We're Moving

[cyndi]

As we all know, crap happens and the economy is tough... So we're losing our house and have signed a lease on a home nearby that is more than 2x the size of our current home. The pluses outweigh the negatives as we'll have access to community amenities and still be able to smoke in our home. We're going to have to find homes for Nola and Cali since this community has a 1 dog policy. It's also a mobile home community, so we're gonna have neighbors very close to us. It's a 36x72 home, 4 BR, 2 b, with a family room, a dining room, a den, and a super amazing kitchen. We need to figure out a new cellar and pipe storage/display area. I'm really going to miss our sunroom.
So, for the next few weeks, we're going to be spotty online. Also, I'm really worried about the foreclosure process. Do any of you have stories/advice to calm me down? I love you guys!

 

[tokerpipes]

This is probably going to open a whole can of worms but,...PM me i work for a bank in the default mortgage industry. i would be happy to give what ever advise i can to help a fellow toker.

 

[cyndi]

My main question/worry is that the mortgage company will sue us for the balance after the auction. In GA, the laws are restrictive but I'm wondering if chapter 13 is in our future too.
Edited to add: our mortgage was bought by a foreclosure "factory." They don't want us as customers, they want the mortgage insurance since we owe 2x what the house is worth.

 

[tokerpipes]

So you are upside down in the Property. This is unfortunatly prevelant through out the US right now. CA, Fl, LA, and MI are the worst. TX not far behind them. Here is the best thing i can tell you.
If you are wanting to keep the property talk to the bank, the occ(office of the comptroller of currency), every organization out there. Modification is the first thing the bank will attempt to do to lower the payment(very time consuming and will keep the house from being forclosed on) through one of multiple modification plans.

Three things they are looking at during modification review.

1) investor guidlines for modification- every investor has qualifiers that you must meet to get approved through the bank

2)income- whether or not you can affordably make the housing cost payments(not to include any second mortgage)

3)Property Value- they see if it is worth it for them to modifiy and keep getting paid by the borrower or if foreclosure would produce more money for them in the end.
Now prolonging a foreclosure is something else. It can be done byway of Modification, Short Sale, Deed in Lieu. See the bank is required by the state to put a property in for foreclosure based only on the amount of payments that are behind on the loan. if the bank is attempting to assist the borrower(which they are required to do via mail and phone calls) they are also required to do 2 differnt things with the foreclosure.

1)Extend the foreclosure sale date as long as they are reviewing for assistance(sale date is when the property is put up for auction on the courthouse steps)

2)Hold/ Suspend the foreclosure for Approved modifications under a trial agreement, short sale, or for bankruptcy.( in most cases it is more beneficial to file bankruptcy after you have a lease set up and the foreclosure is placed on your credit)
i want you to understand that bankruptcy is not an easy out of the issue it is a financial decission for assistance through the courts. and it is much harder to file for bankruptcy now than it was 5 years ago.

 

[tokerpipes]

hope that helps you understand a little bit.
Oh and each state has different laws concerning bankruptcy and foreclosure.

 

[olderthandirt]

The very best of luck to the both of you!

Oh damn but I wonder if I'm going to miss your smokin' sunroom more than you guys will!

 

[winton]

I am truely sorry to hear this. As a mortgage underwriter, I have been seeing this for years. Let me suggest a different perspective. Think about when you were shopping for a new home. House big enough for your needs, close to work, good school system, two oak trees in front yard, sunroom etc. Perfect! But the realtor said it was listed for $250K and it appraised at $125K. Would you pursue? Of course not. It hurts, but accept the loss and learn from the experience.
FYI, Zillo.com now estimates my house is worth less than I paid for it 12 years ago. I have probably spent half the original sales price on repairs over the years. Eventually the market will hit bottom, then improve. Wish I had a better answer.
Winton

 

[nsfisher]

im sorry cyndi! but ur not alone girly, the whole world is a mess. as long as ur healthy there is always a straight ahead road. Keep smiling!!!!!

 

[yohanan]

I wish I had some advice or solution to help your situation, the only thing I can offer is wishing the Best for You and your Family.

 

[cyndi]

Thanks guys.
We've tried to postpone foreclosure and have successfully fought it for 18 months now and $10k in lawyeres fees. The problem is that we're not working with a mortage company but with pure evil. Every "tool to keep you in your home" is unattainable and they DO and WILL foreclose even during loan modification processes. I'm just tired of fighting. They want our loan to die because with their foreclosure insurance, they get 80% of the value of the mortgage - not of the value of the home. Other than the mortgage, our finances are in good shape.
God puts us in the right place at the right time. This new home? It's about 4 minutes away from my parents, my sister, and my grandmother. We can see Shaun's late grandmother's house from our front porch. We met on the schoolbus and walked home together just one road away from where we're moving. There's a lot of history here, some bad and lots good.

 

[olderthandirt]

There's a lot of history here, some bad and lots good.

Lemonade from lemons then eh? Good on ya then folks!

 

[hobojoe]

You all are in one of those times it's hell to beat.

Nothing hurts the man beating you down then smiling back.

I see that you all have something better but getting there is a trip.

If you can't walk around a swamp. Then wade through the damn thing.

You'll pick up scars---- that's bragging rights--- they will heal.

Clear thinking and sleep overnight on decisions.

Joe2shoes

 

[lonestar]

Dont know what to say, except you're sure not alone in going through this these days.

My brothers in that boat too, been just making it by the skin of the teeth, and staying 2 payments behind.

I'll sure be praying for you guys and the kids, sometimes we wind up where we need to be because of the tough times not in spite of them.

You guys have got a lot of love. That and some beans is all you really need!

 

[jameral]

Sorry to hear that you're going through this. It is good to see, however, that you're trying to see many of the positive things of the outcome. I wish you the best of luck during this transistion.

 

[tokerpipes]

So you know it can go into foreclosure during modification but they legally are not permitted to finalize the sale during mod. If they do you can sue them and lawyers would be getting in line.

 

[mluyckx]

Cyndi, so sorry to hear this. All I can do is offer support and prayer for comfort. I
can't help you with practicalities on this one, but it looks like there's some others who can.
Good luck to you and the family. Hope you can either find a way out or can start building new memories to add on to those you already have.

 

[puffy]

Most of my life folks were working and buying homes.The preception was that the value of homes were on the rise.These days with so many people out of work and so many houses for sale the market value in so many cases has dropped below what is owed on them.Most of what is being built these days in my area is rental units.More people are renting rather than risking a big loss by buying.I'm sorry for your loss.Hang in there and remain strong.You will get through this,and life will go on.

 

[sherlock]

Sorry to hear the bad news, good luck to you.

 

[loborx]

Sorry to hear this Cyndi. I live in Las Vegas - the poster child of the foreclosure crisis - and it ain't pretty. I was out of work for three years here and just recently got re-employed. Luckily I have a great family support system and was able to make it through. Sending good thoughts your way.

 

[pipedisciple]

Sorry to hear of your plight, hope things work out for you and Shaun. God Bless. ::