Posted by jimi on May 09, 2008 at 05:10:17:
In Reply to: deficiency judgments in Virginia posted by stanley on May 08, 2008 at 11:00:02:
If you've completed their Loss Mitigation package - what is the status?
Has your file been assigned to a specific negotiator?They will evaluate your file to determine your ability to pay and your willingness to pay. If their is some ability they will re-cast your loan, typically by adding back the unpaid payments and extending the term back out to 30 years to lower the monthly payment amount. If they determine that you have no ability to pay - they should be offering to help you sell the house prior to foreclosure or to consider a "deed-in-lieu" of foreclosure.
Please provide more specifics - location, loan balance, Home value, interest rate, payment, # payments delinquent.
jimi