Haha, thanks! Yes, been thinking of some words that would fit WF...any ideas (that we could print here.....)? 
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Wells Fargo=We FU...ahhh, just fill in the blanks...Yes, would have been nice to keep the place..I tried, boy did I try..but after a thousand NO's, I gave up. HAMP, MHA, etc. was all a joke for me...a bad one at that.Comment
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Oh man!! Good one!! I had to laugh, since I've never worked so hard in recent years to try to get a refi and/or modification 6x! And I consider myself smart (now since this mess happened), but still couldn't come up with something as good as what you did for WF! Amen....thanks bulletproof.
>>>>>>.I tried, boy did I try<<<
Gotcha, I know what you mean, did that too....been there, done that too, got the T-shirt. Yes, bad joke, what else is left after they took the skin off of us? Scumbags, hope I'm allowed to say that....
one way I look at it, since they took every penny I had, there's only one way, and that's straight UP, and I hope they burn in hell. I've still got some good years and not one more of my dime will they get. Bulletproof, you're a man after my own heart...stay well!! Straight ahead!Comment
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We're just about done with our Chapter 7 - Trustee demanded some $$ to keep an asset that we will sell ourselves. We had planned on staying in our house - but now I am thinking we're being stupid.....
1st Mortgage with Chase is $100K higher than value ($520K note, $420K value maybe). 2nd note is $110K. Even worse, 1st is interest only, balloon due in 7 years (we're 3 years into 10 year period). So if I am seeing this right, we're paying $2600 a month to Chase in "rent", hoping that the value of the home (San Bernardino County) will be at $650K in 7 years so we can get an 80% LTV note....? Plus $1200 to the 2nd.....? We can afford to pay this - but $3800 a month is a TON to throw away if we're gonna be hosed again in 7 years!
We have paid the 1st and 2nd throughout the BK process, but since discharge seems only a few weeks away, I am seriously considering 9/1 as my last payments, with the plan to move to a rental when we have to (as short as 6 months, as long as ?).
Emotional attachment to the house is probably why we didn't consider this before (I asked my lawyer why we weren't raffirming the mortgages and he laughed at me.....). What am I missing besides 1. I love my house and 2. I hate the term forclosure?Comment
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Sounds like you do have a lot of your living in this house, maybe there quite a few years, and that's hard to give up. It was almost that way with my townhome, a nice place in a nice neighborhood, but climbing the stairs now here (the style could be different of 2-level home) is a not good, and it's time I moved on to a better life without all the expense since piracy is still eating up part of my income (royalty income loss).
It's a tough thing to do to think about just walking away from a nice place "your home" being a good roof over your head, but more than that a "home" with memories, as it sounds like in your case. But....you have to look at it from all angles. Forget term "foreclosure", go for a short-sale, and if bank wants foreclosure so be it, everyone is going through that it seems. Terms don't mean the same anymore like they once were words of "shame", to heck with that! The shame is the illegal uses of greed that banks, espec, the bigger ones have over all of us! You're stuck with what sounds like a predator style loan too. Not right. Take what money you can and go is my motto, and you can save on something even better in the future.
You're lucky your attny is watching out for you.....you have choices now! It's time to plan, to kind of have a cold eye to it all, and let the business side of you make this choice and planning *ahead* is critical without the sentimentality. If you live in a nice area, then values probably will come back up a little bit (maybe), but it's important to know "do you anticipate value to come back to where your income won't take a hit on the cost of your home?
Outgo vs. income should be a huge consideration, life changes (children growing up etc. or even planning on the unexpected, illness, or accident or ?) could dictate to you what to really be cautious of too if you spend too much for a house, it's not worth it then at all. And it's time to act, you're not getting any younger, and that's a factor too. You CAN act now, you're free because of your bk! You recover very quickly, much quicker than I ever dreamed, but there again I paid all my bills on time, paid up most of my credit cards, just had one (bought AC for this place using it) go in bk...most of my bk consisted of my 2 mortgages. Hallelujah they're GONE!!
I.E. my first credit card post-bk (and I'm not totally discharged yet!) was a slam-dunk, my Fico? Down 30 points with bk, and climbed back up in 1 month! And I expect it to go a lot higher soon, ratio of debt-to-income is Zero, and will be making payments on my new credit card, and car payments surviving bk etc.....so I'm on my way UP UP UP, and anticipate being able to buy another place in 1 year, maybe sooner if I like, and certainly in 2 years while leasing a nice place in the meantime. That's as good as it gets, while shedding 1/2 mill. in debt easily. Aside from moving, I'm an extremely happy camper.
