- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (13)
- sunnyview
- Contributions:25139
I am so sorry to hear that things not gone better. Bankruptcy will give you a fresh start and I am so happy to hear that you are moving forward and getting married. Many people have had to deal with with this and you have tried to remain honorable through it all. I wish nothing but good things for you and I know that you new life out from under this dark patch will be terrific. I hope you repost and let everyone know the date for your wedding. I don't know if I could come since I live a bit far away, but I would love to send you my best wishes and congratulations. All the best!
- SanLuisPainting
- Contributions:3
Thanks for all of the responses. I Managed to rattle a cage or two, at my congress persons office and I got my Re Assessment and my property taxes will be less, but the local Economy hasn't changed. NO WORK {I even volunteered, and painted a church tat I don't even attend, in hopes that the members of the congregation might have some work} There is a smaller 2 bedroom unit in my complex that is in a Short sale for 180. one Pending Foreclosure, and now I am finally just liquidating.
Too Little Too Late: On the bright side, I have applied to the state for one of the 27 new jobs created by, "Welcome Home" program for all those returning from Iraq and Afghanistan, Its a temporary position that pays almost 40% of what I used to earn, but it's something. The Great thing is that the new job with the Employment Development Department entails helping Veterans find work and / or go back to school, also not a bad position to find work myself.
Unfortunately I think bankruptcy is in my near future. I am not really worried about my credit rating. I think the creditors will have to set new standards for credit, or go out of business themselves. I represent the most lucrative of their customer base and they simply can't afford not to lend.
I have seen all of my employees, and many of my friends moving to their parents homes or they are now subsidized by "Bank of Mom and Dad" welfare. America is forever changed. Honor is a rare commodity and if wall-street could "sell it short", they would. Greed and corruption are all too common. I cannot fathom, why any one person should be paid 87 Million Dollars as an annual bonus. (2080 hours per year average 8 hours per day = 260 days ) A Wall Street CEO could pay off my house (and then some) in nary an afternoon. Nobody is worth that, the Messiah isn't worth that! (End Rant)
I managed to make on time and in full payments till November. Not because I was working on anything but my own kitchen remodel. But because my dearest friend drank himself to death and left me everything. His home is worth about 120,000 less than he owed and "Watchinoveryou" wasn't interested in a short sale. I thought they would at least hire me to clean and paint the property.
I briefly thought something spiteful like the guy on craigslist that went to foreclosure and invited the world to come and strip his house! I heard they took everything even the copper pipes! But that would be too hateful for me; I wouldn't deserve my beautiful, thoughtful, loving fiancée if I was mean. I am grateful to have her, It seems strange but many of the couples I have known for years are withering under the financial duress of the current times. Now that is a real tragedy.
So, in December, I just sent in what was left in my account. I'll surrender my auto next month. Store what we can and downsize to a little travel trailer.
I'm hoping for a June Wedding out on Pismo Pier at Sunset. I can't offer an open bar but you are welcome to attend. I'll post the date as soon as it's set. (Don't think it too forward of me to offer the invite, it is a public pier)
My new years resolution, "Never a Borrower Nor Lender Be."
Thanks again for all of your suggestions and help.
- vinodthomas
- Contributions:10
I have been scouting for the good guys in the mortgage modification program for over a year now. Just found one organization doing it on a regular basis and successfully at that.
I did respond to this post quite sometime back and my feedback was different based on the situation at that time. if you are still holding out and want to save the property, please go to http://naca.com.
These guys do the best modifications for you anywhere in the USA. they get your info and talk to the lenders to get the mortgage modified. I have seen a couple of families get 3% interest with principle reduction. I am not saying everyone gets that, but depending on your situation, it ca be better too.
you will have to shell out 30 bucks for the whole process for a credit check.
I did respond to this post quite sometime back and my feedback was different based on the situation at that time. if you are still holding out and want to save the property, please go to http://naca.com.
These guys do the best modifications for you anywhere in the USA. they get your info and talk to the lenders to get the mortgage modified. I have seen a couple of families get 3% interest with principle reduction. I am not saying everyone gets that, but depending on your situation, it ca be better too.
you will have to shell out 30 bucks for the whole process for a credit check.
- Showcase Twins
- Contributions:69
- Monika Kumar, "RealtyGeeksTeam"
- Contributions:45
I know of few clients who were able to do Loan Modification without being behind in payments. Reducing the interest rate is lot easier than Principal reduction.
If you have enough time to make these call, you may do so otherwise hire someone who is expert in qualifying you upfront and then taking care of the modification or even principal balance reduction I say. It has generally cost about 1-2 K if someone else handles.
If you have enough time to make these call, you may do so otherwise hire someone who is expert in qualifying you upfront and then taking care of the modification or even principal balance reduction I say. It has generally cost about 1-2 K if someone else handles.
