Foreclosure Help

[kimmylavin]

Well, its happened.
No matter how hard I tried, our home is being foreclosed on.
Please spare me the bullshit about getting too far in over our heads, or taking out a loan we couldn't afford - all of that was fine when we bought the house.
High gas prices and a long commute, then unemployment, then an accident my husband got into (fell asleep while driving home from an 18-hour day) which sent our car insurance sky high... everything took its toll.

This was our first house.
I'm completely lost.
I don't know who to contact, what to try, who to speak to, what my rights are.
Any searches provide a lot of info, but then an equal amount of info detailing scams.

I'm just wondering if anyone out there in DU land knows anything I can try?
Someone told me about a "Refinance Plus" program, but I can't find any info about that.
Someone told me that the stimulus bill should help, but I'm not sure how.
Does anyone have any experience with this?

Any info would be much appreciated, either on a thread or as a PM.
Thanks, all.

PS: I'm sorry if this was posted in the wrong place...

[YOY]

1. I am sorry.

Truly.

[pnutbutr]

2. start with your mortgage company

Call them and talk with someone about your situation to see if they have any way of helping you refinance, reduce payments, defer payments and/or take advantage of what is being provided in the stimulus package. It's a place to start and may open the way for other options.

Good luck

[ogneopasno]

3. I'm sorry. Make sure the entity that owns the loan can produce the title. Ask to see the title.

There are threads around here on that, I'll see if I can find one...

ETA: Here.

[damonm]

4. here's something I saw elsewhere on DU:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x422017

Also, have you considered short-selling?

There are some other questions, but I'll ask those in PM.

[flvegan]

5. Have you already been served with the notice?

I believe California is a non-judicial state, so time is short.

If you haven't been served yet, you can still talk to your lender without getting tossed back to the lawyer. See if they'll modify the terms of your note. You want to call and ask for the retention or default resolution department. See if they'll lower your APR for a period of time and kick your arrears to the end of the loan period. Lenders are NOT in the real estate business, they're in the performing loan business. Most of them know that, but sometimes you have to slap them upside the head to make them remember it.

Now, if you don't have the Power of Sale clause on your Deed of Trust, they should have to use the judicial system to foreclose, meaning you have more time, but that's rare.

[blondeatlast]

6. So sorry. I know that homeowners are being advised to force the banks

to prove they own the mortgage but I think that also requires a lawyer's help; look for a pro bono lawyer in the area.

As the owner of a traditional mortgage on a new home, I'd MUCH rather see you stay in your home than to have a block full of foreclosed homes around ne.

My sincerest hopes that you can work this out somehow. I am so very sorry and I blame the greedheads in finance 100%, not homeowners.

[wryter2000]

7. So sorry

If I'd lost my job, I'd be in the same boat as you. I don't have any words of wisdom. Just a :hug:

[BlueCaliDem]

8. You're going to need legal representation according to Rep. Kaptur. Here a link:

Rep. Marcy Kaptur (D-OH) Urges Homeowners to Stay in Foreclosed Homes

REP. MARCY KAPTUR: Get proper legal representation. If you believe that Wall Street has been deceptive, could have been fraudulent or tried to dupe the public, and with these subprime loans and with the kind of circuitous financing that’s been done, Wall Street cannot produce the deed nor the mortgage audit trail, you need a lawyer.<snip>

<snip> And you should stay in your home. It is your castle. It’s more than a piece of property. It’s your home. <snip>

<snip>Well, that’s why I’m recommending your Legal Aid Society. Call your local bar association or the national number, (888) 995-HOME. Most people don’t even think about getting representation, because they get a piece of paper from the bank, and they go, “Oh, it’s the bank,” and they become fearful, rather than saying, “Oh, wait a minute. This is contract law. The mortgage is a contract. I am one party. There is another party. What are my legal rights under the law as a property owner?” And many times, they are abrogating their own rights. They’re forgetting that they have rights in this proceeding. And they need to exercise those legal rights.<snip>

STAY IN YOUR HOME.

Edited to include link: http://www.democracynow.org/2009/2/3/rep_marcy_kaptur_d_oh_urges#

[suston96]

9. I am so sorry for your family, but President Obama just signed and allocated 75 billion ......

....of the stimulus for precisely troubled mortgages.

Don't leave any possibility out. As someone suggested, ask to see your original mortgage papers and your title.

Check out that link above.

[BlueCaliDem]

Here's a link to NACA that can help your emergency situation:

https://www.naca.com/refinance/refinanceTenStep.jsp

General Information
NACA’s Home Save Program is nationally recognized as the most effective solution for homeowners with an unaffordable mortgage or at risk of foreclosure. We have permanently reduced homeowners interest rate to what the homeowner can afford based on their current budget. We have done this for thousands of at-risk homeowners and achieving similar solutions for thousands more.

NACA has agreements with the major servicers to restructure loans. NACA has developed a streamlined process to best assist you including working with a dedicated NACA Mortgage Consultant. You need to complete the Homeowner Submission, attend a NACA Workshop and meet with your Mortgage Consultant. The NACA process may take some time, so if you have an auction date click Urgent Situation and we will work to postpone your auction.

I wish you all the best, but I'm sure you'll be able to get out of it.

[MineralMan]

10. Get an attorney involved.

You must do this. As a layperson, you aren't equipped to do the legal maneuvering that can be done to keep you in your home. There may be a local agency that is working on legal challenges to foreclosures. A lot depends on what stage your problem is at.

[Booster]

11. I was just researching this and, although I don't know where

you live, this website offers a lot of information on the problem: Feldmanlawcenter.com I think they are based in California so I am not saying you should use them, but their website offers a lot of info on what you can do next. Hope it helps.

[kimmylavin]

12. I knew I could count on DU.

Thanks so much for the replies and the PMs.
I've got some good info, and a direction, at least.

You guys are the best...

[ljm2002]

13. A quick Google of "produce the note"...

...gave these results and more:

http://www.google.com/hostednews/ap/article/ALeqM5hLOuvy9fguykC2NydTDrkqqyybvQD96DHN5G0

http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

http://www.youtube.com/watch?v=YUZdANb6UaY

http://www.zillowblog.com/foreclosure-fighting-words-produce-the-note/2008/06/

http://cryptogon.com/?p=2835

Looks like lots of good info here.

Find legal help, see if you can work something out, but for heaven's sake don't just fold. Just my advice and I am *not* a lawyer, nor have I dealt with foreclosure myself, so take it for what it's worth, well-meaning advice.

[suston96]

14. POTUS just now on TV laying out plans to reduce/stop foreclosures and more......

Check your cable news channels. Top breaking news.

Keep us updated on how you do. We all love happy endings.