Received Mod. app from BOA- do I do it?

[eventsdj]

They would have to lower our payment by a WHOLE lot for us to be able to stay,, home worth about $190.000 right now.. and we owe $233.000

But is it worth it just to put off the foreclosure process? I'm assuming it would buy us more time?

Any thoughts?

[ssmdem]

Going through the headache right now, so I'm probably not the best person to ask. It's a stalling technique for me - as we're $80K underwater today - so no way I'm reaffirming this loan when we file.

All my paperwork says that foreclosure proceedings will continue, but they will not schedule a SALE DATE while in the approval process. I'm thinking of just forgetting about it right now. They're going to have to lower my payments a WHOLE BUNCH too -- like IN HALF -- to make it affordable for me. And I really don't want to throw away more money in trial payments when I just don't think it's going to get to a level I can afford it anyway.

[eventsdj]

That is my thought too.. it currently would take 3 of 4 paychecks to cover mortgage.
Our forclosure process is set to start if we don't come up to date on our mortgage on Aug. 5th, but they want the mod. packet back by Aug. 23rd?

Im assuming once foreclosure procedings begin, we have a few months.. but how do you know?

We are in wisconsin with BoA.

SO far all we've received is the notice to cure our loan by Aug. 5th, and a Modification application.

[ssmdem]

You really can't know for sure how long. Everyone around here (attornies, real estate agents, real estate attornies, people going through it themselves) have all said about a year from last payment until the sale. But that's just locally -- gonna vary based on where you're at. That's gonna be April for me - and would REALLY like to make it until August for school districting issues. But don't think I'm gonna be able to push it that far.

[eventsdj]

So.. We are just 4 months in of non-payment.. and I am hoping to get through winter.. that would b nice.

We will hopefully be renting here in the same town, I am so over this homeowner thing right now. Our American dream has turned into a nightmare!

I just have no idea on this whole process. Once proceedings begin.. it could be a month or a year! Ugh.. what a limbo to live in!

Even trying to save for first/last and moving costs is hard right now.

[ssmdem]

I'm ready to move after Christmas - but will stretch it out as far as I can. We've got a rental property that the lease is up on in January. Once she moves, we're stopping payments on that one as well but plan to live in it until they foreclose on that one too. Hoping this one will foreclose about the same time so that there's no overlap, but I'm sure I won't get that lucky. Just don't want that rental property sitting empty and risk the insurance company cancelling us. We'd rather be here than there though, so we'll just stay here until they have the sale. I'm guessing it will be early 2012 before we HAVE to find a rental to live in ourselves, so hoping to have plenty saved up by then. But I hear ya - it's hard to save up the rental deposits and such. Still trying to get the attorney fees saved up right now.

[ssmdem]

I am so over this homeowner thing right now. Our American dream has turned into a nightmare!

I haven't given up on the American dream yet though ) I want to own again -- just don't want to bite off more than we can chew like we did with this one. Never again will I buy a house that requires both of us to be working to pay for -- I need that cushion in case one of us loses a job again, which is what caused this nightmare we're in right now.

[eventsdj]

I agree.. I would like to own a home again.. hopefully in the 2-3 years range. We definately bit off more than we can chew. It dosen't help that our property taxes have done nothing but go up and are $400 a month.

I just remember the "simpler" times when we were most happy, and it was when we were "only" paying $800/mo. rent.

Back when we could actually afford simple things.. like going to the fair.

The job market tanking really effected us.. 5 jobs in 6 years is hard to recover from (and 2 short periods of unemployment!)
Just thankful we have a stable employment now (and health insurance!)

[DeepDooDoo]

Going on 19 Months

We haven't made a payment in 19 months. We're in Florida. Fannie filed suit in November 2009, we responded, and have filed and been turned down for 2 modifications to keep us here longer. BofA, who is the servicer, are actually encouraging us to apply for a 3rd mod. Strange, but we're going to do it to buy more time.