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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » Any one file a foreclosure with First Mortgage Bank?

Any one file a foreclosure with First Mortgage Bank?

I am considering foreclosure, I want to know if anyone has foreclosed with First Mortgage Corp Bank. What happened and how long were you able to stay in your house for? Did they work with you at all?

Thanks, any help will do right now.

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3 Responses to "Any one file a foreclosure with First Mortgage Bank?"

  1. David M says:
    You’re considering foreclosure? I don’t think you understand. It’s not your choice. It’s the bank who decides to foreclose on you. The foreclosure process takes a while so you’ll be in your home for a while. But all the while interest charges will accumulate and you will get deeper in debt. And if the proceeds from them selling your home does not cover your debt and the costs they incur, you will owe them the difference. Believe me when I say, foreclosure is not a good thing. You’re better off selling your home or working out something else with the bank.
  2. jlf says:
    The borrower does not “file foreclosure.” The LENDER forecloses on the property. The process and timeline varies a bit by state.
  3. Paul says:
    A much better option than foreclosure is to perform a forensic audit of your loan. Lenders have many requirements that they are supposed to follow when making a loan and in the last few years have not fulfilled their requirements.

    Nearly all loans that were – ARM’s, Stated Income, Investor, No Doc, had a prepayment penalty, were made to someone speaking a foreign language – were made out of compliance. The audit will show what the lender has done in violation of the lending requirements.

    You use their violations of RESPA, TILA and Predatory Lending laws to give yourself a position of strength in dealing with them, instead of being under their thumb begging for help.

    People can use this information to force a lender to negotiate a reduction of the principal amount, interest rate, the payment, or to complete a short sale.

    Good Luck!

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