Q: What can I do to stop foreclosure on my house involving a scam?
We got behind on our mortgage and received mail saying we could apply for a loan modification. This process started last August 2018 and the company had us pulling paperwork, pay stubs, etc, even had us mail cashier checks for $1900 4 different times, the last contact with them was the beginning of March. Our house is in pre closure process now and still waiting to hear about our loan modification. Can you help stop the foreclosure and re coop our monies?
A:
Depending upon the remaining amount of your mortgage arrearages (missed payments plus late charges and accrued interest), yes, there are alternative ways to stop, or suspend, the "pre closure process".
I assume you have received a letter notice of intent to foreclose, but you don't specify the date of the letter, or whether you were given thirty days to cure the default. The letter should specify the amount of the default.
Most mortgage lenders have "help" departments, and offer loan modifications to assist homeowners in efforts to save the home, but that seems to work better in theory than in practice. Some lenders are less "forgiving" or willing to work with borrowers than others. The amount of equity in your property is a determining factor.
Chapter 13 of the Bankruptcy Code was designed to "save the house", and is usually the most effective and advantageous way to do so.
I'd need more facts than you offer to give the best recommendation for how you should proceed.
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