QUESTION
Can we still possibly modify the loan?
Asked on Jul 17th, 2012 on Foreclosures - Mississippi
More details to this question:
after a summary forclosure judgement, can we still try for a modification during the 90 day period?
11 ANSWERS
Yes. You can try to modify the loan, but the bank has no incentive to do so if it is a guaranteed loan, and secondly you can never find anyone to talk to once the loan goes into foreclosure, its like the file goes into a black hole until sometime after the redemption period.
Answered on Jul 24th, 2012 at 8:18 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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This does not sound like a foreclosure in Arizona. You will need to get advice from an attorney in the state where the real property was located.
Answered on Jul 20th, 2012 at 8:52 PM
3 Awards
I will need more facts in order to answer your question. Please describe your situation in more detail. Generally speaking, once a foreclosure sale has completed the property can be redeemed by providing timely notice and paying the full amount due. If a foreclosure sale has been completed, loan modification is no longer an option.
Answered on Jul 20th, 2012 at 8:35 PM
Absolutely. Many options remain. Contact a foreclosure defense attorney.
Answered on Jul 20th, 2012 at 8:35 PM
Criminal Defense Attorney serving Tarzana, CA
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The Law Office of Anthony A. Roach
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You need to talk to an attorney as soon as possible. You are intermingling some terms that cause me confusion. A summary judgment is an order and a judgment entered in a lawsuit, which makes me think of a lawsuit to foreclose. Those are rare, and are governed by a special set of rules. On the other hand, you may be referring to nonjudicial foreclosure, in which the trustee sells the property at a public sale.
Answered on Jul 20th, 2012 at 8:02 PM
Bankruptcy Law Attorney serving Huntington Woods, MI
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Austin Hirschhorn, P.C.
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You need to contact the mortgage company or the attorneys handling the foreclosure action to get information about the possibility of modifying the loan. My own experience has been that if you can persuade the lender that you have the ability to deal with a modification and pay the balance of the loan if it is modified and extended there is a chance for a modification.
Answered on Jul 20th, 2012 at 7:58 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Probably not. You would have to ask the bank. They probably would not be willing because they have a judgment and the loan itself is relatively meaningless at this stage. The banks are inundated with properties that produce no income for them and actually cost them money in maintenance, repairs, and taxes. You may be able to stay depending upon what the bank wants to do.
Answered on Jul 20th, 2012 at 7:56 PM
Bruce Arthur Plesser
Loan mods are a scam.
Answered on Jul 20th, 2012 at 7:51 PM
1 Award
You can attempt to modify, but lender may refuse. If modification includes a significant lump sum payment toward the past due balance, you chances of a favorable response will increase.
Answered on Jul 20th, 2012 at 7:47 PM
Criminal Defense Attorney serving Ridgeland, MS
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Jones Law Firm
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I don't know what you mean by "a summary foreclosure judgement". Please provide more information.
Answered on Jul 20th, 2012 at 7:45 PM