How to get bank to work with us

[sal]

We are trying to sell our house before it goes into forclosure. The offer is about 35k less than our payoff on the first.
We cant seem to get U S bank to answer our calls and work with us on this.
Surely they would want to take a slight loss rather than a large loss through forclosure?
This is not a short sale, or is it?
Any advice on how to get the bank to work with us?
Thanks

[justbroke]

We are trying to sell our house before it goes into forclosure. The offer is about 35k less than our payoff on the first.
We cant seem to get U S bank to answer our calls and work with us on this.
Surely they would want to take a slight loss rather than a large loss through forclosure?

Not necessarily. If you have PMI (Principal Mortgage Insurance), they couldn't care less. They will be paid by the insurer in full! (Well, the difference between their loss and what they get for it).

This is not a short sale, or is it?

By definition, when the lender takes less than the balance of the mortgage, then it is certainly a short sale.

Any advice on how to get the bank to work with us?

Absolutely none. Not because I don't know... it's because these rarely work out. Many banks have first agreed to short sales, but then when it came time to closing, they either backed out or withdrew their offer.

You may be better off doing a deed in lieu and/or filing for Bankruptcy and surrendering.

[Goodgrief]

I am having the same trouble. I called Fidelity Mortgage and told them I wasn't going to be able to pay my mortgage as I have lost my job. I have no programs for the unemployed. I then inquired about a shortsale, deed inlieu of foreclosure or anything else they could suggest. I have to admit they were really nice but offered no help. They require the house to be liste by a realator for at least 90 days before they would do anything. I told them I would be in foreclosure by that time and at that point I could careless. I understand their reasoning, as they want to see if the house sells before they drop the price, but in my market they are screwed.

The only other option is to try to play hard ball. Tell them you know how to stay in your house for at least a year. Tell them you know about "produce the note" ( google it, it is all the rage now). With the "produce the note" clause a columbus ohio judge has already thrown out 30 some foreclosures. http://www.consumerwarningnetwork.co...e-note-how-to/

[CCCrazy]

Does PMI only refer to the first mortgage? Is there anything like PMI for a 2nd mortgage (which I know is basically a loan and not a mortgage per say)? I was just wondering since I'm going to be attempting to modify my 2nd soon...

[eli4625]

Finding out

The banks could care less about anybody but themselves. They got bailed out by our tax dollars and have no desire to work with anyone. I have bent over backwards with Countrywide/BOA to do something on our mortage and nothing. So now my payments are running about a month behind, and they refuse to work with us to help out.

[justbroke]

Does PMI only refer to the first mortgage? Is there anything like PMI for a 2nd mortgage (which I know is basically a loan and not a mortgage per say)? I was just wondering since I'm going to be attempting to modify my 2nd soon...

I have only ever seem PMI on first mortgages. Usually, people get 2nd mortgages to avoid PMI by doing the famous (or infamous now) 80/20 loan.