Many distressed homeowners facing foreclosure caught in limbo
Distressed homeowners facing foreclosure have similar stories to Maryland resident
Laura Holbrook has worked with a lawyer and housing counselors, fighting to keep her Gaithersburg, Maryland, home.
She says she prays daily that she and her children, ages 4 to 15, will be able to remain — despite the foreclosure notices she has received, the photographers who routinely snap pictures of the house for her lender and the prospective buyers who unabashedly survey the property.
“It’s been so stressful,” Holbrook said. “It’s not even embarrassing. . . . You feel like you are floating and don’t know when you are going to pop and go to the ground.”
Many homeowners are using a little known DIY tactic guaranteed to stop the foreclosure process in less than a day to buy some time up to several months to work out a solution
Click here find out how to fight back against your lender with this strategy
Mediation programs can be the solution
Laura Holbrook’s situation preceded a state mediation program that came into affect and thinks about what could have been.
If it had been in place a year ago, she might not be wondering today if she could be evicted.
According to Hunter, whose group is assisting Holbrook, she “would have been saved by mediation.”
Reasons for foreclosure very typical among homeowners
Holbrook went into foreclosure because, like many people, she couldn’t make ends meet. In her case, it started when her child support payments stopped for six years. She said her ex-husband was about $65,000 in arrears.
Holbrook eventually sued but settled on a small fraction of what she was owed. The case was dragging on too long, she said, and she couldn’t afford the additional lawyer’s fees.
To get by, she refinanced her house. Twice.
Her mortgage payment nearly doubled, from $900 to $1,700 monthly.
Then she lost her job in marketing and sales. She was unemployed for two months and missed her mortgage payments. When she found a job, she called GMAC to let the lender know that she was working again and could now pay her mortgage.
Typical lender response – uncooperative and heartless
Holbrook said the customer service agent told her that it was too late: The foreclosure process had started, and her file had been forwarded to the company’s attorney. She has tried to get a loan modification but said she has been told she is ineligible because she doesn’t make enough money. She and her counselors say she does; they think the lender might have lost a document.
Since then, Holbrook has been calling her elected officials and working with housing counselors to try to find a solution. For now, she’s in limbo, hopeful but unsure whether she and her children will be able to keep their home.
“This isn’t for me; this is for my five children,” Holbrook said. “Our house is our haven. It’s our place to feel peace, and if you don’t have peace, than what do you have?”
#####
Source: http://www.washingtonpost.com/wp-dyn/content/article/2009/12/30/AR2009123002305.html
Before letting a bank force you out of your home, you may want to obtain some coaching on how to stop the foreclosure process dead in its tracts and buy some time to make your next move
If you’re interested, you can check out the website for more information here
| Homeowners – Need Some Sound Advice? | |
 Get Out of Debt Workbook Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe. |
Loan Modification Get more help on fighting for your loan modification including tools and strategies, Q&As, how to qualify for the HAMP program, scam alerts and news on the latest loan modification efforts among the banks and government HAMP program. Legally Restore Your Credit |
stop foreclosure, foreclosure help, avoid foreclosure, prevent foreclosure, foreclosure prevention
Technorati Tags: stop foreclosure, foreclosure help, avoid foreclosure, prevent foreclosure, foreclosure prevention
Related posts:
- San Jose plans on putting their money where their mouth is to help homeowners facing foreclosure In an effort to help those struggling to keep their...
Related posts brought to you by Yet Another Related Posts Plugin.
