Foreclosure question
 

Just recently, one of my friends lost his good paying job and has had some tough times. I now found out today that his wife was not able to send in the full amount of their mortgage, she was short 400.00 but sent in 800.00 and then received a foreclosure notice from good ole scum sucking Country Wide :disgust

My question is, don't you have to be behind a couple of payments before a mortgage company forecloses on you?

If they made the 800.00 payment and country wide accepted it, how could they foreclose on them for non payment?

I'm pretty sure every state is different on the foreclosure process. I suggest you have your friend pick up the phone and call them.

They will be working on this today. I am just trying to help them out some.

Generally speaking if you don't make arrangements with the lender on payment they will send partial payments back.....and in this market they are starting the foreclosure process after 3 months!!!

See, this is what I am confused about. They fell behind this month and it was 400 bucks, so they have not been given the alloted legal amount of time to rectify this 400 shortage. They showed me several months of canceled checks from country wide reflecting they paid in full each month.

I had a feeling something was up that did not sound right, because country wide is the scum of all mortgage companies.

Is there a place they should file a complaint against country wide???? If so, where?


Our mortgage was recently bought by country wide and I requested our mortgage be to be sold to another company as I did not want to do business with a company of their character.
I did this shortly after finding out country wide was giving special refinancing deals to politicians with mortgages.....they still haven't sold our mortgage, but they do get a "friendly" reminder each month when we pay the bill.

if it is just one month then countrywide is just being asshole......especially when you hear that the lenders will do what they can to help they really don't want your house!!!!

Country wide is the asshole of this country. I just looked them up to see how many complaints they have and it is endless.

I guess I will ramp up my request to have my loan sold as I really do not want to do biz with a piece if shit company like this. I doubt it will do any good, but they have the privilege of reading my wonderful language every month.....:321GFY:321GFY

I guess next time I send in our mortgage payment, I should rub the check on my sweaty balls....before sending it to them :1orglaugh:1orglaugh

My guess is they are just trying to scare them, but better figure something out fairly quick, the missing payments will start piling up and they will probably foreclose the house for real within a few months...

I worked for the largest foreclosure law firm in Florida for 5 years so I may be able to tell you how our clients (Including Countrywide) Operated, but do not mistake it for advice as I am not qualified to give advice on legal matters such as foreclosure.

Most mortgage contracts give the mortgage company the right to foreclose after ONE missed payment, that includes payments not made in full, which in most cases are returned unless the borrower has made specific agreements with the mtg company.

If the mortgage has indeed gone into foreclosure they will not accept anything but a full reinstatement which will be all missed payments and any attorney fees. Typically though you can work through the attorney doing the foreclosure to work out a payment plan, loan mod or some other loss mitigation plan.

The absolute worst thing they could do is not talk to the Mtg companies attorney IMMEDIATELY as they atty fees start piling on VERY fast in the beginning because they start pulling your property information and getting the complaint ready for trial. ALWAYS insist on all information, and call back reguraly and often to check on ANY requests. Squeaky wheel gets the grease so to speak. ALWAYS try to speak to the Atty handling your case, insist on it, then when you do finally talkto that atty, BE NICE, get them on your side. That will go the longest way. As the atty ALWAYS has to get permission from the MTG company for everything, and its much easier when that atty is trying to help you.

Now if your interested in taking action against Countrywide your best bet is to get your own atty, then it goes to FTC for complaints and so forth, which hardly work unless you have a GOOD atty.

Hope that helps... If you have questions feel free to ask, I will answer what I can.

It sounds like all of you down south of the border are having one hell of a time...

The worst part about foreclosure is getting sued for a deficiency. Most people think they can just walk away and be done with it, but it isn't so.

Try sending in letters and calling them and agree to pay that month you fell behind broken into more months. I had it like that and I had to pay an additional $150.00 per month until that month i fell off was paid.

Well I wish you guys luck and ICQ me if you need your housed closed on fast.

I went through hell with OCWEN in the past and this was several years ago. They were attempting to fuck me at every possible turn. Went from trying to pay off the balance to getting placed in foreclosure proceedings because of them fucking with me and their stall tactics.

I know the can start at any point and partial payments can go into a not paid but held account (yes fucked up, they take it then do not apply it but have it in an account waiting for it to build for disbursement).

If they really are just a partial month behind, catch it up by the next payment and note down any legal fee's, fines, etc that they apply to the next bill. There will be shit like lawyer fee's for them starting that foreclosure and other shit at insane rates. Get that shit also paid ASAP.

It's not for me, but I am sure they will pull through.
When country wide bought our loan, we tried to refinance to get a better percentage rate and they would not even talk to us...claimed they would not consider it.

