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Can anyone lend me some advice. About 3 years ago, from this Christmas, I was unable to pay my mortgage. The thought was to make it up along the way, that didn't happen and a year later I was at a seminar trying to get a loan modification, I hadn't missed any other payments. About 6 to 8 months after signing up for the loan mod I found out that the bank was waiting on more info from me, I was under the impression we were waiting on their decision. From that point till last month it has been pretty regular, they ask for a bunch of information (updated) or one new item. Then everything goes in to be decided and we hear nothing for almost a month (or longer), although we learned our lesson and continue to harrass their front line people trying to get an update on our loan. Then in about a month they request updates on all the paper work again or some other item of data. This process has repeated so many times I cannot count it, well at least 2 years worth. Late last month we were told that we are not doing a loan modification but rather, for some time now, we had been fighting for our home and didn't know it. (this has all been thru the bank, btw) We were told to add new info to the stack and again update everything, however (as usual) we were nearing our foreclosure date and we asked for yet another extension, which was never an issue before. Our processor, this time, said she would file it once she got all the requested papers which frankly there was no time to get. So we dropped work and everything else, made it happen and sent in the paper work. However the loan processor failed to make the request in time (she did it two days after we turned in the papers) and now our home is foreclosed on.
I know I missed my payment and that puts me in the wrong, however this feels very bad (not just sentimentally) does anyone have insight on this? Our loan is thru Wells Fargo, and we've been dealing with their people exclusively.
Are you saying that you have made every payment since then, so are still one payment behind?
That's what it sounds like. So have you been behind for three years? Why didn't you ever get caught up? If you only paid 5% extra per month you could've caught up after two years.
It sounds like it might be too late now but can you work with Wells Fargo to get caught up now?
That's what it sounds like. So have you been behind for three years? Why didn't you ever get caught up? If you only paid 5% extra per month you could've caught up after two years.
It sounds like it might be too late now but can you work with Wells Fargo to get caught up now?
That's why I'm wondering what's happened to their payments if they've really made them all. Wells couldn't be about to foreclose if all those payments have been applied to their account. Each payment application restarts the foreclosure clock.
The only thing on their record would be a continuous 30 day late if the payments were actually made each month. A 30 day late doesn't equate to a foreclosure so the OP isn't giving all the details.
Wells Fargo isn't about to foreclose. From what the OP said, they already DID foreclose. Its a done deal. OP, do you know if Wells Fargo got the house back or if someone bought it at the sale? Either way, I know my state doesn't have any sort of time period after a foreclosure sale that you can reclaim the house, but maybe yours does, if it just happened. Call a local real estate attorney.
If the OP was always paying one month in arrears, there would have been fairly hefty late fees applied each month. Those could have easily added up to another few month's worth of lates. Paying 5% extra each month might not have even covered the new late fees, let alone caught the loan up.
I don't think it is true that making a payment restarts the clock. Otherwise, what would stop people from sending in a $1 payment once a month to drag it on until the end of time? Even a payment equal to the monthly PITI would be insufficient, because of the late fees. Once the notice of default (or whatever your area calls it) is served, there are only 2 ways to stop things. Either call up and ask for a delay, which they sometimes will grant if there is a valid reason. It sounds like the OP did this several times. The only other way is to bring the balance current. Once you get to the 5 days preceeding the sale date, the only way is to actually pay off the loan in full. Bringing the balance current is no longer sufficient at that point. At least that is how it works in Idaho. Not all states will be the same, but there are specific rules on how it works, and simply making a payment won't necessarily buy you more time.
Wells Fargo isn't about to foreclose. From what the OP said, they already DID foreclose. Its a done deal. OP, do you know if Wells Fargo got the house back or if someone bought it at the sale? Either way, I know my state doesn't have any sort of time period after a foreclosure sale that you can reclaim the house, but maybe yours does, if it just happened. Call a local real estate attorney.
If the OP was always paying one month in arrears, there would have been fairly hefty late fees applied each month. Those could have easily added up to another few month's worth of lates. Paying 5% extra each month might not have even covered the new late fees, let alone caught the loan up.
I don't think it is true that making a payment restarts the clock. Otherwise, what would stop people from sending in a $1 payment once a month to drag it on until the end of time? Even a payment equal to the monthly PITI would be insufficient, because of the late fees. Once the notice of default (or whatever your area calls it) is served, there are only 2 ways to stop things. Either call up and ask for a delay, which they sometimes will grant if there is a valid reason. It sounds like the OP did this several times. The only other way is to bring the balance current. Once you get to the 5 days preceeding the sale date, the only way is to actually pay off the loan in full. Bringing the balance current is no longer sufficient at that point. At least that is how it works in Idaho. Not all states will be the same, but there are specific rules on how it works, and simply making a payment won't necessarily buy you more time.
Lacerta, making the payment doesn't restart the clock. The mortgage company POSTING the payment restarts it.
They cannot post it unless it's at least enough to cover the P&I portion of the payment.
They could also choose not to post a payment for somebody who did not send enough to make the loan current. Bringing the loan current would include any outstanding late fees, legal bills incurred by the mortgage company, etc.
The only thing on their record would be a continuous 30 day late if the payments were actually made each month. A 30 day late doesn't equate to a foreclosure so the OP isn't giving all the details.
Don't they apply your payment toward outstanding late fees first, though. In that case, it wouldn't have taken too long for the OP to move from 1 month behind to far enough behind to warrant a foreclosure.
a mortgage company would not foreclose on you if you only had a rolling 30 day delq.
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