 25, at 3: Mo April 14, at 7: Debbie March 17, at 4: Thank you so much for responding! Have a great day! Colin Robertson March 16, at Debbie March 13, at Ven Gence March 13, at 5: Tom, I would suggest treating the bank the same way as your neighbor treated you. Tom February 18, at Colin, My bank has informed my attorney that they are going thru with the foreclosure on my home even after telling us both they were going to work with us and allow me to make payments but no letter.

Any words of wisdom other than good luck? Colin Robertson February 16, at 2: Amy February 16, at Colin Robertson February 14, at 3: Steve February 14, at Abby January 11, at 9: Colin Robertson January 9, at 7: Patrice January 9, at 3: During the first six years Mnuchin ran the bank, Financial Freedom foreclosed on more than 16, reverse mortgages, according to records obtained under the Freedom of Information Act by the public interest group California Reinvestment Coalition.

Most of the complaints about Financial Freedom's practices came after Mnuchin started running the bank. CIT CIT has since disclosed it is under federal investigation for Financial Freedom's reverse mortgage practices, and has set aside hundreds of millions to pay anticipated fines and restitution to borrowers and their families. Meanwhile, through lawsuits and a hearing by bank regulators on CIT's proposed purchase of OneWest, stories have emerged of Financial Freedom's foreclosures against elderly homeowners.

In a reverse mortgage, a borrower age 62 or older opens a loan and gets cash or a line of credit, using the home as collateral. Virtually all reverse mortgages are backed by the federal government, which gives borrowers a sense of safety and puts taxpayers on the hook for any losses that may occur. When the owners leave the home, either because they die or because they move out, often to a nursing home, the loan comes due.

That includes both the principal and the interest that has accumulated. At that point, the heirs are supposed to get the chance to either pay off the loan and keep the home, or to sell the house and raise the money to repay the loan. A private sale typically commands a higher price, which means more money for the heirs after the loan is repaid. Foreclosures, which sell the home at auction to pay off the loan, are supposed to be a last resort.

But Financial Freedom is accused of pushing foreclosures aggressively in order to pocket large fees while at the same time collecting the loan balance. If the amount of the loan, interest and fees all add up to more than what the home sells for at auction, then the federal guarantee kicks in and taxpayers are forced to pay for the difference. Some widows and widowers can be foreclosed on when their spouses die if their names aren't on the loan.

That happens often, because the borrower in a reverse mortgage has to be at least 62 years old. When only one partner is 62, the younger partner will sometimes agree to have his or her name removed from the home's title so the older partner can obtain the reverse mortgage. At the hearing, some spouses said they were promised their name would be added back to the title and to the loan when they turned 62, only to discover that was not the case. That's what Karen Hunziker, who lived with her husband in Pollock Pines, California, testified happened to her. She says she was 60 when her husband took out a reverse mortgage from Financial Freedom.

She said they were both worried that she would lose her property rights, but were assured by a salesperson that she would be protected until she turned I even filed bankruptcy and have undergone five long years of fighting in court to save our house. I prayed everyday that someday I will wake up and there will be good news for all homeowners who are in the same predicament as me. I am still positive about the future. I had to forego the opportunity to focus on more important work and deal with this problem first. I was forced to file bankruptcy and just live on a day-to-day basis.

We've had to borrow money from his family and are struggling to pay it back. I don't answer the phone from anyone unless I know who it is, based on call ID. Whenever I've tried to contact Bank of America, I have to start all over with information about why I got to this point. As older Americans, we feel concerned that we may have no future. We no longer regret that we have no grandchildren because we fear for future generations deprived of the benefits our forefathers fought so hard to achieve. Hiring an attorney to deal with the foreclosure threat stopped the harassing calls after three years.

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Knowing that we have legal rights and having the courts affirm that we have a right to know who actually owns our note and mortgage has given us the courage to remain in our home and serve our community in the same way we have done ever since we were married almost 58 years ago. We are grateful that we still have each other and have the mental capacity to understand that all this was something that was done to us and not by us.

We now know how important it is to know what our government is doing to control bank fraud and it is a guide to how we feel about the candidates for election. My foreclosure has not impacted my family much, it was only me and husband to begin with and then he passed away in Albeit, it has emotionally, financially and spiritually destroyed me.

The entire experience has changed my life forever. My life will never be the same. Not only has it changed my perception of life, life has changed its perception of me. I've been ridiculed at work, I'm looked down upon by peers and clients. I had a good life.

We both had excellent jobs, money saved, insurance, etc. My husband became ill, was fired from his job while in the hospital. We lost our medical insurance and acquired more bills due to lack of medical insurance. We tried to keep all creditors happy paying more and more due to increased interest until I was broke.

Then my husband died and things went from bad to worse, literally in a heartbeat. I have no hope for the future. My credit will never be the same. All of my money, time and energy has gone into trying to keep my home out of foreclosure.

People's panel: the psychological cost of US foreclosure

No one is to be trusted, especially BOA. As one young woman told me on the phone at BOA "it is our word against yours, good luck! Opportunities I have had to forego include just about everything our modern society cares about that is connected to a "FICO score", a better job, purchasing goods and services, lower insurance rates, finding an affordable and decent place to rent, etc.

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I planned on being a renter for life. As a single career-minded woman, my interests were best served by being able to move without consideration of selling a house; I had the ability to take promotions and jobs that others could not. After 15 years of feeling rootless, I decided to try and carve out a living in my hometown. Michigan has had more talent leaving than coming, and, with much fewer than average college graduates, I thought my home market would welcome a seasoned professional.

At some length, I did find a job, and it came with two unique perks I had never encountered: No matter how the business was doing, there would only be layoffs through buyouts and early retirements; the company would always find another job within its organization for you. This seemed too good to be true, but thousands of my co-workers also had it in writing and believed it, since some of them had been re-trained, and many had been with the organization for over 20 years.

I was the first new hire in ages. So, with my trusty job pledge in hand, I decided to look for my first home. This was in