ON Canada - did you talk to the bank prior to skipping a payment? You may want to consider refinancing your current mortgage if the rates would make sense. Email me if you are in Ontario and I will be more than happy to review your consideration victor_catalan@centum.ca - Victor Catalan (647) 378-2143.

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Now more than ever, i feel for some of those people who are trying to buy a foreclosed home. what a mess! my home was purchased (i thought) via a broker representing my states housing authority. everything i walked away with after closing in 2007 states my mortgage was with xyz mortgage company. it was explained to me that the mortgage company was a representative of my state, and the mortgage company got x% for brokering the deal and my housing loan is backed by state sold bonds. at no time from first contact to closing did i speak with anyone from my state’s housing authority. because there was no realtor involved, the xyz mortgage co. representative went to the closing with me, as the sale was between me and the original owner of the home that built it in 1949. if you look at the forms used at closing (purchase and sale agreement) it states at the top us dept. of housing and urban development (hud). it mentions hud on several other forms also. at the bottom of most forms it states "single family-fanniemae/freddiemac. (i have since learned that these are standard across the board forms that are used 95% of the time and in no way means i have a fannie or freddie backed mortgage. before the first payment was due, i received the little payment coupon book from my states housing authority. i’ve made every payment since 2007 to the same state housing authority address and i’ve never been as much as a day late on a mortgage payment. cut and dry right? no. i received my copy of my 2010 city/county housing taxes last saturday the 23rd (the housing authority pays the taxes as it is included in my monthly mortgage payment). the tax statement is very detailed, right down to the $8.00 a local technical college gets. 2010 city/county taxes did not increase at all this year (they did that last year) . here’s the problem, and the reason for all the details. this year my tax notice states “land america” is my mortgage company. who the heck is land america? my first call was to the tax office. the tax lady stated when they received the notification of change and suggested i call the state housing authority since they cash my check every month. i gave up hope after three days of getting a call back. today i finally got a real person, not a receptionist, a real customer service person! gave her my name, address and account number (in other words she had all my information in front of her). something smells funny here. the answer to who is “land america”? {pause} miss jones, please give me your number and i’ll get back with you. i was polite and gave her the info she requested (even though she had my whole life story in front of her). i googled “land america” and found out on november 26, 2008, landamerica financial group, inc. and/or landamerica exchange services filed for chapter 11 bankruptcy. on december 22, 2008, fidelity national financial, inc. directly and through its underwriting subsidiaries acquired landamerica financial group, inc. if this is the same “land america” how the heck did land america get my state housing authority mortgage? i purchased the house a whole year before land america filed for bankruptcy, why didn’t i make payments to them? i’m really nervous that at some point i’m going to have to prove this is my house, or someone is going to knock on my door and serve me with foreclosure papers. i always use my banks bill pay service to make my payments, so proving payments is no problem. i know this is a lot of information, but maybe someone out there has gone through the same situation. wouldn’t state bonds keep the mortgage in state, or do they bundle the bonds and sell them? is it possible that my mortgage has been passed around more than a whore at a plumbers convention? thank you so much. one point i left out. my state was declared a "hardest hit state" and the federal government is pumping money in like it was water. does that make a difference?

it does not matter that your state............. My peers are correct. I will say this for one thing; knowing RE and finance very well; it makes no sense whatever, that your loan has been passed around like a name at a drunk college party. IF you have 20+% equity in your home, you CAN re-fi the home to learn who has the note---but this might be a better tack; BECAUSE the mortgage industry is going through a flexing, a morphing, a cluster -uck like no one's biz, DO NOTHING NEW--NOTHING DIFFERENT. IT is likely that those at the top of the hierarchy in the mortgage companies are playing hot potato with mortgage notes and have LONG ago forgotten the occupany/owner of the house...........and you get to wonder what's going on. LIKE you said, keep paying whom you have been paying and when you doubt the integrity of the note holder--begin putting your payments into escrow.............and wait to be sued......but I do not recommend that........ u could put your money directly into an escrow account IF you live in an escrow state. or have an atty take care of it. and please accept my apology for the frustrations/gyrations of this industry.

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I've been renting my house for almost a year next month from a friends family member. the house was in the start of foreclosure because it sat vacant for 7 months and he wasn't paying on it. he said he worked out payment arrangements. the past 2 months our landlord was missing and his neighbors said he was hospitalized and his own family didn't know where he was. so for 2 months we kept our rent saved for when he arrived again. meanwhile, we called his cell several times and it was always going to voicemail. yesterday, he called his family from a private number and said he's done sending in the mortgage payments and he's going to let the house foreclose. my worry is i've heard that the loan company (bank of america) has the right to come throw us out and change the locks. that they probably sent him a 30 days notice or will soon. so who knows when he could have gotten that notice and if we have 2 days to move. do we have any kind of rights? it was a month to month lease and we're packing and looking for another house already. but if they came would they have compassion and give us any time to leave?! i'm sooooo worried!

Since you are month-to-month, they have to give you 90 days per the Tenancy Protection Act of 2009. You will not be kicked out at a moment's notice. They will call you, not him, to let you know where to send the rent and to give you notice to vacate if that is their intention. You are welcome to leave sooner. Don't worry about it, you will not be left homeless. 90 day notice is substantial; you will have plenty of time to find a new place.

