HOW CAN YOU LIVE IN A HOME FOR 4 YEARS AND DON'T PAY YOUR MORTGAGE, AND STILL BE ABLE TO KEEP YOUR HOME?

By
Real Estate Broker/Owner with Priority Real Estate LLC - 318.332.8281

 

 

Yesterday, I helped my cousin her with her LOAN MODIFICATION  paperwork she had received from BofA.  She told me, she had not paid her mortgage loan in about 4 years, and was told not to make payments by different people she encountered during her 4 year hardship. The lender filed foreclosure paperwork to sieze her home about a year ago, however, they have not actually set the sale date.  I was amazed at her story. 

HOW CAN YOU LIVE IN A HOME FOR 4 YEARS AND DON'T PAY YOUR MORTGAGE, AND STILL BE ABLE TO KEEP YOUR HOME?

I hope that after she sends in this paperwork for her loan modification that she is approved and given an affordable loan modification.  I so want her to keep her home. 

DO YOU WONDER HOW SHE GOT THE HOUSE FROM THE GET GO?

Well, it seems that she applied for a loan with a mortgage company and they padded her loan and gave her an adjustable rate loan.  They added a second job with additional income to her application!  She also had a boyfriend that lived with her initially and he helped her pay bills.  They broke up about six months after she got the house and she has had problems making the mortgage payments and other bills ever since. 

The company that padded her loan is being sued by another lender and she will be involved in this litigation and may receive some type of settlement from them padding the loan without her knowledge.

Actually, if the system would have worked the way it was intended, she probably would not have gotten the loan to buy the house.  She would not be in the situation she is in.  However, she did get the HOME and now I think it would be cruel to take it from her and her children.  She is still a single parent and struggling to make ends meet.  I hope they approve her LOAN MODIFICATION.

Comments or thoughts on this scenario?

 

 

Posted by

 DINAH STALLWORTH

Real Estate Broker

Priority Real Estate LLC

Your Property Needs.  Our Priority.

www.priority-realestate.net

Office Phone: (800) 978-4847

Cell Phone: (318) 332-8281

dinahstallworth@gmail.com

  Are you looking to buy or sell your home, vacation, land, or investment property?  Contact me Dinah Stallworth, your Natchitoches Real Estate Broker for all your real estate needs. 

 I am experienced in SHORT SALES AND FORECLOSURES SALES.  Don't wait connect with me today. (318) 332-8281

 I service Natchitoches, Cloutierville, Montgomery, Many, Coushatta, Saline, Winnfield, and all other surrounding cities in Central & Northwest Louisiana.

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Rainer
109,794
Ron T. Weems Jr.
Weems Property Group | KW North Sound - Bothell, WA
Managing the details one home at a time.

Dinah,

I have never heard of a person not making payments for four years and still living in the home. The banking system is so jacked up, it is not even funny. A person, who really needs the help normally doesn't get it. The people that don't need it seems to be the people that get help. Just my opinion. I hope, your cousin get the help she needs.

Jun 10, 2010 08:13 PM #1
Rainer
268,212
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Ron,

Thank you, I hope she can keep it also.  Her story is unbelievable ,but true.  I will keep AR posted on the outcome of her situation.  Thanks for posting.

Jun 10, 2010 08:16 PM #2
Rainmaker
291,454
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

The system is a mess.  MY concern is will she be able to make any payment at all if she hasn't made a house payment for four years?  I hope it works out for her.  Bank of America is part of the government program so hopefully something will come of it.

Jun 10, 2010 08:43 PM #3
Rainmaker
722,837
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Dinah,

Thanks for the post. So, there has not been a mortgage payment in four years and there was possibly fraud involved in the mortgage application ? Good luck with the loan modification.

Jun 10, 2010 11:08 PM #4
Rainmaker
221,358
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

That's a l-o-n-g time.  But it does show how averse banks are in some areas to take on additional properties.

Jun 11, 2010 01:05 AM #5
Rainmaker
335,295
Vick The Realtor .
Olympus Executive Realty INC. - Orlando, FL

I am aware of one that has been over three years in our neighborhood and is still going, It was the most expensive home sold on our block. It looks like an abandoned home, house has had no sort of maintenance for three years. It is in absolutely terrible shape. I have no idea how these things go so long.

Jun 11, 2010 01:18 AM #6
Ambassador
1,726,566
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Dinah...

It seems like BofA would have a better chance with a loan modification ... at least then they would get something instead of nothing.

Jun 11, 2010 03:34 AM #7
Rainer
268,212
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Kate,

Yes, I agree the system is a MESS!  Actually she is making more money now and has paid off her car which was another big debt for her back then.  However, they keep advising her not to make payments in order to get the modification processed.   BofA actually bought the loan from Wilshire and this is their first time sending out modification papers. 

Jun 11, 2010 09:39 AM #8
Rainer
268,212
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Patrick,

Yes, her loan was padded.  They gave her and additional $800 in income to get her qualified for a loan she never should have qualified for at that time.   Thanks fo stopping by.

Jun 11, 2010 09:41 AM #9
Rainer
268,212
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Richard,

I agree, 4 years is a long time to be in a house and not make one single payment.  BofA just got the loan last year.  I hope that because it is a part of the government program they will finally process and affordable loan modification for her.

Jun 11, 2010 10:07 AM #10
Rainer
268,212
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Vick,

I am not surprised that you know of someone with similar problems.  What a tangled web they have weaved.  I agre with you, I don't know how they let these delinquent loans go that long without doing something about it.  Thanks for posting comments.

Jun 11, 2010 10:11 AM #11
Rainer
268,212
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Richard,

Yes, I think you are right, BofA is her best chance to get this done.  Wilshire the previous lender did some type of modification in 2007.  They decreased her payment by $6.  WHAT A WASTE OF TIME!  Thanks for taking the time to post comments.

Jun 11, 2010 10:16 AM #12
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Rainer
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