| How Can I Stop Bank Foreclosure?

mageester asked:

This is a letter I wrote to my bank after hearing about a possible pending foreclosure. My loan is for $50,000 and I have an appraisal for $220,000. My credit has recently fallen to only fair and I do not think I can get another loan. Please let me know about anything I can do to stop the foreclosure:

Carl, I am a little worried. Todd Noel of Mortgage Modifiers, Inc called me today to set up a three way with Kelly at your bank so I could see about lowering my interest and monthly payments. During the conversation Kelly said my rate was lowered from 9 % to 5.2 % in January which adjusted my payments from $413.00 to $287.00 per month, but my home loan had been turned over to the bank’s attorney for foreclosure. I told Kelly that “I did not understand this because I have an email from Carl stating that as long as I keep my home loan within 90 days your bank would take no action to foreclose” (and you are “the chief loan officer”). I then asked Kelly how many days late my loan was and she said “72”. I thanked her for my loan adjustment rate and told her that I was going to make a home loan payment of $415.00 tomorrow (Friday) and completely catch up (January & February) by mid or the end of the February. She said “she was not my bank officer but thought my actions would stop foreclosure”. Additionally, I talk with Gerald on Monday and nothing was said about any foreclosure. He asked me for boat information, which I am in the process of getting for him.
I am trusting you are a man of your word and since I have a written agreement from you stating if I am not over 90 days late no home foreclosure action will be taken, I do not have to worry about foreclosure or litigation. I really appreciate your help and remain your friend, Rick Magee
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