Once I filled out the horrendous bk paperwork which you know about, the rest is EASY! You're in a great position, don't make a mistake now, in wishing a "future" that might not be like you hoped it would be....yet, your area could be good, and if your home means that much to you etc..after weighing your options, it's a huge choice, OK -- just be careful, don't toss an opportunity away since you've come this far. Money sometimes is hard to come by. Good luck.Last edited by DumbMe; 08-29-2010, 07:34 PM.Comment
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Thanks again everybody.
Bulletproof, based on your response about NO evictions...am I right in understanding that once the sale occurs (which in our case is on Friday! egad) and someone comes to check on the property with us still there, we will be then served the Notice of Eviction? Or is that not until after the 3-day Notice To Quit (do we do that here?).
How long usually after the Trustees Sale Date does someone come to reclaim the property? Immediately? 24hrs? Business hours/weekends?
Thank you everybody.Comment
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No, it usually does not occur immediately after trust sale. The bank will send someone to see if someone is in the property, at that point you can try for "cash for keys"..Ive seen people here in San Bernardino County take up to a month to vacate. On another note, as one of the hardest hit areas in the country for foreclosures, if you are counting on values in this area to rise, it just ain't gonna happen. Home prices continue their downward slide here. Sentimentality is nice (I lived in my house 26 years), but sometimes you have to look past the emotion and do what's best for you and yours..I'd bet even money that when it is time for your balloon, you will not be able to get a new loan.Originally posted by confident View PostComment
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Originally posted by bulletproof77 View Post
Yes. Thank you Bulletproof. This is a bit of relief. We're definitely packing and moving most of our items to storage by Friday, but are at a loss as to what to expect. That someone who comes, he will give us "notice"? Before serving us an issue for eviction?
I can see why it would be best for all if we were out by then anyway. Just that the probability of us being cleanly out this week is, well, low. But we're trying.Comment
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Ladies and Gentlemen, I found this link helpful:
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Thanks for your link. Just remember, each bank is slightly different in their time-line but are supposed to comply with state law overall (?), I wonder if they really do, having spoken with many who went through foreclosures, on many different timelines.
With banks, imo from what I've seen and researched, it usually depends upon how much equity is left in your home, how deeply you're underwater, your area where you live, are homes selling fast or slow there, and if they're afraid you might destroy the property out of anger, all those things I'm sure are taken into consideration.
For a long time, WF let foreclosures slide, allowing people to stay in their homes rent-free as did a few other banks up to 2 years rent-free with the shadow inventory. But lately experts are saying now that WF is moving "fast" to foreclose. For myself, having dealt with WF and their wayward systems, where their left hand doesn't know what their right is doing, and their empty lying promises, I sure wouldn't believe what anyone from the bank says personally.
Even about "cash for keys" and surely question any "modification" they offer - I wouldn't count on "cash for keys" as much as "a deal in buying desert land right now." Banks say anything in the press, to "look good" imo. The only one I know about who got a decent modification was their bank employee.
Be careful what you sign, espec. after BK. It might be a good idea to run anything by your attny first. I'd act on the side of caution if I were you, save yourself from any more grief. Let the banks have grief, not you, don't trust them.Last edited by DumbMe; 08-30-2010, 12:45 PM.Comment
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Thank you DumbMe. I found this other link which was more hopeful, but in perspective, you are right, it depends on the bank and individual circumstances. Like our BK lawyer said, two identical cases can have two very different ends. I'm trying to figure the rock bottom scenario and, specifically, how safe should we feel about this weekend (given the sale date is on Friday).
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So sorry, didn't understand the urgency, I totally agree, first things first. Good luck to YOU!!Comment
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Oh my goodness: I just checked recontrust.com for our sale date (originally set for September 3) - it now shows our sale date is September 17....
Is it time to rejoice? Should I expect it might be moved back to original date - this Friday?
Time is all I ask for. This weekend, especially.
All experiences and feedback welcome.Last edited by confident; 08-30-2010, 04:32 PM.Comment
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Wonderful news!! Sounds good if it's true (Pacer? If it's on Pacer it must be true), sure hope so for your sake! Break a leg!Comment
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Thanks
I'm going to call our BK atty and see what he thinks about that. Now just trying to find out if it's just as easily moved back as it was moved forward...crossing my fingers that it doesn't work that way!
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