Skip to main content

Mortgage modification not processed correctly by bank...

This is a long timeline, so I'll shorten it as possible.

We took the 2020 Covid forbearance on our mortgage with Flagstar bank. In March of 2022 we signed the new modification and partial claim.

Flagstar told me it was rejected, but it was signed by all parties and recorded at the county clerks. For months I tried to get them to update the account. In July they send me a new modification to sign with a $200 increase to my payment. I didnt sign it because I knew we already signed and agreed to the previous modification in March but the bank is saying it is rejected, it was not.

July they say I am no in foreclosure and will not accept payments. I am told to fill out a new assistance application and start the process over. I do that and then they must have realized their error and my account updates, but now since they have not accepted any payments since June because they said I was erroneously in Foreclosure, which I wasnt, I am basically right back in foreclosure status.

Also, they way the calculated some escrow advances of 20k I can not do the reinstatement even though I have enough for the back payments. I should be about 6k in payments to catch up but the reinstatement is about 40k.

Does anyone know if I get a payment plan if it will just be for the back payments or will they make me pay these "advances" to escrow, which make no sense.

Also, in general has anyone had anything similiar since trying to recover frome covid forebearance?

submitted by /u/Select_Reach5690
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/yi5byt/mortgage_modification_not_processed_correctly_by/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more