foreclosure help

baby4 · Joined: 21 Oct 2006 Posts: 1

I need help in finding out what options we have in saving our home. We bought our home a year ago and I made payments to the company. Well the company never recorded it because I sent them and not my husband who is the only one on the mortgage. Soon we started to receive statements from two companies, our original bank as well as another. We continued to pay our original bank since both claimed to want the payment. Well the loan eventually was sold to this other company. We went onto a payment agreement in May for the back payments that were missing. We made a deposit of 3500. I received many calls in June for payment and was able to do this over the phone. In July I paid early by certified funds. When no phone calls were made to us in July I assumed it was received. August 19th I got a letter about foreclosure. Called the bank and was told that we can go into another plan and to send our information in. I did tell them payment was made in July and was told to have it looked into at the bank. They said our original repayment plan was void for non payment in July. I did send a letter in to dispute the fact they say they never received payment. I have sent in our financial information but now we just got served with papers from a lawyer. What can we do? We can not afford to come up with 3500 downpayment again, it was hard enough the first time.
In New York, house is appraised at 144,000, owe 109,333, husband employed full time for 4 years at company. I just started back to work 4 months ago. Scores in 400 range. Is Chapter 13 our only option??

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

We do not know of any mortgage lenders who will refinance you with a crecdit score in the 400's.