[RecentlyRetired]

My mediation meeting was a complete waste of time. B of A refused to offer any modification to my loan and my attorney was absolutely useless in this entire matter.

Since my last posting, my home has gone into foreclosure and I am now leasing a home not far from my original property.

What really hurts is that Although my original loan was close to $400,000, the bank ended up selling the home for $179,000. Whoever got that house got a real deal especially since I had added a swimming pool and spa for which I had paid $35,000 cash.

Just before going into foreclosure, the bank sold off the second mortgage (I had done an interest only 80/20 loan) and now the new owner of the second mortgage is coming after me for that.

It just kills me every time I drive pass my old house and see that someone is benefiting dearly from my misfortune.

I guess I really have no one to blame but myself, I really bought into the promise from the builder that buying that home would be a great investment and that I would have no problem re-financing down the road since the house would continue to appreciate in value. That was 2005; it's now six years later and I'll be a tenant for the rest of my life.

[olecapt]

Originally Posted by brosati

My mediation meeting was a complete waste of time. B of A refused to offer any modification to my loan and my attorney was absolutely useless in this entire matter.

Since my last posting, my home has gone into foreclosure and I am now leasing a home not far from my original property.

What really hurts is that Although my original loan was close to $400,000, the bank ended up selling the home for $179,000. Whoever got that house got a real deal especially since I had added a swimming pool and spa for which I had paid $35,000 cash.

Just before going into foreclosure, the bank sold off the second mortgage (I had done an interest only 80/20 loan) and now the new owner of the second mortgage is coming after me for that.

It just kills me every time I drive pass my old house and see that someone is benefiting dearly from my misfortune.

I guess I really have no one to blame but myself, I really bought into the promise from the builder that buying that home would be a great investment and that I would have no problem re-financing down the road since the house would continue to appreciate in value. That was 2005; it's now six years later and I'll be a tenant for the rest of my life.

That is the charm of a short sale...you get rid of the second.

You should ask the second to settle. They classical settle such debts for $3000 or $4000 as a part of a short.

If not the standard solution to a big second is to go bankrupt. A bk after a foreclosure does little additional damage.

[Swigchow]

Originally Posted by brosati

My mediation meeting was a complete waste of time. B of A refused to offer any modification to my loan and my attorney was absolutely useless in this entire matter.

Since my last posting, my home has gone into foreclosure and I am now leasing a home not far from my original property.

What really hurts is that Although my original loan was close to $400,000, the bank ended up selling the home for $179,000. Whoever got that house got a real deal especially since I had added a swimming pool and spa for which I had paid $35,000 cash.

Just before going into foreclosure, the bank sold off the second mortgage (I had done an interest only 80/20 loan) and now the new owner of the second mortgage is coming after me for that.

It just kills me every time I drive pass my old house and see that someone is benefiting dearly from my misfortune.

I guess I really have no one to blame but myself, I really bought into the promise from the builder that buying that home would be a great investment and that I would have no problem re-financing down the road since the house would continue to appreciate in value. That was 2005; it's now six years later and I'll be a tenant for the rest of my life.

Sorry to hear this. I have always favored principal reductions as an option in some cases.

[NV_Leslie]

With the current laws in Nevada allowing the lender up to 6 years to come after me for the deficiency in a short sale (assuming they do not want to agree to foregiveness in the short sale), I would never allow myself to be left open like that. Why would I even entertain that now?

I suggest you view the video at: YouTube - ‪fiercefreeleancer's Channel‬‏. This is my lender (OneWest Bank dba as IndyMac Bank). It may change your thinking.

I've tried the short sale route and the buyer, the bank, and the realtors all needed attitude adjustments as far as I am concerned. I had it listed at a reasonable amount, was forced into reducing it drastically, had an agreement for a even lower ridiculous amount (per my realtor's suggestion to accept), and had the bank counter with a number closer to what I had reduced it to. The buyer didn't want to play. The deal fell through. I went to mediation.

I am currently again without a job (since March 17). I have exhausted my savings trying to work with the bank to stay in the house. I'm wondering how I am going to live on unemployment and rebuild some sort of a cushion to aid me in moving (when I barely make it by on unemployment). My unemployment runs out at the end of July. So, that gives me two months to save up.