- sunnyview
- Contributions:25139
What should we say? Walk away, stay for as long as your can in foreclosure, pocket the mortgage payment for that time and then dump out. I know this situation is real and happening everyday. I hate what is does to people. This OP has honor and he cares about his credit or he would be out already with the $1000 a month in his pocket between mortgage and rent. I just thought he owes it one more try before he says screw 'em. maybe that makes me naive., but if they won't help then on that try, then fine stop paying. If the OP never asked for a rework first, he might have regrets later about his credit or in not trying another solution before not paying. I don't really disagree with you, but I think you have to try. If it doesn't go then, dump out and see if they want to work with you. The problem is once you stop paying there's no going back so you need to know it's your best and only option. At least I would have to know that before I stopped paying. Everybody's different.
- vinodthomas
- Contributions:10
Get real people. Unless you are late in payments, the lenders don't talk. Nothing against them, they are in firefighting mode and only an imminent risk seems to catch their attention. Mortgage rework needs late payments as of today. If somebody has got a rework done without being late on payments, they should buy a lottery ticket. Their luck would be over the top.
Reduction of tax from the county is an option if you have supporting documentation like a recent appraisal or a list of recently sold homes from the MLS that are less than the assessed value. A realtor can help you there in gathering the info before submitting it to the county. Check the reassessment cutoff dates. It can vary from state to county.
- wetdawgs
- Contributions:26842
Its sounds like the increase is in the escrow, not the mortgage (principal and interest) per se.
What interest rate are you currently paying? Perhaps you could get a modification for a lower rate of interest that would make up the tax shortfall.
What interest rate are you currently paying? Perhaps you could get a modification for a lower rate of interest that would make up the tax shortfall.
- sunnyview
- Contributions:25139
Excuse me. I did NOT suggest that OP stop payments. I did say that stopping payments would "significantly hurt his credit" and suggested a short sale as opposed to a foreclosure if it came to that.
- Joshua Talayka, "Josh Talayka"
- Contributions:40
I disagree with sunnyview, and do not recommend that you stop payments. Although there are some options that may require you to be behind on your payments, there are also some options that will no longer be available to you once you are behind. I would further recommend that you meet with a real estate professional to discuss all of your options before moving forward. If you want to keep your home, I would be more then happy to help you explore the options available to you (every lender has different default programs available). If keeping the home is not desirable to you any more, then we could discuss the benefits of a short sale, rather then just letting it go to foreclosure. It’s much easier to recover from a short sale then a foreclosure.
I have started a series of post relating to default borrower programs available from various lenders on my blog that may be of interest to you.
[content removed by moderator for being self promotional]
- sunnyview
- Contributions:25139
Stopping payments now may help you get a workout, but it will significantly damage your credit too. Consider all your options, do some research and make sure you understand what that will mean to you going forward.
- vinodthomas
- Contributions:10
1. You are not alone in this situation and Obama will be announcing a mortgage modification plan on Wednesday. Check it out and verify if you qualify. If you do, go ahead on a workout.
2. Countrywide has announced a moratorium on foreclosure, so you are safe for the moment. Put your mortgage payments in the bank and demand a workout with the countrywide people. If you pay your mortgage on time, nobody will talk to you.
3. Running away from problems will make it worse. Just work with your lender and make sure they listen to you. But to make that happen, stop your payments NOW and start paying only after loan modifications.
All the best.
- sunnyview
- Contributions:25139
Tough situation. This market has been hard on many people and you are not alone. Banks care about money, not people. The government bailout focuses on banks, not people. So here citizens like you sit. I think escrow accounts commonly have errors/adjustments in them due to bank whatever attitude and ever changing values in taxes/insurance. Foreclosure will be very hard on your credit, a short sale maybe less so. Maybe the bank would be willing to modify the loan until your escrow amount is stabilized. That may be naive on my part, but I would ask. All they can say is no. Call your congressman, make some noise and see if you can get help to make this a more workable situation.
Should I let My home fall to foreclosure?
Just as the RE Market is taking a Huge Nosedive, I received a letter from my lovely mortgage holder, Countrywide, stating my mortgage will increase! Because they didn't allow enough for taxes. I've been struggling to get by as it is. I fear that by the time they get it figured out I will be in Foreclosure.
Between Taxes Mortgage Homeowner association dues. I shell out almost 2400/mo. For my "fixer-upper" condo. The exact same place next door rents for 1400. I've only owned it for 2 years and in this market have negative equity to the tune of 150K. You think the "bailout" would help people like me. NOT the Mortgage holder.
This is my first home and if I fall to foreclosure for this tax error. I swear even as a decorated disabled veteran, I will leave this country. I love it but may be forced to Bailout, and flee my own country.
God, Save Us All,
Crpl. Robert S. Whittier (retired)-30% D
Small Business Owner and Disabled Veteran Business Enterprise.
Need a Painter? San Luis Painting
SanLuisPainting@Gmail.com
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.