Upcoming Foreclosures

Bitten by H.A.M.P. now facing foreclosure!? Is listing on MLS optional?

I live in Ohio. We were late on one of our payments and we received a letter in the mail from US Bank informing us of the H.A.M.P. program. We said to ourselves, "would we like to lower our monthly mortgage payments? ... Of course!" ... so we applied. We had no idea this was going to be the beginning of a nightmare. We were sent another statement, we called in and asked about our application. US Bank: We were told, "Oh no! You don't want to make a payment if you've applied for H.A.M.P.!" Us: "Well, what do we do?" US Bank: "Just wait, it takes time to process, we'll contact you. Give it 3 or 4 weeks." Late notices start coming, and calls are rejected automatically because they (US Bank) do not have the time nor manpower to handle the paperwork. We called again ... Us: "Should we re-apply?" ... US Bank: "No, that will only further complicate things." Long story short, we are now in foreclosure and are confused on how we even got here? We are not trying to work things out, they just simply will not allow us. We've even tried making a payment over the phone. What options do we have to stop foreclosure? ... and ... What if we want to sell our house? Can it be listed in the MLS if it's under foreclosure? *Folks, please, please, please stay FAR AWAY from H.A.M.P. (Home Affordable Modification Program)!!!

Public Comments

1. to redeem the property send in 1 check to bring it current. They must accept it.
2. Yes you can list it for sale as long as the foreclosure auction has not yet been scheduled. A large percentage of home currently listed in MLS are in the same situation. You don't state how long this has been going on, but foreclosure actions can take many months, often over a year from start to finish. Call the bank and tell them you are going to list it for sale. Are you underwater on the mortgage? If so it will be a short sale. Good luck with this: you will want a letter of authorization from the bank and sometimes when they learn you are attempting to sell they will suspend the foreclosure actions. Find a Realtor who specializes in short sales or foreclosures. Price your home aggressively so that it is at least 5% lower than comparable homes in the area. The fact that you are trying to make payments and they won't allow it is very strange. You are going to have to get aggressive with them. Request a supervisor and keep calling and escalating it until you get an answer. I tell you this, but based on my experience recently with pre-foreclosure short sales don't expect to get far. Good luck! You are trying to do the right thing and right now the banks are too overwhelmed to help those who need and deserve it most.
3. Hello Adam, unfortunately your frustration has become too common. As part of the current Administrations efforts to provide you with the resources you need, HUD (Dept. of Housing and Urban Development) has a list of approved housing counseling agencies to provide you with the information and assistance you need to avoid foreclosure. Since foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government, there is no need to pay a private company for these services. I would contact the counseling agency closest to you as soon as possible. The counselors are trained to look at your situation and use best efforts to help you. They can alleviate much of the frustration you may be experiencing and they have up to date information regarding the best practices to deal with your particular Bank. Many times the counselors will help you prepare the documentation necessary to achieve the highest opportunity for success. Try this link to find the closest counseling agency and resources to you, in Ohio. http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm?&webListAction=search&searchstate=OH&filterSvc=dfc You may also give the folks over at NACA (Neighborhood Assistance Corporation of America) a try, they are HUD approved counselors as well, and they will advocate on your behalf. https://www.naca.com/refinance/refinanceTenStep.jsp If you find yourself unable to move forward with the counselors, you can typically list your home in the MLS as a short-sale (ask the counselors about this); however, as a foreclosure the property will no longer be yours to sell. I hope this helps, Good luck and please share this info with any you find in need.