Help with delinquent mortgage!?

Question

I recently fell behind with the mortgage on a second home. I got 3 payments behind and they sent me in to foreclosure. During this time I acquired tenants for the home and attempted a loan modification. I didn't think I was eligible for the modification because I now can afford the mortgage payment. After sending in the info, my mortgage company says I've been approved for a repayment plan of $3k/month for 5 months! I am guessing that roughly 7k is attorney's fees although I have yet to even know the name of the attorney or receive any paperwork from them. Also, I totally disagree with the monthly payment. My income does not support this at all! What else can I do? Can I request proof of attorney's fees? I went in to foreclosure several years ago and once I did, the mortgage company refused to talk to me...they referred me to the attorney. Now, I talk to them and they wont even tell me the name of the attorney. I think something is fishy with this...

Update:

Please let me clarify that the payments fell behind BEFORE I got tenants. After I got tenants and tried to resume payments, the bank refused my payments. They also have been refusing my payments since that time which puts me more in arrears. I certainly dont have a problem repaying however 3k/month is more than I can afford (the mortgage is only $700/month). I have been holding the monies I am receiving from the tenants to give to them at any time. 8K for attorney's fees for paperwork that has not been filed is excessive to me.

Landlord · Accepted Answer

They will not modify  loan for investment property, only your primary residence.    Modifications are to prevent home loss, not profit loss.

They paid an attorney if they filed a default to start the foreclosure.    5 months to repay 3 months of money you kept sounds like they are being really reasonable to me.     You have the cash from the 3 months you refused to pay, plus I am sure other assets and cash.   You use that to catch up, not just present income.    They bled a little already and are trying to help you avoid a foreclosure, now it is your turn to do your share of bleeding to stop the foreclosure.

If you need the attorney information look on the court papers for the foreclosure.

linkus86 · Answer

Once you defaulted on your mortgage by getting behind in payments you breached the original mortgage contract.  You can guess that the added money to become current is all due to attorney fees, but you would be incorrect, and besides the issue is moot.  It doesn't matter what it is for.  Your lender is offering you a way out of foreclosure, you can take it or leave it.

Your can request the sun and the moon, but your lender doesn't have to provide it because the proposed arrangement is a separate contract from your original mortgage.

If you suspect something fishy, your options do not change.  Either agree to the terms, pay off the mortgage in full, refinance, or lose the property to foreclosure.

sophieb · Answer

it's probably the mortgage company's attorney so you don't have an attorney to speak for you so you need to go talk to one immediately (to fight for you or tell you other alternatives).  Find yourself a real estate attorney who works on properties being foreclosed on.  The initial appointment is free.

Randy · Answer

At this point, you may want to get your own lawyer. If nothing else, to get answers for you.

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Help with delinquent mortgage!?

4 Answers