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post #1 of 17 (permalink) Old 02-10-2010, 05:43 PM Thread Starter
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Losing house

Actually we had got a bit behind when I changed jobs and wife tried and tried and tried to get help with Bank Of America(worst next to Chase). There are many many many programs out there to get help and even Obama told the banks to work with people and try to help them and let people keep their houses with Legasalation and the whole bail out thing. I told the wife to not let them string you along and get something in writing to help. So to no avail they still wont help with anything and just kept string her along and taking the money.

SO FUCK THEM.

We told them if they didnt want to help us we were going to stop sending money and today got a letter from a lawyer that they are starting the collections/forclosuer process. I hear that we might have up to a year to stay. (from stories from same thing happening to people it happened to also)

We can get a bigger house in our same area for 500 to 750 a month less when we rent.

Since the housing market is so crappy why not. Its not worth the worry and strain on our family to have a silly little thing like a house.

We could sell everything and catch up but then we might never get back all the nice things we have collected over the years.

Any thought on how to help us or has this happened to anyone and what should we expect in the upcoming months?


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post #2 of 17 (permalink) Old 02-10-2010, 05:59 PM
The answer? Simple: 42
 
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Never been through a foreclosure, nor do I want to. It will screw your credit up for at least 7 years. It's one of the worst things to have on your credit record and you're going to fidn yourself paying high interest rates on a lot of things.

As to your current situation, have you asked them if you could send them half of the payment and defer the rest to the end of your mortgage? Most lenders are more than willing to work with you for a few months while you get back on your feet.

Not to get down on ya, but IMO, you're taking the easy way out like so many people are right now that you and others are bitching about.
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post #3 of 17 (permalink) Old 02-10-2010, 06:43 PM Thread Starter
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We tried everything and there were like yes we understand and we will help you just call back in 2 weeks and we always did and they just asked if we wanted to schedule a payment and we would ask for help and they would be like we dont see any notes on your account but call back in 2 weeks and so on and so on.

They NEVER called us we always called them and made payments and asked for help!


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post #4 of 17 (permalink) Old 02-10-2010, 06:44 PM
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Beav man, sorry to hear about your problems but I gotta go with Fjorn on this one - surely teh banks woudl be willing to work with you on this wouldn't they? Not criticizing or passing judgement here you understand just surprised that you think this is the best option for you. Not sure what you mean when you say the banks are 'stringing her along' but if you can get a bigger house for less money then why not try to sell the house yourself rather than let the bank foreclose on you?

Good luck man.

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post #5 of 17 (permalink) Old 02-11-2010, 01:38 PM
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Where are you located...I've got a program where you can do a home repurchase at current market value if you are upside down...credit doesn't matter...it is debt ratio driven....only using debt that shows up on your credit report.

I've been doing loan mods for over a year and only 5% are getting done...the banks just don't give a sheit...and none of their employees understand the HAMP program which is a complete failure.

We have a company we use to repair credit and can do anything but fix a chapt 13 on a credit report...

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post #6 of 17 (permalink) Old 02-17-2010, 09:04 AM
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Yeah sorry to hear this Beav, that sucks.

If I were you I would put your house up for sale right away to try and avoid foreclosure.

As far as how long you will be able to stay, I am not 100% sure. But I do have a friend that got divorced, and was unable to make the house payment and ended up foreclosing. He was able to stay in his house for a year at least I believe.

But obviously you should try to avoid that if at all possible. As others have said above, it will take quite awhile to rebuild your credit with something like a foreclosure.
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post #7 of 17 (permalink) Old 02-17-2010, 10:50 AM
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I say sell off as much stuff as you don't need.. The bikes, the toy hauler/camper can be sold for some equity, I think you sold your boat already..

Call a dept management company to work with Bank of America to get this straightened out..


Good luck man!



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post #8 of 17 (permalink) Old 02-17-2010, 11:00 AM
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I talked to the wife and told her what to do - it can be made to work out....

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post #9 of 17 (permalink) Old 02-17-2010, 12:52 PM Thread Starter
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IF I sell everything it will take years if at all to get the stuff back ie BADASS R! race bikes toy hauler guns etc.

Her credit is already crap from this but all my stuff is current and not late. So down the road I will buy the house if we decide to do it.

