Question: I am behind on my house payments with PNC. I filled out the loan modification package as they instructed 4 WEEKS AGO and I still don’t know anything. I have an appt. to meet with a HUD attorney in Oakland next week. She said we should talk before I contact PNC myself. She said that since my loan is FHA that PNC HAS to ‘work with me’ in regards to OBAMA loan mod. packages, etc. Does anyone know what my chances are with PNC? I do have a legitimate hardship. I have Cornea Ecstasia which caused me to go blind. I had a cornea transplant over 1 1/2 years ago and subsequently missed a lot of work and got behind. My hardship is documented by two physicians AND I had to be retrained since I am no longer able to teach/see in the classroom as I have for over 20 years. I don’t want to lose my home and now PNC is not accepting any payments at all until my problem is remedied. How long will this process take? HELP!!!
Answer:
Unfortunately, you are not the only one in this situation where it seems like the bank is dragging their feet. I hear story after story of loan modification failures, poor communication, lack of cooperation on the banks end, etc. and there is not much you can do besides the daily phone calls or having an attorney get involved. They will tell you the loan modification will take a month or two when realistically it could take 3 to 4 months. The problem is that the lenders typically don’t put a hold on the foreclosure process while you are waiting for the modification, which means while you are waiting, the auction date gets closer. And if you are denied the modification, you’ve just wasted valuable time in finding a solution to avoid foreclosure. It’s always a good idea to have a backup plan “just in case” the first option didn’t go as planned because time is your biggest enemy right now. Here is a list of homeowner options for you.
My question to you is, do you have a 2nd mortgage? If so, there might be another alternative to loan modification. You can wipe out your 2nd mortgage completely which will help lower your payments, in essence do the same thing as a loan modification, however, by wiping out your 2nd mortgage, you also eliminate debt which a loan modification does not do.
Thank you for this information!
I’m behind about 9 payments on my first and 2nd mortgage.Just got a letter from my lender saying that a foreclosure lawsuit has been filed against me. If I fail to take immediate action,the plaintiff may be awarded final judgment in as little as 20 days.
My Business got very slow and I had too close it down.
Thats the reason for not making my payments.I Haven’t talk to my lender because of the embarrassment, should I just file for bankruptcy?
Yes, bankruptcy is an option but not the only option. Since you know your situation better than anyone, it’s best to know all your options and then do something. We wrote an article on the options that homeowners have when in this situation. Once you know all your options and conclude that bk is the best for your situation, it’s best to contact a local bk attorney in your area to assist you.
There is always time for Bankruptcy if I were you I will take it as a last option 10 days before the sale of your property, I will suggest to answer the Summons ASAP, request an enlargement of time but you need to answer it before the 20 days! This will give you sometime to get to a decision or to get an agreement with the Lender. Try to check your court status every other week, you can check it online, some public records are available there or just make a call to the county court/ civil department and request your status. You will receive several notices in the foreclosure process. When you are in the Summary Judgment or Final Summary Judgment of Foreclosure, it means that the end is near (around 25-60 days)check often your status in court. Good Luck