Hello,
I'm one of the many idiots who bought a my first condo in Aug 08 for 365,000 I thought well prices don't appear to be going down so I better just get the cheapest piece of crap I can find. I moved in and a year late I found lots and lots of mold when I replaced the stove and the kitchen. So I had to put 50K into the house to remodel it. At the time there was no equity in the home and the lender (countrywide) said just wait till next year and you can fold that remodel debt into the house. So you know where this is going, I had to file bk because I never made any equity on the property. So I filed for bk in Dec 07, it was final April 1st 08. I didn't surrender the house but I didn't re-affirm it either. When the prices started dropping I stop paying, started a shortsale in Jul of 08. Here it is July of 09 still no shortsale approval from the lender, I haven't paid them a cent in a year and I'm still here saving money...
So we are having our second child, and I'm thinking I'd like to not have to move in the next year or so, so I talked to the lender and they said they can a loan mod but I have to become current, which means they would tack the year I missed onto the end of my mortgage and get at the 33% of income thing that Obama set out. Now my lender is obviously totally stupid because I included this house in the bk and even though I didn't surrender it, nowhere on my credit does it say late payment and I get letters to the effect of "here is your bill, you don't to pay it, but here is your bill" from b of a (formally countryslime). So if they are dumb enough to do a loan mod, tack 30K onto the end of my mortgage and I don't sign anything that says I'm re-affirming, they can tack a million bucks on my loan as as long as the payment is cheap for a year I don't care. Because I'm not financially responsible for this property. Oh by the way, places in this neighborhood are selling for 165 and that was 6 months ago.
If my lender was smart they would re-affirm the property at the current market value, because I have a great job and I'm willing to pay, but they aren't so is their any harm in taking advantage of their stupidity letting them modify my mortgage, get my payment down to where I'm willing to pay it, pay it for a year then walk away with no impact on my credit?
Thats my question. If they want to jerk me around telling me I still owe full price on the house even though I included it in the bk but didn't surrender it, I've got no problems jerking them around.
Oh I have one more question, does the bankruptcy law say the lender has to remove the dept off my credit since it was included in the bk? I think the fact that its still listed as a current debt on my credit the lender "thinks" I'm financially responsible for it.
I'm interested to know what you all think.
S
I'm one of the many idiots who bought a my first condo in Aug 08 for 365,000 I thought well prices don't appear to be going down so I better just get the cheapest piece of crap I can find. I moved in and a year late I found lots and lots of mold when I replaced the stove and the kitchen. So I had to put 50K into the house to remodel it. At the time there was no equity in the home and the lender (countrywide) said just wait till next year and you can fold that remodel debt into the house. So you know where this is going, I had to file bk because I never made any equity on the property. So I filed for bk in Dec 07, it was final April 1st 08. I didn't surrender the house but I didn't re-affirm it either. When the prices started dropping I stop paying, started a shortsale in Jul of 08. Here it is July of 09 still no shortsale approval from the lender, I haven't paid them a cent in a year and I'm still here saving money...
So we are having our second child, and I'm thinking I'd like to not have to move in the next year or so, so I talked to the lender and they said they can a loan mod but I have to become current, which means they would tack the year I missed onto the end of my mortgage and get at the 33% of income thing that Obama set out. Now my lender is obviously totally stupid because I included this house in the bk and even though I didn't surrender it, nowhere on my credit does it say late payment and I get letters to the effect of "here is your bill, you don't to pay it, but here is your bill" from b of a (formally countryslime). So if they are dumb enough to do a loan mod, tack 30K onto the end of my mortgage and I don't sign anything that says I'm re-affirming, they can tack a million bucks on my loan as as long as the payment is cheap for a year I don't care. Because I'm not financially responsible for this property. Oh by the way, places in this neighborhood are selling for 165 and that was 6 months ago.
If my lender was smart they would re-affirm the property at the current market value, because I have a great job and I'm willing to pay, but they aren't so is their any harm in taking advantage of their stupidity letting them modify my mortgage, get my payment down to where I'm willing to pay it, pay it for a year then walk away with no impact on my credit?
Thats my question. If they want to jerk me around telling me I still owe full price on the house even though I included it in the bk but didn't surrender it, I've got no problems jerking them around.
Oh I have one more question, does the bankruptcy law say the lender has to remove the dept off my credit since it was included in the bk? I think the fact that its still listed as a current debt on my credit the lender "thinks" I'm financially responsible for it.
I'm interested to know what you all think.
S
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