Foreclosure HELP!?
Question:
My mortgage is with Ocwen and they don't want to do nothing to help me, everytime when I call them the calls are answers in a customer service center out of the country.
What should I do ?
Answer:
You will need to contact the Collections staff directly at (800) 446-2936, Monday -Thursday from 8:00 AM - 11:00 PM, Friday from 8:00 AM - 6:00 PM, Saturday from 9:00 AM - 4:00 PM, and Sunday 5:00 PM - 9:00 PM ET. If it's a case of financial hardship most housing lenders have programs in place for you. It is NEVER a good idea to just stop making your house payments. The answer to how long before foreclosure mostly depends on your state I think but generally speaking I would think they could start foreclosure after 30 days.
I would keep trying to contact them. Send them whatever you can and send them something in writing. I find it hard to believe that they haven't contacted you, however.
They have a mitigation department that could maybe help with a forebearance agreement if your hardship qualifies.
Good Luck!
i really dont know because i have the same question
Typically you have 90 days until the foreclosure process begins. State law will dictate the process from there but here in MN it takes 12 months: you have 6 months to get caught up on payments - then the foreclosure auction/sale - then 6 more months to pay off the entire remaining balance.
Clarification: 90 days behind on your mortgage - then the lender begins the foreclosure process.
first and foremost try and make the payments. reason ing is that ultimately your credit will suffer beyond your imagination. im sure at this point you probably are at wits end, but look ahead, not behind as hind sight is 20/20. ai recommend that you let the property go for whatever you owe as you are loosing it anyway ,so try to find somebody who flips houses and present him/her with the offer if they assume your loan, or outright purschase it for what you owe you will at least save yourself from destruction that you will be sorry for later.
Generally it will take approximately three months of not paying your mortgage until the lender will start foreclosure proceedings.
Find a Realtor® that specializes in "short sales". A short sale is when the lender is willing to take less than what is owed. Ultimately, it is usually more cost effective for the lender to take less money than what is owed opposed to following through with a foreclosure.
Do NOT hire a "foreclosure rescue company".
I'm genuinely sorry to hear that you are having trouble as I am for the many who are contacting me with the same predicament.
Scott Snyder
You need to call back and speak to the loss litigation department. Customer service reps are $8 an hour employees that usually work at a call center and they have no idea of what they can do...nor are authorized to make you any promises.
Call today.
Ask to speak to the "Loss mitigation department" then explain your troubles in a calm rational way. if it is a short time problem they may let you put the current payment to the back of the mortgage or pay it up over the next couple of months. If it's a truly insurmountable hardship-divorce or something, Then you may need to face the fact that you need to sell it and move. Ask them if they have worked with a REALTOR in your area an expert in short sales, a short sale is when the lender agrees to take less than what's owed so they don't have to pay for foreclosure which can be expensive for them. If they have no one to refer you to, pickup a real estate guide or several of them and find one for yourself. They will ask you to sign a form that let's them contact the lender on your behalf. p.s. the benefit of using an experienced agent to help is that they can also find a new place to hang your hat (home). It is so much better to avoid the foreclosure and then after a year of ontime payments to the next landlord you will be in a position to perhaps buy again. (A much smarter wiser Buyer the next time!) you aren't the only one in this situation so just get it done and find a way to move on! Make it happen and you will experience the relief of having some control back in your life!
I am so proud of you for calling the bank already! many people just freeze and don't take any steps. At least there is a history of you trying to be useful on record already and you can mention that to the loss mit people when you reach them. Good Luck
We are in the SAME BOAT! Our house is worth LESS now than our last re-fi, which of course was a 2 year arm, and now in less than a year we have to re-fi again, with CRAPPY credit! whew.
Anyway, this what I have learned so far:
Your lender does NOT want to foreclose on you, it takes alot of time, money, manpower to foreclose - on their end. So, talk to your lender, ask for the loss lit. deparment. They are just people - maybe even in the same situation as you - tell them your situation, and they will work with you someway. Ours just asked us if we could make the current late payment over 3 months - we of couse said yes, but I don't know if we can.
the other option is the Short Sale thing. Contact a realtor, see if they will work on a flat fee - say $10,000 total for buying and selling agent. Say you want to do a Quick sale, or Short Sale. They will put it on the market, for a "cheap" price, sell it quick, and your lender is actually the seller. They will have to OK the price. They should accept a lower price than what you owe, so they don't have to go into foreclosure procedures.
I've heard we should avoid forclosure as much as possible. It basically guarantees you will not get another mortgage for 2 years or so.
We are basically just staying in contact with our lender, and leaning on that short sale thing soon! Good luck my friend!!
here is a website that details the timeline and processes of foreclosure for every state..it will answer all your questions.
good luck :)
http://www.foreclosures.com/pages/state_...
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