cory1848

Hi Everyone. I had a lengthy thread going on over at bkforums but I guess the site is down indefinitely. Long story short... In Foreclosure, had my lawyer at the time answer the complain within the 20 days. This was back in Sept 2010. Since then we have heard nothing and I have since let my lawyer go. A month ago, we received notice from the court for Lack of Prosecution telling the bank to put up or shut up. A month later (yesterday) I receive in the mail answers to our answers from the banks law firm with a basic blanket denial to our answers. This confuses me. The bank initially filed the complaint in which we responded to. Shouldn't our response have triggered a hearing date? Or does the bank have to chance to respond to our responses? The responses we received yesterday was dated Oct 11, 2011. Wouldn't the bank have to file this with the court? The docket has not been updated to reflect this and usually they are quick to do so. If it does get updated, what is next? The hearing? We don't plan on fighting this much further, think its time to move on. It has been over 2 years now. If we don't show for the hearing, does the bank get granted MSJ right then? or would another hearing need to be set for that? Thanks everyone!

Well ING finally got back to me after 2 weeks. They verified that the contact person in the letter is legit along with the address and phone number. Now to send in the paperwork and get my check.

I just received a letter from ING stating that they have an uncashed check for me for a couple hundred dollars. I guess a lost or forgotten account was turned over to them and they are trying to track down the rightful owner to return it. All good right? Well they are asking for Name, Address, Phone number, last 4 of Social, Signature and copy of Drivers License. This makes me question this and if I should respond or not. If this is legit, I would want the money back, but do I take that chance? The return address on the letter is to the ING building (I mapped it out) so am I just being paranoid? They have contact info on the letter as well but I am questioning that too. Anyone ever hear about something like this? Thanks

Can you elaborate? Worse than 20%?

Ok thanks... Would my very recent Bk discharge prevent me from even being approved at all? No sense in looking if I know I will be automatically declined.

Yes That's why refinancing exists. Modification is supposed to be for people with a hardship and can't afford there payments, you can as you said. Not always true. I had a modification done and I was current. That was about 2 years ago. I had to submit all the paperwork and letter of hardship and it was to the point that if no mod help came, it was my last payment before default. They worked with me then. Its really up to your mortgage company. Extactly what I was saying..You had a HARDSHIP! What you goes was a imminent default plan and there few and far between done. What I was touching on is that you dont have to ruin yourself before you get help. A lot of people say you have to late in order for them to help. That is not always true.

Being just curious if this would be a straight rejection or not. Just had BK7 discharged on 1.4.10. Had intended to reaffirm two vehicles but my lawyer failed to forward the agreements on to me to sign. So current loans were discharged. I am current on both vehicles. One I want to keep without question. The other is a 2003 Isuzu Rodeo that my wife drives and loves. Have 31 more payments to make at $290 each. Owe about $7200. Runs good but cosmetically not in the best shape. Has 85K miles. in case something happens and the lenders repos a vehicle because of the agreement mishap I have been doing some internet window shopping... 2004 Isuzu Rodeo at dealer for $7400 retail. 89k miles, excellent condition, good maintenance and its very clean. Even with a 20% rate at 36 months, my payments would be lower than they are currently. So my question is, would it be worth pursuing, and could I even get approved? Would a company even finance a 6 year old vehicle? With my vehicles discharged, my only obligation credit wise are students loans. Credit Application: Your Age? 33 Your Equifax Credit Score? Have not checked but straight out of Bk7 I assume low 500s Your Experian Credit Score? Have not checked but straight out of Bk7 I assume low 500s Your TransUnion Credit Score? Have not checked but straight out of Bk7 I assume low 500s How many years have you been on file with Equifax? 15 How many years have you been on file with Experian? 15 How many years have you been on file with TransUnion? 15 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? I did (discharged) Will this open auto loan be a trade-in? No How many late pays within the last 12 months on the currently open loan? 0 How many late pays within the last 13-24 months on the currently open loan? 0 Your current open auto loan is financed with? GMAC Your current open auto loan payment is? $290.80 (was discharged) Estimated amount you may be upside down in this vehicle? $1000 Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 up until BK7 YOUR REVOLVING CREDIT HISTORY (discharged in BK7) Total number of revolving account(s) you have? 0 Total percentage utilized overall? 0 How many of your revolving accounts are store cards? 0 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) YOUR PERSONAL INFORMATION How long at your current residence? 4 years Do you Rent or have a Mortgage, or Live w/Relative or Other? Mortgage but IIB Your Monthly Rent or Mortgage payment? $1218 How long have you held your current job? 6 years Your total provable monthly gross income is? $2970 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) Paystubs Is there additional monthly income? What amount monthly? No Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $1000 Does any credit repository contain any Public Record? Yes If yes, please very briefly describe. BK7 discharged 1-4-10 Does any credit repository contain any Collection Account(s)? No If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 1 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 8 New or Used vehicle you are considering: Please very briefly describe. Used - Approx $7500, 2004 Isuzu Rodeo. KBB value $7300 Thanks

