Results 1 to 20 of 20

Thread: Thinking about walking away from my mortgage...need advice...

  1. #1

    Default Thinking about walking away from my mortgage...need advice...

    Minnesota, where the house resides, is a non-recourse state. A HELOC exists which I guess can bring a deficiency judgement. That lien is with a different bank (US Bank) than the primary mortgage (Wells Fargo). Not worried so much about my ability to pay the HELOC off. But the primary mortgage is making me nervous. Bought the house in 2002 at 144K. Mortgage has been worked down to 100K. 2013 says the home value will now be worth 80K. If I drop to 60K in 2014 then I feel I will need to do something.

    I can't do HARP 2.0 because I used HARP 1.0 which only reduced me from 6.25% to 5.625%, not even a whole point. I can't refinance because of equity reasons obviously.

    I can't do HAMP because I try to be a good person and make my payments. I've never missed one. Really fucking annoyed at how this debt system works.

    Short sale I hear might be an option but I don't really understand how that works? I really just want to hand over the keys and be free from this shitty mess if things get any worse...
    Last edited by muh_roads; 11-05-2012 at 10:42 AM.



  2. Remove this section of ads by registering.
  3. #2

    Default

    Quote Originally Posted by Paladin69 View Post
    Short sale I hear might be an option but I don't really understand how that works? I really just want to hand over the keys and be free from this shitty mess if things get any worse...
    You will most likely need the permission of the mortgage holder to do a short sell, and they probably won't go for it unless you've been deliquent for awhile... and they are looking to cut their losses.
    bankruptcy is another route to consider also if you find you are holding more debt than you can bare.

    You're a backer of
    Lavabit's Dark Mail Initiative


    by Ladar Levison

  4. #3

    Default

    Search "Strategic Foreclosure"

    I would do it in a heartbeat. The bank would kick your butt to the curb in a second if it helped their bottom line! If you can handle the ramifications of a foreclosure, lock it up, move out, and really inform the bank of your intentions.... then just hand them the keys.
    "May the Wings of Liberty never lose a feather..."

    - Jack Burton

  5. #4

    Default

    If you walk away, can you find a similar place to live at a monthly price less than or equal to your current mortgage payment? Give us more information. Are you struggling to pay the mortgage each month? Do you fear you won't be able to in the future? Or is this purely strategic - getting out of an underwater home at a relatively high interest rate?

    If this helps, know that you can get approved for a mortgage 2 years after walking away.

  6. #5

    Default

    Quote Originally Posted by Jordan View Post
    If you walk away, can you find a similar place to live at a monthly price less than or equal to your current mortgage payment? Give us more information. Are you struggling to pay the mortgage each month? Do you fear you won't be able to in the future? Or is this purely strategic - getting out of an underwater home at a relatively high interest rate?

    If this helps, know that you can get approved for a mortgage 2 years after walking away.
    I was laid off in 2009 up in Minnesota and had to take a job in Texas (renting down here). To keep the house I quickly got renters in there...after association fees and other insurance I barely break even. Now it is considered a investment property because of the renters...but that was just so I wouldn't have to lose it. I couldn't afford to pay rent and pay a mortgage at the same time otherwise.

    My desire to get out, at the moment, is purely strategic. If I can't get renters up there then I would definitely be in trouble.

  7. #6

    Default

    I did a short sale on my house last year in Florida.

    I hired an attorney that cost me $1200, and he handled the negotiations.

    We bought our house in 2004 for $175,000, always paid on time, and had a balance left of $156,000. House ended up selling for $125,000, which the bank accepted (finally), and they agreed to waive the deficiency balance.

    It's true that a bank generally won't consider you for a short sale unless you're behind at least 2 payments. We just stopped making payments and sent the bank a hardship letter explaining our situation, which was that we had a career opportunity that we had to accept that required a relocation. From there, we hired a real estate agent who listed the home as a short sale. We got an offer and then played the waiting game. After about 4 months, the bank finally accepted.

    It was tough, and required a patient buyer, repeat faxing of bank statements, paychecks, tax returns etc...but hiring the attorney was well worth it as we didn't have to deal with any type of collection calls.

    I think if you have a reasonable hardship, and a buyer lined up with an offer that is in line with the value, the bank will accept the short sale. I'd try it prior to just turning in the keys.