Seriously, do you think the bank is concerned about me? They call my number 7 to 10 times a day trying to collect on the amount I am behind. I won't answer it now at all. The people you talk to are mentally depraved people who have nothing better than to push you to get the money out of you. They have no sense of morals or an ounce of compassion in their bodies. Makes you want to ask them if the job they do reflects the life they live.

Do you think they are going to help me out so that I can live on a monthly basis? They wouldn't work with modifying my loan or offering me alternatives at the mediation meeting. Seriously? Why would I even remotely be concerned about a foreclosure costing the bank more money than a short sale?

FYI--I bought the house in 2007 for $269,000 (with $100,000 down payment the loan was $169,000). Had to do major yard work which resulted in my loan balance becoming $205,000 in 2008. Put in an additional $50,000 into the house (addition to the yard). House was short-sale listed (reduced price) at about $130,000. First short sale offer was $118,000. Bank countered at $131,000. Counter-to-the-counter was $120,000. The only thing wrong with it is that the fence needs to be repaired (post replaced) and I don't have the cash to do it. The house should sell for around $160,000 based upon comparables.

[svt4cobra6]

I bought a house in Vegas for 306k 2006, with a 30k down payment, sold it in 2010 for 120k (short sale) lost everything (thousands in improvments). I moved out of state in 2009 because of a job change. Took months of working with the bank, also had a first and second, also had to give them everything I had but they finally agreed to the deal. In my case they released the debt on the first and the second so they will not come after me for any balances but I had to look at tax issues. Fortunately in my case it was a primary residance so I fell into the mortgage relief plan at both federal and state levels.

[svt4cobra6]

seems like the 700 billion bank bailout should have went to help people that have posted here. From what I have read a lot of it went to huge bonuses.

[NV_Leslie]

Had my foreclosure mediation on April 8, 2011. No certificate issued.

Just got a notice from a NEW trustee which indicated they were filing for a NEW Notice of Default (NOD). They did so on August 25. I called the foreclosure mediation people and they said a certificate had not been issued and when questioned about the NEW NOD and the fact that the old NOD had not been withdrawn, I was placed on hold. The foreclosure mediaiton people called the NEW trustee and was told that they were going to have the old NOD withdrawn (shouldn't that have been done first?). The old NOD was withdrawn on August 29. I wonder if they would have done this without me calling? Who knows.

Oh, I still haven't received the registered mail copy with the forms for foreclosure mediation. When are they supposed to send them to me? Can this be used as a ding against them if I don't receive them and have to file forms obtained from the foreclosure mediation program?

Anyway, I am being faced with a NEW NOD and I am not sure what I am going to do at this point. I still don't have a job (unemployment benefits went down to $396/wk - maximum allowed now) and I don't have money to file for the foreclosure mediaiton or secure a lawyer. I have asked a close friend to borrow the $200 for the filing fee and she has agreed to lend knowing the uncertainty of when I could pay her back. I am also interviewing like crazy and waiting to hear back from many of them (which should be within the next week or two). Unfortunately (or fortunately?) these jobs are out of state meaning I would have to move anyway.

I just don't know what to do at this point. Do I file? Do I let them foreclose? What do I do if no foreclosure mediation forms are received? Any suggestions for this broke old girl? Thanks!

[NV_Leslie]

Well, I ran out of money and got an out-of-state job offer. I now live in another state besides Nevada.

My house was auctioned on January 12, 2012, and it reverted back to the lender (no one bid on it). The Carson City assessor's site show a corporation assignment of deed of trust and trustee deed upon sale (with a declaration of value form included) being filed on January 24. They show the value/sales of the property as being $219,557.38 (in reality it will probably be sold for $110,000). Does anyone know what happens next?

Everything is upside down right now since I had to move late last year.

I just don't know what to expect next. I know the lender has 6 months to sue me for the deficiency (I doubt they will sell it before then), if they are going to.

Has anyone gone through this process before? Care to share your experience? I would appreciate it. Thanks!