Options what to do

[TEW]

[HHM]

I don't see how a real estate agent is going to get your taxes reduced. Usually you need an attorney for that to dispute the assessed value of the house. But that is not really the issue, I am not clear from your description, what exactly the mortgage company is proposing.

The bailout plan or the Mortgage Help Act (or whatever it is called) doesn't help you as you are already in default. Unless they are willing to rewrite the loan to reduce the principal to the current market value and give you a decent interest rate. I would simply live in the house, not pay your mortgage and wait until someone actually evicts you, which could be many many months.

Note, for a foreclosure, there is nothing you need to do.

[TEW]

I don't see how a real estate agent is going to get your taxes reduced. Usually you need an attorney for that to dispute the assessed value of the house. But that is not really the issue, I am not clear from your description, what exactly the mortgage company is proposing.

The bailout plan or the Mortgage Help Act (or whatever it is called) doesn't help you as you are already in default. Unless they are willing to rewrite the loan to reduce the principal to the current market value and give you a decent interest rate. I would simply live in the house, not pay your mortgage and wait until someone actually evicts you, which could be many many months.

Note, for a foreclosure, there is nothing you need to do.

[b_girl]

Wow. That's an interesting development. My lender was ready to take our house, half finished as it was, and refused to even consider a loan modification. You have to do what's good for you, though, not what's good for the lender.

[TEW]

Wow. That's an interesting development. My lender was ready to take our house, half finished as it was, and refused to even consider a loan modification. You have to do what's good for you, though, not what's good for the lender.

that's what my wife and i were talking about. The guy asked me what happened I told him something had to give food or mortgage we picked food.
the house is worth 75 K less then we owe.

[BROKENN]

Hey TEW, I'll be interested in your situation as we are also surrendering our house. That will be my next call... to the mortgage company.

[TEW]

Hey TEW, I'll be interested in your situation as we are also surrendering our house. That will be my next call... to the mortgage company.

Looks like you don't do anything but let it happen if you do call I bet they try to talk you out of it.
They were very nice on the phone. Much nicer tehn the calls I was getting before the BK.
I am jsut going to live rent free as long as I can
I wonder how much notice they give you before they evict you

[Mi Bankruptcy]

Interesting how the tides may be turning. Maybe customer service will make a comeback. I think several people realize they have to do what's best for them. Gone are the days when loans are made and paid on handshakes and honor. These financial institutions can't expect to treat their customers as business only and not receive the same in return. Glad to hear you are making things work for you TEW

[TEW]

Think about it they already got a good chunk of change from me. That’s why I am having such a hard time with this bail out plan. These banks barrow the money at 1 or 2 percent and lend it back to me at a much higher rate. What did they do with all that money? They don’t pay their employees very well, they have crap for a health care plan they build these sky scrapers CEOs get millions to spend on junk. I think the problem is these high ups forgot where the money is coming from.
WE have to make it work for us. None one else is going to.

[b_girl]

that's what my wife and i were talking about. The guy asked me what happened I told him something had to give food or mortgage we picked food.
the house is worth 75 K less then we owe.

I think if our house was 75k under value, there would be no question about letting it go.

[Voice of Reason]

Just wait out for the notice to appear in court for you foreclosure hearing. Don't show up the judge gives the lender the legal right to foreclose on your house. Your house will be sold at auction in a few months. A investor will come in and buy it maybe? Then finally the sheriff comes to evict anyone on the property.

[BROKENN]

Hey TEW, yep you'll know by the eviction papers on your door, so you will get some time. Right now, I don't see anything moving in my area. A man down the street has been there for 6 months.

My house went down $100's K.

[justbroke]

My house went down several $100K. Luckily, I just filed a lien strip, and the value of the house is just a "little" bit below the first mortgage! So, it's worth keeping. The value has definitely bottomed out. I don't think it can go lower. Please don't go lower. (It's approaching its cost to rebuild.)

[r.m]

They would like to possibly find someone to lease the house so I can move while keeping the payments up until the market comes back and get some money out of it.

What an absolutely INSANE proposition.

What a LOUSY deal that would be for you. When the BK and FC are close together time-wise, they're seen as linked events.

If you were to agree to this idiotic plan and the housing market didn't come back, you'd end up losing it anyway, with a fresh foreclosure on your credit report.

There is one investor in particular that is doing most ANYTHING to avoid foreclosures... for now.

They're not doing this to help the homeowners, they're doing it to try and make their books look better than they really are.

[TEW]

RM i agree
My wife and I just want to get out of here. We know where we want to go. we have been looking at lease to own. I did put it on the market and there is a lock box on it. We are going to another state 11/1 to find our new place to live. we are coming back here and loading the truck up. thats our plan