Walking away after 26 years.....

[bulletproof77]

I have lived in the same home for 26 years. Due to a bad divorce and a soon to be former spouse and upon my attorney's advice, I have decided to include my first mortgage and a second in my Chapter 7 BK. I can't sell due to the glut of foreclosed homes on the market in Southern California (Inland Empire) and I feel the need to protect myself from any collection attempts, particularly from the HELOC lender. I have made many efforts to work with both Countrywide and Mid-first Bank (the Heloc note holders), but since I am not a "sub-prime" borrower and Mid-First is NOT rewriting ANY notes in California, they both will not work with me to keep this place. It's tough. It was a very hard decision to make, but after all, it's just a house, just wood and bricks and shingles..I didn't ask for my current domestic situation to occur and I wish it had not, but it is what it is. I have tried the "Hope for Homeowners" deal and that was just a joke. I am looking forward to a clean start as a renter..I will never purchase anything in California again..Time to move on..

[relief13035]

I am so sorry to hear about your situation. I also live in the Inland Empire. It's pretty rough right now.

[albacore44]

I am so sorry for your situation. yes, it is really bad here in the inland empire. I moved here in 1988 and went through the 90s down turn, but the forclosures here are unbelievable. i almost want to put a lot of the blame on the builders in cahoots with the banks for jacking up the prices so fast on the new construction, and that created a fake boom that fed on itself untill it colapsed. some people in my neighborhood are upside down several hundred thousand dollars, and these homes were completed in 2006. they are walking away in droves, with no hope of ever recovering their original investment. it's very sad.

[endisnear]

We too are in the IE, Fontana actually (hey there up the hill to you Bulletproof!). Our loan mod app is in the mail to us from the lender, so we'll see what they offer us. But i'd say prob a good 1 in 4 homes in my neighborhood are bank owned. I guess if they want ours too and aren't willing to work something out so be it.

[bulletproof77]

thanks for your kind replies..I have another question though for some of you that may be familiar with Countrywide...How much time do I have before I have to bail ?? This is new territory for me and Countrywide will not even get the Bankruptcy notice until 02/01/09 (and the second also)..I am looking at rentals and need to have some kind of time frame. Thank you for any input..

[bulletproof77]

In one last ditch effort to keep my house, I have contracted with Infinity Group, advertising on KFIAM640 here in Southern California as the "HopetoHomeowners"..I have paid a small fee to get the process started and have checked them out as thoroughly as possible through HUD and the state of California. They are a legitimate (seems to be anyway) lender with the Hope program and have stated they may ("May" being the operative word here) be able to get a new HUD loan I can afford, with a balance reduction and get rid of the HELOC. They start negotiating with Countrywide and Midfirst soon. I was wondering if anyone has had any dealings with this group. http://www.hopetohomeowners.com and if it was a positive one or am I being ripped off. Thanks

[endisnear]

In one last ditch effort to keep my house, I have contracted with Infinity Group, advertising on KFIAM640 here in Southern California as the "HopetoHomeowners"..I have paid a small fee to get the process started and have checked them out as thoroughly as possible through HUD and the state of California. They are a legitimate (seems to be anyway) lender with the Hope program and have stated they may ("May" being the operative word here) be able to get a new HUD loan I can afford, with a balance reduction and get rid of the HELOC. They start negotiating with Countrywide and Midfirst soon. I was wondering if anyone has had any dealings with this group. http://www.hopetohomeowners.com and if it was a positive one or am I being ripped off. Thanks

Not had any dealings with them, but from what i've heard the FHA debt to income ratios, you can not have more than a 45% combined debt to income. You may want to calculate where you're at before giving them anymore of your money...Just a thought

[bulletproof77]

thanks for that...so far we are at under the debt to income ratio, but we will see...

[endisnear]

make sure you include the proposed new pymt in that combined debt to income ratio as well. i have no idea how the program deals with BK. but good luck to you! we had, yet another, neighbor out loading up the moving van yesterday....pretty soon my neighborhood will be a ghost town! we sent in our mod paperwork directly to the lender last week, so hope to know something soon