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[email protected] · Mar 7, 2010, 02:22 PM

Do you have to be in foreclosure to get a loan mod? If we got a letter stating the house we are on contract "lease to buy" with an escrow account of money for downpayment is in foreclosure... states it is being sold on courthouse steps in 4 days.. our lanslord denies this.. how can we find out for sure? We've been here 3 years and pay 1350 per month and had 4000 down.. plus should have 3600.00 in an escrow for downpayment.. How much of this is he obligated to give back?

Fr_Chuck · Mar 7, 2010, 02:29 PM

Of course if he loses the house and perhaps declare bankrutpcy you get nothing back, And if he has nothing even if you sue, it does not mean you will get money from him.

1. you don't really have a loan, so you can get your contract for deed or lease buy redid under a modification.

You need to get a loan and buy the house and get the deed.

Any money due you will have to be paid by the person you are leasing from.

[email protected] · Mar 7, 2010, 02:56 PM

He is telling me he had to go into foreclosure to get a remod.. and not to "worry".. he never told us anything.. had to find out in a letter.. now, he says they are not going to sell it.. its just a "scare tactic" He told me in November he just got the house refinanced and to get a contractor and get a bid on the basement to be finished.. 5 months later... after we find out about a problem.. he says he had to do this to get a loan mod.. now he says he is upside down in the house and has 2 mortgages... One bank he worked it out with and the other one is fighting him..

Fr_Chuck · Mar 7, 2010, 03:03 PM

Going into foreclosure and being 4 days from the sale are two different things, since most banks work with you for 6 or more months before they start a sale process.

The sale is public knowledge and you can get info on it, from the court house.

Sounds like all lies to keep you from saying anything till the house is sold at foreclosure and he disapperas, stop answering phones and so on.

If he owes more on the house that you owe him, that is another serious issue, since he by law has to give you the deed if you handed him a check this week for the contract amount.

I am sorry but I am very concerned that you will find yourself with a voided contract, the house sold and trying to sue him for the money back