Bank won’t help us avoid foreclosure, why?
Homes in are area are foreclosing in the masses. Our income was recently cut in half. The house will not sell, other homes are not selling either. Can’t refinance without options because the home is worth 100k less than the mortgage. We’re stuck. Our bank is opting out of this plot: "HOPE for Homeowners (H4H) is a program designed to help borrowers at risk of default or foreclosure in refinancing to an affordable 30-year fixed rate FHA loan. The program is effective October 1, 2008 and will conclude on September 30, 2011."
Any thoughts?
The bank would do a small sale. But, there are 4 other homes on our street, some foreclosed, that have not sold for several years. Those homes are better than ours. The bank would be taking at least a 40% loss in comparison to other homes, if they could manage to sell.
We’d really rather keep our home and have the bank work with us. Doesn’t seem likely though.
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2 huge problems. Many banks accept your payments every month. But they don’t really "own" the mortgage. They sold it many years ago. You would need to talk to that person or business. They are the choice maker on your loan.
Your bank makes $30 a month "processing" your payments and forwarding them on to the "owner" of the mortgage. But when you stop making payments, they may charge $300 a month. So they have an incentive to run up the costs. They have no incentive to speed things up.