Exhausted most options for keeping home, time to stop fighting? (foreclosures, mortgage)

[Taynxtlvl]

**I Apologize in advance for the lengthy post.

I also am in North Carolina I am a single 28 year old guy and bought my home 5 years ago this month. I put my home on the Market February '10 and had many lookers and it stayed on the Market until January of this year, almost a full year. During this time I had a couple offers 1 which I accepted until the buyers lending fell through. In August last year my realtor and I had a offer for a short Sale as the local market is stagnant then and remains stagnant now with several foreclosures in the housing development, and in fact as I was waiting to hear from Wells Fargo about the short sale opportunity, another buyer had a very similar offer. In the end neither mattered as Wells Fargo (Stating their investor guidelines, and other randomness) and much to the bafflement of me and my realtor declined both of the shortsale.


I also looked into a deed of lieu but since the mortgage is an 80/20 apparently. It is not possible to do a deed of lieu. Since then the mortgagor declined a loan modification dispite proven hardship on my end due to cost of trying to sell the property. So since February this year I have rented the home out, just to help sort things out, and moved in with family temporarily. As for now because of the previous financining still at 2006 level of 7.5 percent as well as HOA dues etc. and added to that the prospect of Management fees (Transferring my Job to Texas) I would and am consistently fall 3-400 hundred dollars deficit every month. Even on the current repayment plan it's throwing all of my other finances out of whack and that is not okay. So I'm on the last leg of this whole ordeal, I'm going to see about refinancing or some solution (Home Equity loan?) from Wells Fargo but seeing as how they have been mostly uncooperative, I'm not holding my breath and am just about at that point of leaving the whole situation in the rear view.

I am current on the 20% mortgage at current time and HOA dues.I have a great history with credit, jobs and everything otherwise, but this last year has been the worst. I'm ready to just move on.

Does anyone have any pointers?

[2bindenver]

Who is the investor?


Does Fannie Mae Own Your Mortgage? Loan Lookup Tool
www.freddiemac.com/mymortgage

[MrRational]

Originally Posted by Taynxtlvl

I put my home on the Market February '10 why?

In August last year my realtor and I had a offer for a short Sale...
the local market is stagnant then and remains stagnant now..
I also looked into a deed of lieu.

again, why are looking to sell?

Since then the mortgagor declined a loan modification
despite proven hardship on my end due to cost of trying to sell the property.

proven? what does that mean?

Even on the current repayment plan
it's throwing all of my other finances out of whack and that is not okay.

how? and what does "out of whack" mean?
especially in light of your next statement:

I am current on the 20% mortgage at current time and HOA dues.
I have a great history with credit, jobs and everything otherwise...

Which sets you head and shoulders above far too many people. Congrats.

But still... what have you shown about "hardship" or "out of whack"...
or shown about even a common personal desire to move...

...but this last year has been the worst.

again, how?

I'm ready to just move on.
Does anyone have any pointers?

How much "extra" cash per month do you think you need...
in order to NOT be "suffering from hardship" or being "out of whack"?

My "pointer" is to find a source for that amount of money.

hth

[Taynxtlvl]

To answer the highlighted questions.

-Moving to be closer to my fiance and to where I really want to be. The current local market is so stuck here that who knows when homes will sell in a respectable amount of time again, and at a price the seller and or lender can agree on it could be 5 or more years and life must go on either way.

-Proven hardship is that I fell behind on the mortgage during the last few months of last year and still even this year am in a state where saving is very little despite my best efforts including consolidated what little debt I had. Kind of a month to month situation once I cover the different from the renters and the mortgage, not even mentioning should something unforeseen happen. And last month I was even late on my car payment which has never ever happened. Just not a sustainable situation for the long term. Somethings got to give.

After checking the previous links the investor is neither Freddie Mac nor Fannie Mae in my property.

[Silverfall]

Have you tried a HAFA short sale?

[2bindenver]

What type of loan do you have?

[Taynxtlvl]

Yes, I tried HAFA early this year with a Government backed agency. It is an 80/20 fixed rate loan, and therein lies the dilemma as a short sale isn't possible when the mortgage isn't held under one mortgager.

[2bindenver]

I have seen it done many times before. Both the refi's and the short sale.

[Taynxtlvl]

Originally Posted by 2bindenver

I have seen it done many times before. Both the refi's and the short sale.

Slightly confused. You've seen what done before? And in my case of the Short Sale Bank "B" the 20% was completely amiable to working something out but being the minority lender their hands were tied. Wells Fargo Kept my realtor on the phone for hours last October telling her why they would not agree to the 2 Short Sell offers we had.



** Also as an update as of today, Wells Fargo now wants me to feel out all new paperwork which I did earlier this year for yet another possibility of a modification. But after all the problems they have presented me in the last year I'm so weary of that whole organization.**

[2bindenver]

loan mods and short sales on properties with 2 loans.