Besides its just a house. After the twins this house instantly became too small being a 3br and 1.5 bath. We were going to have to get a bigger house eventualy. I am not sad or dissappinted or feel ike a loser for losing the house.

Millions of americans are in the same boat that we are in. So we don't feel bad.

And Older Guy thanks for you input but as of now its just not worth it.

We can't sell our house for what we owe on it because the housing market here took a tank and homes in our neighborhood are 20-30k less what they were appraised for 2 years ago. We took a 2nd and that was the dumbest thing we could of done.. Live and learn I guess.

I'm not sad.


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post #10 of 17 (permalink) Old 02-17-2010, 01:30 PM
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Well under the HAMP program you can get a rate as low as 2% and a term as long as 40 years...but, rarely do they reduce the loan balance down to current market value.....we have introduced a program to do that with an investment group and feel that is the answer to the failure of the banks to do loan mods....

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post #11 of 17 (permalink) Old 02-17-2010, 01:45 PM
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Dam...!!!!!

Sorry to hear this Beavis, truly wish you and your family were not going through this type of torment.

Best of luck and and hope everything turns around for your family soon.


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post #12 of 17 (permalink) Old 02-18-2010, 08:11 AM
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I'd definitely call a bankruptcy foreclosure lawyer if this is the route you are going to take.. They could figure out the best way to do this so maybe it doesn't jack your credit up too much..



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post #13 of 17 (permalink) Old 02-18-2010, 08:50 AM
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If the bank forecloses on the house can they take back what you bought with the second mortgage too?

can the bank make you pay the difference between the mortgage and the eventual sale of the house?
or make you sell your toys to get back the money they are owed?

David
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post #14 of 17 (permalink) Old 02-18-2010, 05:53 PM Thread Starter
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from what I understand they take the house and thats it and its the people that own the 2nd to fend for themselves for getting the money from the people that won the 1st.

and the stuff that we bought with the 2nd was just to payoff the credit cards. Everything is in my name. ie the car truck bike touhauler etc. my credit is good and my wifes has gone to shit from this.

and older guy my wife didnt get the feeling that anything could be done. maybe call her again and spend a little bit of time and explain it all to her. She said you seemed to be busy and felt rushed.


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post #15 of 17 (permalink) Old 02-19-2010, 05:39 PM
The answer? Simple: 42
 
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Quote:
Originally Posted by macattack View Post
If the bank forecloses on the house can they take back what you bought with the second mortgage too?

can the bank make you pay the difference between the mortgage and the eventual sale of the house?
or make you sell your toys to get back the money they are owed?
They can't take items back bought or paid off with a mortgage as the mortgage is against the house. There may be something else, however I'm not certain. Never actually had to have this discussion with anyone I know.

Personally, I think there should be far more of a "punishment" if you will than just 7-10 years hit on your credit rating for foreclosing. The buyer is the one who took out the mortgage. They're the ones with the ultimate power to say "No, I honestly can't afford this." No gun was put to their head, no threat of killing their family if they didn't sign. Instead, people just get to walk away pretty much with a slap on their wrist.
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post #16 of 17 (permalink) Old 02-19-2010, 05:47 PM Thread Starter
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Quote:
Originally Posted by fjorn View Post
They can't take items back bought or paid off with a mortgage as the mortgage is against the house. There may be something else, however I'm not certain. Never actually had to have this discussion with anyone I know.

Personally, I think there should be far more of a "punishment" if you will than just 7-10 years hit on your credit rating for foreclosing. The buyer is the one who took out the mortgage. They're the ones with the ultimate power to say "No, I honestly can't afford this." No gun was put to their head, no threat of killing their family if they didn't sign. Instead, people just get to walk away pretty much with a slap on their wrist.

It was all good untill I was layed off from my job and cant find one as of yet.

Like I said I am like millions of americans that lost their job due to the shitty economy.


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post #17 of 17 (permalink) Old 02-19-2010, 06:03 PM
The answer? Simple: 42
 
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Quote:
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It was all good untill I was layed off from my job and cant find one as of yet.

Like I said I am like millions of americans that lost their job due to the shitty economy.

While I understand that, it's the attitude and way you're justifying it is where the issue comes in with me. Like so many other Americans, it's just easier to walk away from your problems and not take responsibility.


Not trying to lay into you. But, by the same token, to me how so many just don't really care and have a lack of responsibility is how America got into this mess.
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