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The story is short: We purchased home in 2005 for 218k, put 45k down CASH, moved to another state for job, rented the house in hopes that the market would improve. The market hasn't improved, the house continues to lose value, the renters aren't paying - they know that the rental value is much lower than they are paying now and that we can't replace them for any higher. The house is now worth 110-130k in short sale saturated AZ.
We won't recover the 100k lost for years and years if ever! We just want to be rid of it and count our losses. We have perfect credit - no debt except for this house, no late payments, no liens, no nothin'. I have quite a bit saved up in my business account (self employed), and I'm afraid they won't even think about working with us b/c of it. My husband is laid off, though, so I hear that helps some. We have B of A. Do we call a real estate agent, the bank, or a lawyer?
You took a gamble on an "investment" and now it didn't pay off. Why should the bank work with you to avoid more loss on you end?
If the home gained value over the last number of years would you have shared it with the bank?
Why should they share the loss?
I got my loan through BofA, but it's backed by freddie or frannie. I missed my first payment because my unemployment ran out and about to miss my second. BofA toldt we're not eligible for Making Home Affordable until we're CURRENT!!! Makes no sense. If I could pay it, I would and I wouldn't need the program. The first time I called BofA about 6 months ago telling them that trouble was on the horizon, they told me that as long I was current they didn't have a program for me. The only thing they told me they could do was convert my 5/1 ARM to a 30 fixed and my payment would increase $200. I gotta laugh or else I'd cry, it makes no damn sense. If I'm having trouble, how can I afford the extra 200? I don't get it.
I have said it time and time again to those that will listen , read all the STORY"S that are posted daily about people are trying without results to do remods The only thing that is working is the filing of a UCC-1 for the value given by you to the property. 100% LEGAL. Doesn't matter if you are being foreclosed on. All the Government talk is only for helping the Banks. Why keep paying for some thing that is in reality only worth 1/2 of what you sign up for. yep a lot of people say doing this is wrong let them say it , see if when it happens to them if they do anything differently. Time to give your self a stimulus payment directly.
We do not qualify for loan modification because we are renting out the property. We are renting out the property because we were trying not to be like all of our friends who walked away and are now - three years later - buying foreclosed properties. Turns out the less responsible you are, the less screwed you are as well. We're in the process of evicting the renters now, and then we'll list the house.
You took a gamble on an "investment" and now it didn't pay off. Why should the bank work with you to avoid more loss on you end?
If the home gained value over the last number of years would you have shared it with the bank?
Why should they share the loss?
I don't get this at all.
They moved out of state for employment most likely.
I keep seeing the advice to file a UCC-1, it has no effect on the underlying mortgage, it would just be wiped out during the foreclosure process. Not really sure why people are pushing to file these.
I keep seeing the advice to file a UCC-1, it has no effect on the underlying mortgage, it would just be wiped out during the foreclosure process. Not really sure why people are pushing to file these.
Their doing it ! Because they do WORK!. Try this ,A person loans $50,000.00 to put the down payment at that time he files the UCC-1 claim on a property , 3 yrs later they are in trouble, and they do a short sale OK . What happens to the 2nd mtg. ( $50,000.00?) Well it just got paid because of that UCC-1 filing ( you know the one that got " wiped out") only it didn't, because they couldn't get a clear title to the property so the bank said pay it FIRST! the effect that it has is that it clouds the title , Title Ins Co. will not issue the needed ins. policy. its that easy. I have the documents to prove it.
Why don't you just sell the house at market and pay the difference between the proceeds and loan balance at closing. What are we talking, $40k or so? You lost your $45k down, you won't get that back no matter what 'walk away' strategy you employ.
Why don't you just sell the house at market and pay the difference between the proceeds and loan balance at closing. What are we talking, $40k or so? You lost your $45k down, you won't get that back no matter what 'walk away' strategy you employ.
Sorry I have to disagree , He can get his down payment back and all of the monthly payment too.
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