Yes That's why refinancing exists. Modification is supposed to be for people with a hardship and can't afford there payments, you can as you said. Not always true. I had a modification done and I was current. That was about 2 years ago. I had to submit all the paperwork and letter of hardship and it was to the point that if no mod help came, it was my last payment before default. They worked with me then. Its really up to your mortgage company.

What responses are you surprised by? Surprised by the judgment filled responses. Thought this forum was supposed to be judgement free. In my situation, can I afford it? If I cut out everything else in life, probably. However, cutting my loses now is a better financial move in the long run. Take the credit hit but in the 10 years it will take me to regain value to even consider selling it, I will be much better off in a new place paying far less. Contrary to what some people think, short sales are not being favored by lenders. Even if they are favored, the amount they want for the house is still above market value so it doesnt sell anyways. The 2% HAMP program from what I read doesnt help much either. Anything short of a principle reduction doesn't really help. So my challenge to the mortgage company.... Keep my rate where it is, but reduce my principle to market value so I can sell. Rather than reduce just the rate to 2%. That would allow me to either keep it and pay, sell it and make everyone happy or refinance it which makes another mortgage company happy. I dont see any mortgage companies taking that stance yet. Until then, its purely a financial decision to walk and right now its in my best interest to walk.

Think about it, if you were trying to catch someone at home, the best hours are dinner time; maybe right after. Per the FCCPA they are permitted to call up until 9pm, and not before 8am. I understand that, but they are not even attempting to call prior to that. If they were, I would have picked up.

Yes, you still have a loan with them for the property. Filing Bk7 doesn't eliminate the loan, it just eliminates your personal liability for that loan, once discharged by the court. The calls that you are receiving shouldn't be for collection purposes. They should be for the purpose of the lender to assess the condition of their security, (the house) and whether it is occupied and by whom, insured or not, and maybe how long you anticipate being there. The relief from stay simply allows them to legally resume the process of foreclosure, (reclaiming their security interest), not the harrassing collection process. You will continue to own the property until the day it goes to sheriff sale and you have the right to occupy the property peacefully during that process. Ok that makes sense and that is very helpful. They tried to call again today but I missed it. They have called twice now but at weird hours, like 745pm and 815pm. I would figure they would try more frequently.

