Legal Question in Real Estate Law in California
If I miss my payments on my mortgage for 3 months and find a job to pay before it forecloses and the modification was denied by GMAC 2 times already, once for making enough money, anothe for making too little to afford the home and they suggested a short sale, what should I do? I have an attorney already and they indicated to pay this month to avoid foreclosure and they re-submitted my paperwork because we were off by about 200.00, but it was workable. I'm stuck and I don't want to loose my home, or honestly if it short sales, would I have to pay anything in the end?
2 Answers from Attorneys
Why not ask your loan mod attorney the answer to this question rather than asking it here on a public forum?
Mr. Doan is correct in that your attorney should be providing the information to you and we do not know if he has failed to do so, you do not understand his explanation, you want a second opinion, or what. We also do not know if the attorney is part of the firms that round up a large number of clients for relatively small prices or what.
Most banks do not foreclose until you are perhaps 6-8 payments behind. They also frequently will not talk to you unless you are behind, as if you can make the payments they assume you can make futulre ones also. It is very difficult to short sell a home as the banks often will not give you a figure that is acceptable to them until several weeks after you get offers.
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