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My husband got transferred from co to another state and we have not been able to sell our home in co> it is being rented right now, but the rent does not even begin to cover the mortgage. we have housing that we will have to pay for in 2 months and we cannot pay rent and a mortgage. we are not upside down on the house, but it could take a while to sell. should we just contact bank of america and see if they will do a deed in lieu of foreclosure? what is the timeline in co as far as missing payments and going to foreclosure? we would like to be proactive but have heard that the bank will not agree to do anything till we are behind on payments. friends of ours just went into foreclosure because the bank refused to do anything and so they just quit paying. has it come to this? what is the problem w/ banks? they seem to be determined to ruin homeowners in need of help.

Try to sell the house as quickly as possible. Price it as low as you can and still get out with everything paid off. Let the bank know of your problem and ask for their cooperation. You can probably at least buy a little time to get it sold. That would not affect your credit at all. Either a deed in lieu or short sale is better than a foreclosure but will adversely impact your credit for a number of years. Try to remember that banks are hurting badly themselves. They are businesses, not social service organizations. While my sympathies are with you, try to keep sight of the business nature of this.

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Http://finance.yahoo.com/news/borro wers-exit-troubled-obama-apf-887634 101.html?x=0 washington (ap) -- the obama administration's flagship effort to help people in danger of losing their homes is falling flat. more than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. that exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes. last month alone,155,000 borrowers left the program -- bringing the total to 436,000 who have dropped out since it began in march 2009. about 340,000 homeowners have received permanent loan modifications and are making payments on time. administration officials say the housing market is significantly better than when president barack obama entered office. they say those who were rejected from the program will get help in other ways. but analysts expect the majority will still wind up in foreclosure and that could slow the broader economic recovery. a major reason so many have fallen out of the program is the obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income. when banks later moved to collect the information, many troubled homeowners were disqualified or dropped out. many borrowers complained that the banks lost their documents. the industry said borrowers weren't sending back the necessary paperwork. carlos woods, a 48-year-old power plant worker in queens, n.y., made nine payments during a trial phase but was kicked out of the program after bank of america said he missed a $1,600 payment afterward. his lawyer said they can prove he made the payment. such mistakes happen "more frequently than not, unfortunately," said his lawyer, sumani lanka. "i think a lot of it is incompetence." rest on link

Like you said "... 340,000 homeowners have received permanent loan modifications and are making payments on time."; and "A major reason so many have fallen out of the program is the Obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income". Doesn't look like it's falling flat to me. Would you want to support dead beats? Are you some kind of socialist?

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My wife and i have recently become unemployed and are both existing off of unemployment. together with our 3 year old son we live in a home in pa that we purchase for 180k about 4 years ago via a bank of america mortgage loan. i have called boa and asked them what aid i might be eligable for but they tell me that there is really nothing they can do as for some reason our house is now woth 182k which is more then we paid for it.. no idea why that even matters but hey... the only option they present is to lower the mortgage rate slightly but they would require us to hold mortgage insurance, which brings the monthly rate back up to where we would be saving a total of $45 a month if we went through all that. i read about all the things being done in this time of economic strife and i have to wonder why there is no option out there that would help me out. so i am wondering if maybe boa is not telling me everything. has anyone gone through something similar and might be able to advise or work in the industry and have some ideas? i figure with our savings we can go maybe another 4 months till we have to start missing payments, which by the way we have never done. i just do not know what to do or who to turn to for help. being on the street with my 3 year old is the worst nightmare i can imagine. anyone have any ideas what type of aid i can ask for or who to ask it of? i don't have money to hire a financial planner or anything so i am really at my wits end. thank you in advance. @the other chris i appriciate the effort.. but the question is around what i can do to save the house and what options are out there from the stimulous package etc. of course moving or getting more income in an option. but the main point is that i don't want to move. =) but thanks

If you can't make your payments on unemployment you can't afford to stay in the house. You will either need to find additional income or you will need to make arrangements to move to a place that you can afford; like a rental. There is no shame in renting. You may be able to get a Realtor to list the house and find a Buyer on a "short sale" with the current bank. That would at least keep a foreclosure off of your credit.

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My mortgage is with bank of america.... i owed $5,000 and had asked 3-4 times for a certified letter so i could get a loan through 401k they wouldn't do it so went to foreclosure and they wanted $11,300 for fee and what ever b.s i sent a letter to judge say that i had no problem paying the $5000 and that they had changed my payments from $705mo to $998mo and cant afford that and if they would of just sent the certified letter i could of just payed up and they were suppose to drop my payments back to $700 but instead pushed me to foreclosure.. well i never heard anything from anyone til last week and have a court date for friday for status conference..am really worried have never had to da any thing like this it was in oct when they filed for foreclosure and since i never heard anything on what to do i haven't payed anything since oct... my goal is to hopefully pay the $5,000 and bring everything to even have my payments back to $705 what it use to be and start all over... and if i have to sign a contract that states that if i miss more than 3mo then i will have to give or quick sell the house or something... its me and my daughter we have lived here for 11yrs now i hurt my back and has been really hard to work but am just now starting to get my strength back getting so close to getting out of this hole great schools... just really want to keep my house so any info that could help would be greatful

There isn't going to be any 3 month contract, I am not where you got that idea. Call them, find out what you need to be current as of the court date and pay that. The flex payment is likely what you wanted, it sounds like you wanted a ARM. You need to refi or modify to a fixed rate.