I need a bit more information to really give you a hand here. Had foreclosure proceedings been initiated at the time you filed your Chapter 7? Generally the only reason the lender would go in to get relief from the stay is to proceed with foreclosure proceedings (sheriff's sale). Presumably, if they sent you a letter regarding the HAMP program with a message to call, they want to talk to you about working something out, and I suspect this is the case, especially given that you are already in BK and about to be discharged. If they didn't challenge discharge via an adversary complaint, then the likelihood is extremely low that someone from loss mitigation is calling to dun you for non-payment. The bank's attorneys should be sensitive to the fact that while they still have a lien on the house and can foreclose, they cannot collect from you personally nor can they attempt to pursue you to collect the amounts owed. If your house has really lost 60% of its value then the smart move for the bank is to get you to stay and pay rather than take a huge hit in a foreclosure sale. Obviously, how your loan is structured makes a huge difference as to whether foreclosure proceedings commence --- if this is your first mortgage and they stand to lose 60% of their loan to you, then you should have room to negotiate with them; if you have 2nd and 3rd mortgages on the property and the 1st stands to get most of it's loan back in a foreclosure, then the likelihood of them selling goes up. You have a bunch of options here, ranging from trying to get them to modify your loan to simply ignoring them. Probably the best option is to give them a call and see what they want. Or have your bankruptcy attorney call them for you if you suspect that some lunatic at the bank (and there seem to be quite a few of them employed by loss mitigation these days) is calling to be obnoxious. That costs you nothing and causes no heartache, and then you know more than you do now. As far as staying there until August, that's ambitious, but might be doable depending where you are. California foreclosures are taking up to a year in some areas, especially with homes that are really underwater, since the bank doesn't want to take a huge write off at the sale or face the prospect of taking possession and then having to pay to water the lawn, pay the property tax, etc. And remember, if you get foreclosed on, they still have to get you out of the house -- if you won't move, they have to file an unlawful detainer suit to evict you, which is fairly quick but can be a huge PITA for the new owner. Hence the rise of Keys for Cash. Not always true. I had started planning on the BK7 before missing my first payment. Made first retainer payment beginning of August. Lawyer advised if we wanted to give up house not to pay, missed my first real payment August 15. That become 30 days late in September. Date of actual filing BK7 was sept 28th. I had not received any notifcation of foreclosure prior to filing, just a late notice. Once filed, everything stopped until the stay was lifted 12/22. Now we are here. I live in Florida and they are still forecasting 6-12 months on foreclosure but I am not sure how accurate that is. My loan is an 80/20 with the same servicer. According to my realtor its lost 60% comparing comps and what she would list it for to sell. The zillow numbers and tax appraisal is very optimistic on their values. I guess where my confusion comes in is the whole loan issue. Since filing BK7, do I even legally have a loan anymore with them? If not, then any negotiation should be on a new loan? Unless I sign a reaffirmation agreement. They havent called today at all and with the holiday coming up I probably wont hear much before my discharge date on the 4th anyways.

Thanks for the info. How I read it is that they have relief to go ahead with the foreclosure, which I expected. Doesn't really touch up on collection efforts though. I just want to know that if they call, will they be requesting payment, and if they request payment, is that a violation of the stay? As I understand it, the collateral is separate from the debt. The reason I ask this is mainly that I have four creditors that have already violated the BK stay. My lawyer is currently drawing up suits against them for violations. I want to know if this will be number 5.

Ok this doesnt make sense to me. I can understand them calling to recovered their asset as it has a lien on it, however, how can they resume collection attempts on the loan that is set to dsicharge while still in active BK? I thought the whole point of BK was to relieve me and protect me of that. So does this mean they can resume reporting lates to my credit reports now up until discharge?

My BK7 due to discharge Jan 4th. Mortgage servicer got motion granted for relief from stay on 12/22. Yesterday I received first letter letting me know about the HAMP program and to call them to see if I could qualify. Today I received first call from them. I missed the call but they didnt leave a message. My mortgage was included in the BK7 so technically I do not own anything. Would they be calling to reinstate the mortgage? or to try and collect? I would think if they are trying to collect, then that would be a violation of the BK because the debt was discharged, right? If they are calling not to collect, I would think the only reason would be to just try and work something out? I like the house but I havent paid since August and it has lost 60% of its value so the only way I would continue with it would be to forgive principle to market value and no arrears (since technically I dont have any). Highly doubt they would go for it. I am looking to stall until about August though. Would like to live as long as I can to save up cash to move. Any idea why they are calling and how I can stall? What to tell them?