Seeking Advice, if any....

[laurannm]

Both our mortgages were discharged in a BK7 back in 2008, and after becoming significantly underwater, we stopped paying our first (citimortgage) in May of 2012 (we stopped paying our 2nd 2 years ago). In Aug I received a job promotion which required a relo to TN, so we vacated the house and attempted to do a short sales (with the goal being getting our name off the house as quickly as possible, even though I know the banks have no recourse on the deficiency).

We had a P&S signed in Oct and our realtor began the long process of getting approval from our banks. Fast forward to today, and the buyer terminated the P&S as they can no longer wait for the short sale process to finish. So now the house will be relisted...very frustrating. According to our realtor, the 2nd mortgage was being extremely difficult (which blows my mind since in a foreclosure they would get zero, we are about $120k underwater)

Our goal (as is with many people in the same situation) is to get our name off the title as quickly as possible. Any advice on strategy? The house has mold in the attic (non-toxic) and I'm afraid we won't get lucky again and find someone who is willing to overlook the mold. I've read some articles about some people signed a deed conveying the data back to the lender. I'm just pretty frustrated as eventually we want to become home owners again but until the house is gone, that won't happen

Thanks!

[Drazil65]

We were able to do a short sale successfully last year as we left it up to the bank to either approve the short sale or start foreclosure. We were discharged and had stopped making payments. They found a few things in the inspection they wanted done but we refused and once again left it up to the bank to deal with doing it or move on to foreclosure. They finally signed off on it I guess figuring it was better than the big fat nothing they would get in foreclosure? Anyway, we just kept leaving it up to them and saying we will not do anything so your decision, they took the offer. The banks are still trying to be those powers that rule this country, they do everything on their own time. Luckily our bank could see that the offer was decent and they really had no choice if they wanted some of their money back. It's a tough call. Good Luck!