Fuck country wide :321GFY

Nikki you deal with a lot of people here that have real $$$ hit them up and see if one of them can buy out the mortgage.
Most likely the bank will dump it fast

I don't think they want to move or give up the house. I know my buddy had a job interview today and I am saying my prayers for him. I am sure they will pull through with this. It just seems strange country wide would be such pricks over a 400.00 shortage or at least give them some amount of time to pay it, like on the next months bill or something.

Foreclosure over being $400 short one month? That is really crazy and I'll bet there is more to this story.

If not, wasn't there some government relief coming for certain people going into foreclosure? I don't know the detials of it, but I think it just passed this week. Maybe if the mortgage companies think they can get money out of the government, then they are going to foreclose on people immediately now.

I love this advice Nikki :winkwink:

Seriously I think that Bank of America, who I have dealt with for years, has just purchased or is in the process of purchasing Countrywide so they may want to try and make a contact there. BOA is a pain in the ass to deal with most of the time because it has become like dealing with a bunch of government employees that are trained to only follow written procedures and couldn't make a decision if their life depended on it. Even their so called Vice Presidents who are mostly glorified branch managers can now do very little.

Good Luck!
_

BofA was a pain in the ass for us.And yes, I just heard that BofA may have bought out country wide.
I closed all of our accounts there. I have one credit card for emergencies, it's almost paid off and I will be closing it when I reach a 0 balance.
We moved to Compass bank and have not had one problem :thumbsup
And the service is better too ;)

I thought the same as you when I heard his wife telling mine the story. She showed us copies of the past canceled checks and they were all in orderand it's no joke. I could see it if they were like 2 payments in the rears, but Christ, 400 bucks short this month and they want a lynching...fuck country wide.

I am sure my buddy will get this job so I may loan him the 400 bucks to shut the fuckers up.

Wow! I just found out they received a certified letter today notifying them that the note to the house was turned over to the bank.
I wonder if they filed a chapter 13 at this point, if it would save the house or would the bank be willing to deal with them VS trying to sell the home in this economy.

That really makes me think there is a whole lot more to this whole thing besides 400.00

I know, I keep telling myself this too. I have seen canceled checks, but there just has to be some other agreement they had that might have been in default...heck, who knows. I tried to help them with some info....they will have to figure out what to do.

I do appreciate everyones feedback.

I second that. The last thing banks (Countrywide may be an exception) want is another foreclosure on their books. They're in the business of 'renting' money, not houses.

These days most will work with the borrower to the max if they contact them up front and if their prior payment history is good.

Countrywide sucks ass. They are just being pricks definately. 1 month? Gotta be a joke. But that's fucked.

country wide sucks.... because someone is missing their payments? i didn't know country wide was a charity. how about this.... when you borrow money... you live up to the terms you agreed to? or you don't borrow more than you can afford to pay NO MATTER WHAT HAPPENS IN YOUR LIFE?

isn't that a crazy way of thinking?

surely, chairman mao approves of this thread.

Like other's have said, there has to be something your friends aren't telling you. If you miss payment, first it will go into default, which usually is around three months before they will get a Notice of Sale.

Most counties have an official .org site where you can search the county clerk office records online. This info is all public information and you can usually find it with a simple name or address. It will truly show the stages and dates of the default/forclosure process they're in.

call the bank, make an appointment. Money talks & bullshit walks. Banks know that too.

No one said they were a charity. These people fell on hard times because he lost his job. Most Americans are living paycheck to paycheck and BEYOND THEIR MEANS, they just happened to get a stroke of bad luck. HOW ABOUT THAT!

I agree :thumbsup

I was trying to help them. I told them yesterday to go see an attorney and go to the bank. I hope they listened.....but who knows

living from paycheck to paycheck and beyond ones means is not "bad luck" - its irresponsible behavior and behavior that those individuals need to step up and own... rather than blaming the people who loaned them money and who are acting fully within the terms of the loan which all parties agreed to.

I understand that. You are correct. And the thing is, is that we have told them to contribute to their 401K for a rainy day. As I have found out they did not even do that.
I have told them or advised them as much as I am going to because it seems like I have been talking to a wall for the past few years :winkwink:

I am sure there is more to this story we haven't been told and it will come to light one of these days.

I suspect there is more to the story. No one can foreclose after one missed payment.

something is wrong

no way they are foreclosing on a home that is less than 60 in arrears no way no how

and the only way to "sell" your mortgage is to refinance it yourself with another lender. Otherwise they are free to keep it resell it or do whatever they want with it. You can sell me till you are blue in the face and they can say fuck you and laugh

and a partial missed payment at that.

sounds fishy.

