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Old 10-09-2011, 03:20 PM
 
Location: Ponte Vedra Beach, FL
159 posts, read 655,856 times
Reputation: 60

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OMG - Citi ? I know a number of people who have been screwed out of their homes by Citi. I know 2 right now and they know others! Both that I know have attorneys. One almost has their home paid off, the other has a good bit of equity. Citi has got to be the devil of mortgage choices.

I'd be looking to sue whomever sold this house to you, whoever inspected it, the termite company, and I would call the Board of Realtors if one was involved (they have attorneys). Before you do anything, find out if Citi actually owns the mortgage! Many people are finding out that Citi sold their mortgage in a "bundle" to investmentors and are acting as the Mortgage Servicer. That'd be like a billing company trying to repossess your car, rather than the car company that sold it to you - (the actual owner who holds the title)! People who find that the bank or mortgage company that tries to foreclose doesn't actually own the mortgage sometimes walk away debt free in court.
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Old 10-10-2011, 06:13 PM
 
Location: Tampa, FL
3,237 posts, read 6,319,041 times
Reputation: 1492
Quote:
Originally Posted by LiFo View Post
I hope someone can help me... If anyone has any experience with this locally that they would be willing to share, I would really appreciate it!

I am looking for an attorney in Jacksonville to speak with about my options and the options for foreclosure, short-sale and/or strategic default.

I'm not an investor. This is my only real estate and was my first home purchase. I am at least $50k underwater (on the books) in my house that should never have passed inspection (it literally has no foundation and had termites but still passed the WDO). But in truth, I am much further underwater when you consider the structural condition of the home.

The house and mortgage are in my name because I purchased it prior to getting married. I can afford to pay the mortgage (a little over $1700/mo) on my income. But, I'd rather take my licks and move on.

I need to find a creative solution for our long-term financial security and stability. I don't care about short-term damage to my credit rating -- I can recover from that in time. I am more afraid of a deficiency judgement, wage garnishing, etc.

Thanks for anything you can offer...
So let me get this straight... you can afford your mortgage, made a bad decision and now want to get out of your obligations??? Seriously?

Strategic default is pathetic
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Old 10-10-2011, 06:54 PM
 
Location: On the banks of the St Johns River
3,863 posts, read 9,507,321 times
Reputation: 3446
Quote:
Originally Posted by crazynip View Post
So let me get this straight... you can afford your mortgage, made a bad decision and now want to get out of your obligations??? Seriously?

Strategic default is pathetic
I have to agree with crazynip on this one it is pathetic and should even be criminalized.
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Old 10-10-2011, 07:33 PM
 
Location: Tampa, FL
3,237 posts, read 6,319,041 times
Reputation: 1492
Quote:
Originally Posted by madcapmagishion View Post
I have to agree with crazynip on this one it is pathetic and should even be criminalized.
People like the OP is why the country is in depression.
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Old 10-10-2011, 07:34 PM
 
Location: Tampa, FL
3,237 posts, read 6,319,041 times
Reputation: 1492
Quote:
Originally Posted by JBtwinz View Post
Simple fix would be for the goverment to intervene and mandate the banks to provide simple interest loans (3-4%) to underwater homeowners for a period of 5 years.
Simple fix is to live within your means, and not cower away in ignorance when you decide you shouldnt have to pay for the house/car/tv/rims you bought...
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Old 11-11-2011, 12:12 PM
 
216 posts, read 475,384 times
Reputation: 179
There is supposedly a government program that allow people in your situation to take advantage of the low interest rates and refinance. However, nobody I know at the banks seems to know anything about it.
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Old 11-11-2011, 12:26 PM
 
Location: Jacksonville, FL
2,740 posts, read 5,505,261 times
Reputation: 753
It is because they don't have the details yet. It isn't expected until December.
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