BiggerPockets

You mentioned a mortgage assignment. This could have one of several implications; i will try to offer up some of them.

Assignment from MERS to bank; this typically happens prior to lender starting the foreclosure process, so that the loan is "owned" in the public records by the foreclosing bank when they initiate foreclosure proceedings.

Assignment from one loan servicer to another. Some loan servicers specialize in handling foreclosures and delinquent mortgages; the lender may have determined that they want this type of servicer.

Assignment from BoA to another lender. This could mean that BoA no longer "owns" the loan.

Sometimes the assignment of the mortgage messes up people who are making payments, since they might now have to send the payment elsewhere (and get other customer service elsewhere as well).

So, knowing a little more regarding that assignment could lead to some better replies here.

Donna-

There is some very good advice here from the others on this thread. With you receiving a reduction in income, you now have a hardship which can be help you do a short sale. You may also qualify for a forebearance, but this would mean that you will need upfront monies to help reinstate your loan.

Knowing more about your loan(s) and which state you reside will also play an inmportant factor in us helping you with advice. Additionally, it would not hurt to speak to an attorney about the ramifications of a foreclosure against you.

I agree with Steve that the Mortgage Assignment is probably a transfer to another servicer and is likely in preparation for foreclosure. Jon is also very correct in that hiring a loan modification firm is not a good use of your money. You can do all of this yourself along with your lender. There might be a few firms that can actually help you, but then why charge upfront fees if they are so successful.

At this point, you really need a plan of action and you should not delay. Time is of the essence!! Now you have choices and tomorrow you may not.

Good Luck!

You don't have to get an attorney from your state. You could try one of those companies. I think you should contact an attorney its your house at stake and you shouldn't rely on the advise from people on a forum even though there are many competent people on here. I would just contact an attorney and get it done.

Brian Haskins

Donna,

First, you need to decide whether or not you can financially afford your mortgage payments. If yes, the easiest way is to just bring your loan current by paying the missed payments and late fees.

If you don't have the cash to bring your loan current, but you can afford your mortgage then you can ask your lender for a repayment plan. A repayment plan allows you to continue making your on-time monthly mortgage payments along with the missed payments and fees spread out over 12 months. Your mortgage payment will be higher for 12 months until your past due is paid. Your bank may ask you to show them that you can pay this amount.

Second, if you can't afford your current mortgage payment but you can afford a lower payment, you may be able to negotiate a loan modification with your lender. This is typically harder to do then a repayment plan. You will most likely not get a loan mod if the bank can recover their loan through the foreclosure process.

All of the above depends upon you working with your lender to negotiate a win-win that both can live with. You will need to be persistent (but pleasant) and don't be afraid to ask to speak with a supervisor if you are getting the run-around.

If you can't afford to stay in your home then it is time to sell. If you are going to sell, the sooner it is on the market, the sooner it will sell. If your house is in very good condition (based on buyer standards) and you can list it below market it may sell in time. Otherwise, you may want to consider selling to an all-cash buyer or investor.

Another resource is HomeOwner's Hope at 888-995-HOPE. Or visit www.995hope.org.

I hope this helps. PM me if you have any specific questions. I hope everything works out for you.

Scott.

Donna,
If you are still in need to take care of your situation you can PM me and I will send you free manual to attempt loan mod. or if your situation need attorney and you will fit into loan mod requirements I can refer you specialized attorney in this matters. I have some also with no upfront fees.

If your sitiation will require short sale prior avoid fpreclosure I can assist you with attorney performed short sale negotiations FREE for sellers and RE Agents in any state.

If you are in FL or CA we buy in short slaes thorugh investor friendly short sale. From start to finish.
If you are out of FL or CA I might be able arrange other investor or agent willing to buy or assist you to sell when we can perform full attorney negotiations and coordnations for this pro's.

Review my prifile and PM me. I'll be happy to help you.

Jozef