Yep, you are right and so is everyone else that has mentioned this. My wife just spoke to her and the Escalade was repossessed sometime last night, she also admitted to being behind on several other payments, but could not admit it because she was embarrassed.
I guess they will learn a hard lesson from this one. Now I feel like a fool for even trying to lend a helping hand.

All I can do was hope to get rid of country wide. We will probably go somewhere else. We have a great credit rating, no second mortgages with good equity in the house. I would rather do business with reputable mortgage company, than a group of crooked bastards like country wide :winkwink:

:thumbsup

I'd hate to be the black sheep in this thread but companies like Countrywide are assholes because they were giving out mortgages to high risk borrowers that can't really afford it in the first place not because they foreclose on property of a defaulted loan.

This subprime mess is a result of irresponsible lenders AND irresponsible borrowers.

One of my houses is financed by CountryWide and I have no problem with them. I think Washington Mutual may have mentioned that they have been taken over by CW as well. I don't have a problem with that if they did.

Why the CW hate Nikki? I have only been with them for little over a year. What do I have to look forward to?

AND if you actually follow the trail you have none other than your politicians in DC to blame really....They were the ones making noise noise about "low income" not being able to buy houses.

Politicians were applying enormous pressure on lenders to make loans to people who simply didnt have the income to pay them back and lenders relented (remember the "community re-investment act?")

The Community Reinvestment Act lets politicians pressure lenders to lend to people they might not lend to otherwise -- and the same politicians are quick to cry "exploitation" when the interest charged to high-risk borrowers reflects that risk. The huge losses of sub-prime lenders, some of whom have gone bankrupt, demonstrate again the consequences of letting politicians try to micro-manage the economy. Yet with all the finger-pointing in the media and in government, seldom is a finger pointed at the politicians at local, state and national levels who have played a key role in setting up the conditions that led to financial disasters for individual home buyers and for those who lent to them.

So now you have Washington, yet again trying to slay a dragon of it's own creation. Think about that before you vote for either of the two clowns running for President.

I the years we have had our mortgage, country wide has bought our loan 3 times and every time it has always been a nightmare with customer service and they lack allot of organization.
And the fact that they have numerous complaints of misdoings and they have given special privileges to better loans for some politicians.

Generally speaking, I don't think I hate them but rather dislike them allot. I don't want to do biz with a crooked company ;)

hmmm, I have only dealt with their customer service department once and they took care of the problem over the course of two days. They seemed pretty eager to please . . . . and to give me more loans.

My experience has not been real helpful from them. Like I had mentioned prior, we called to inquire about getting a better rate on our loan, I was told right off the bat that they could not help us. What I found funny was that I was not on the phone long enough for them to even make some sort of good decision as to whether we qualified. I personally think they knew they were going downhill with all the lawsuits and did not want to get in any deeper than they were.
I can tell you we do qualify. We have one mortgage, no major debt and about 80,000 in equity in our home.
Maybe this explains why I really don't like this company, besides the fact that they gave preferred treatment to politicians on special home loan rates, but could not do the same for the average American Joe blow.

On another note, I just talked to my buddy and his wife who works for a bank, she tells me as of July country wide was bought by B of A. I will be going to speak with them this week to see about that better percentage rate providing my loan has been transferred to them.
I don't want any money from equity, just a better interest rate :thumbsup

In my situation I have the house and ALL debt related items in my name only and have been building up great credit for my wife.

Various foreclosure related papers tell you you have 30 days to respond. Wait 29 days and overnight the letter.. that buys you at LEAST another 30 days for them to get back to you. Generally doing this can buy you 6mnths of free living in your house ;)

In my situation I could simply stop mailing in my mortgage payments and start putting my mortgage payments into a savings account in my wifes name. By time we'd have to move we could either close on a much cheaper house and get the loan and all that in HER name.

Debts such as homes and car loans should be put into only ONE persons name and give the other person 1-2 credit cards and keep them paid off at all times.

2-3 years after filing bankruptcy you can have a 700 credit score easily. Use secured credit cards IMMEDIATELY after filing and 1yr after bankruptcy you can get real credit cards again and after a year of using them wisely you can then get things like car loans easily. Within another year of that you can get nice rates on home loans.

With the current housing slump home foreclosures really won't be looked down upon like they were 10-20 years ago. Play the system thats in front of you. Consult something like a bankruptcy lawyer. If you file bankruptcy they CANNOT take your home and it'll buy you like ~6mnths but you'll eventually be paying.

Thanks for the info, but as I said, this was not for me....if you thought it was ;)

I do think this may be their only option, but for time being they are screwed and they only have themselves to blame.