Anybody dealing with CalHFA? How fast are they issuing NOD and going to foreclosure sale?
Thanks
Thanks
-
-
I'm updating this thread to help anyone else that has CALHFA.
House went to Foreclosure Review Board on 12/28/09 (allegedly) but have not seen or heard anything. -
Cal HFA foreclosure
I'm going through the same thing. March 18, 2010 is the date my Condo was sold by my mortgage company to Cal HFA. That seems curious to me. It is up for sale and has a realtor's sign in the window, so I'm guessing that Cal HFA is the one taking the loss. No wonder my lender was absolutely not considering an interest reduction modification. Why do that when they can get a full reimbursement from the state?
I'd like to know if the state absorbing the cost will have any negative consequences for me. If anybody has any insight into this it would be appreciated.
-JonComment
-
Unfortunately, CalHFA is not willing to help everyone avoid foreclosure. I am a person who got one of those 100% financed loans from CalHFA. I got married a year ago and bought a home together with my husband. I rented my home so that I could cover at least part of the mortgage (I take about a $100 loss per month). CalHFA is now foreclosing on my property because it is non-owner occupied. They claim that I do not have a valid financial hardship in order to be able to continue to rent the property. However, I have argued that I do have a financial hardship because of the current status of the housing market. I owe approximately 25,0000 to 35,000 more than what the house is worth at this time. I cannot afford to sell it and I cannot afford to refinance it. CalHFA is refusing to work with me at all. I am really in a state of shock that I will be losing my house to foreclosure because of a federal tax law and not because I am delinquent on my payments. I am ready, willing, and able to make my mortgage payments, but CalHFA will not accept them. I do not want to walk away from my loan. I do not want anyone else to be responsible for my debt. I want to be responsible for what I owe. However, I am not being given the chance to do so.Comment
-
I agree with you kaemarie13. I also bought my property when I was single and now I have a growing family and really need to move into a bigger place. I called CalHFA regarding renting my house while waiting for the market to recover as my house is down more than 50% of my purchase price and could not refinance. I was told to submit a letter asking for permission to rent. I have my hopes high but after 3 months of waiting, I got a reply saying that I can't move out of the house since I don't have financial hardship. I told them, that is why I'm asking for permission to rent and provided them information that we can afford to continue paying but they won't move. I recently consulted a lawyer and I was told that I can let it foreclose if I really need to and since my wife is not on the loan, she can purchase a home after we foreclosed. I'm still debating, I have the responsibility to stick with my payment but I have a greater responsibility to give my family and 2 kids a comfortable living. I hope CalHFA will change their mind and let us rent this house.Comment
-
Hi Jon, Do you have any update on the foreclosure? Did they try to issue deficiency judgement?Originally posted by Jonny96 View PostComment
-
Chris1, I find it really hard to believe that there is no help for people in our situation. CalHFA is claiming that a federal tax law prohibits them from restructuring or modifying my loan to a non-owner occupied status. I have written to the governor, my congressperson, three senators, the president, and the US secretary of housing. However, I cannot seem to get any help, and no one seems to have jurisdiction over CalHFA. I am totally at a loss as to where to turn. What I get from most everyone I have talked to (including CalHFA) is "you probably would be better off to just walk away". With our economy in such a distressed state, I keep wondering why a loan company would rather take a huge loss on a foreclosure than find a way to work with those of us who want to continue to make our mortgage payments. Maybe they don't have to absorb the loss. Maybe they profit more from being able to write off the bad debt instead of making the small amount they do off low interest loans. Would be nice to know.Comment
-
Hi Kaemarie13,
I assume that you also have the silent second loans from CalHFA. How did the subordinate loans reacted when you rented the house and and now that CalHFA is trying to foreclose. Are they trying to accelerate the mortgage to ask you to payoff the loans?
ChrisComment
-
CalHFA told me that it was both loans that fall under the owner-occupied tax law. They gave me 30 days originally to pay off the loans or they would accelerate the notes. I got them to agree to give me 60 days. They also told me that I had the following options: move back in (great option for a new marriage!), sell the property (owe approx. 25,000 more than what house is worth), short sale, deed in lieu of foreclosure, or foreclosure. I opted for short sale, but was then told that, because I am not behind in my payments, short sale is not a option. I then chose deed in lieu of foreclosure. Again, I was told that I did not qualify because I am current with my payments (stupid me - too responsible!). I'm now officially in foreclosure. Still trying to get some government official to listen to me, but not having a lot of luck.Comment
-
to kaemarie13
We bought or first house with Calhfa 6 years ago. We decided to move to a bigger house due to our three kids (we needed a bigger place). They gave us permission to rent it out for one year and that was two years ago. Now they let us rent it out one more year without a problem.
Now that I read all your posts, I'm afraid that one day they are gonna foreclosure our house just because they want to.Comment
Comment