I fell behind on my payments 3 mo and they served me forclose papers. I called them and will not take the payments frome me. They send me all type of workout plains But when it comes down to it its all BS. I see now in the news New Centry is being bared frome doing any actions in alot of states. I think they are playing games with me now. A forbairance deal should not be a problem. Do I have a good case? I am only 3 Mo in arears!!!!!!
2007-03-18 11:49:25 · 10 answers · asked by skillwithtools 1 in Business & Finance ➔ Renting & Real Estate
No you don't. When New Century goes under your loan servicing will be transferred and the new servicer will pick up where New Century left off. Basically if you have a mortgage and don't pay, you will be foreclosed, end of story.
It's people like you who don't pay on their mortgages that caused New Century to go under, causing loss to countless shareholders saving and investing their money for their future, and you honestly believe you stand to benefit from your financial irresponsibility?
2007-03-18 12:04:08 · answer #1 · answered by SndChaser 5 · 4⤊ 1⤋
3 months is a serious delinquency, but NC should be willing to help considering all the trouble they are in right now. They have over 250,000 loans in default and will likely file for bankruptcy. Send the payments certified and begin your refinance with another company immediately. Also, keep in mind that your mortgage payment is the MOST important payment you can make regarding your credit score. If you have a choice of being late on your mortgage or your car, cable, cell, etc...pay the mortgage. When you get a home loan, just 1 30 day late payment raises your interest rate a LOT. 60 days and it goes up even more. 90 days and you are in serious trouble.
2007-03-18 11:56:27 · answer #2 · answered by Drill ANWR 2 · 2⤊ 0⤋
They are not funding new loans in many states and their loan servicing is being changed. Existing loans must still make payments. Foreclosure actions are still allowed so take the forbearance plan and don't get 3 months behind again. They will likely roll your lates to the back end of the loan as a balloon. If you make payments on time for 12 months the rolling lates wont disqualify you from refinancing. With some forbearance plans you need 12 months timely payment history after ending the forbearance period.
2007-03-18 11:57:52 · answer #3 · answered by Kevin H 4 · 1⤊ 0⤋
New Century is in default (too many subprimes behind on payments) and another company will end up taking them over.
What actions the new company takes is still unknown , but I recommend getting a second job and coming up with enough $$$ to get out of any sub p loans, the % is too high and the PMI is $$$$ down the toilet.
2007-03-18 12:09:16 · answer #4 · answered by kate 7 · 0⤊ 0⤋
It replaced into worse than fraud; fraud is nonviolent, and taxes are accrued at gunpoint. It replaced into additionally a takeover of an industry. Banks willingly became themselves into government protecting companies. That begs the question of no remember if or no longer they have been ever banks to start with, or only government economic executors. the huge banks that did no longer cooperate, lehman brothers, and so on, are actually not around anymore. even in spite of the shown fact that, it extremely is not new. in the 1880s, we had the speed reductions and private loan disaster. government made a deal to back banking assests. Banks offered swampland for ten money, offered it to a distinctive economic organisation for one million, have been given it securitized, offered it back and claimed it as an asset, loaned money against that asset or spent it, went bankrupt, and charged the taxpayers. Gandhi is stable, they'll proceed their attack against the folk till the international sounds like Africa. Then they'll supply us a fashion out as completely controlled slaves.
2016-10-02 08:30:34 · answer #5 · answered by ? 3 · 0⤊ 0⤋
You are only 3months late?? You cannot even come up with one payment in 90 days. Exacty what is your case? Just because New Century is going bankrupt for loaning money to you and people like you, exactly how does this give you the right to default on your loan? While New Century must have a lot of idiotic loan officers, they are hindered further by people like you.
2007-03-18 12:03:06 · answer #6 · answered by Anonymous · 6⤊ 1⤋
That's weird, they usually accept money but do not stop the foreclosure process.
I help people in foreclosure on a daily basis. They are not playing games with you. They want you to come current or they will continue with the foreclosure process. Judging by your question, I am assuming your credit and financial situation hasn't improved since taking out a sub prime mortgage. I suggest you sell your property and start looking into rentals. If you're in Southern California, I can help.
Regards
2007-03-18 12:12:05 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Not only are they going under but they are under investigation by the Federal Government.
You better hurry and go here they will help.
National Home Recovery Program for foreclosures http://www.nhrp.com/
Buena Suerte
2007-03-18 11:53:52 · answer #8 · answered by newmexicorealestateforms 6 · 0⤊ 2⤋
Yes you certainly do. You can get in on the class action suit that is soon to be against them.You are not alone. Only today I was checking thru the news on articles about them. bettyk
2007-03-18 11:59:11 · answer #9 · answered by elisayn 5 · 0⤊ 3⤋
Sucks to be you
2007-03-18 13:48:55 · answer #10 · answered by Anonymous · 1⤊ 0⤋