  8. #7

    Default

    Quote Originally Posted by Guitarzan View Post
    I did a short sale on my house last year in Florida.

    I hired an attorney that cost me $1200, and he handled the negotiations.

    We bought our house in 2004 for $175,000, always paid on time, and had a balance left of $156,000. House ended up selling for $125,000, which the bank accepted (finally), and they agreed to waive the deficiency balance.

    It's true that a bank generally won't consider you for a short sale unless you're behind at least 2 payments. We just stopped making payments and sent the bank a hardship letter explaining our situation, which was that we had a career opportunity that we had to accept that required a relocation. From there, we hired a real estate agent who listed the home as a short sale. We got an offer and then played the waiting game. After about 4 months, the bank finally accepted.

    It was tough, and required a patient buyer, repeat faxing of bank statements, paychecks, tax returns etc...but hiring the attorney was well worth it as we didn't have to deal with any type of collection calls.

    I think if you have a reasonable hardship, and a buyer lined up with an offer that is in line with the value, the bank will accept the short sale. I'd try it prior to just turning in the keys.
    Thanks for the information on your personal situation. What were the taxes like on your short sale?

  9. #8

    Default

    Quote Originally Posted by Paladin69 View Post
    Thanks for the information on your personal situation. What were the taxes like on your short sale?

    Fortunately there are no taxes owed on the deficiency. The Mortgage Forgiveness Debt Relief Act of 2007 allowed for the IRS to waive deficiency balances for short sales and not consider that 'income'.

    Unfortunately, that law changes as of Jan 1, 2013, and you will owe income tax on any deficiency after that date.

  10. #9

  11. #10

    Default

    Quote Originally Posted by Tiger35 View Post
    Can Wells produce the note?
    Ya, there's a chance you could stop paying and keep the house.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

    [SIGPIC][/SIGPIC]

  12. #11
    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of apportionment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  13. #12
    Member Dianne's Avatar
    Join Date
    May 2007
    Location
    United Rapes of America
    Posts
    3,958

    Default

    STOP !!!!! You have no mortgage .... no one has a mortgage. Learn, listen and read !!!

    The mortgage company whom you believe loaned you money, never loaned you money. In most or all, they sold your loan on the New York Stock Exchange in the form of pass through certificates before you signed anything.

    It is all over the news, and even Obama's corrupt administration has sued the mortgage companies over and over and over again for mortgage fraud, fining them billions of dollars; then bailing them out soon thereafter.

    These mafia, aka Fannie Mae, Freddie Mac, Bank of America, Countrywide, Wells Fargo, HSBC, (just to name a few), have sold your signature over and over again, without paying a dime out of their own pocket. Your alleged mortgage was securitized, and pooled with thousands. As long as they have your signature on file, the banksters will continue to sell your note.

    They never paid a dime to fund your alleged loan, however; they continue to resell your signature over and over again. At the same time they collect payments from you, and if you don't pay; they then reap insurance benefits from it..... and then they steal your home via foreclosure through a third party debt collector foreclosure mill... Make the pot sweeter... even after they foreclose and steal the home they have been paid 10, 11 times for; without putting up one dime of their own money .... they continue selling your signature in the stock market after foreclosure..

    I have seen through Bloomberg screenshots, where the mafia aka the U.S. Government and Bank of America fraudulently sell your signature on a promissory note you signed ten, 20 or 30 years ago on Wall Street today.

    Dude, just google the shit... Peeps on this forum must not be paying attention if they don't realize no one in America owns anything. Fraud is King..

    Google Fannie Mae Fraud, Bank of America Fraud, Wells Fargo fraud ... Billions have been awarded for securities fraud, but no one has been placed in jail; thanks to crackhead Obama and his crackhead buddy Eric Holder .

    All foreclosures taking place in America for the past 7 years have been done so by design, fraud, forgery, manipulation, civil conspiracy .

    Besides... Obama has already pledged all U.S. property according to documents filed by the UCC in a Maryland court has pledged all U. S. land and all men with arms and legs to China as collateral for 16 trillion dollars.

    You have no mortgage !!!! Keep that in mind.. Anyone trying to collect a debt from you is a junk debt collector.. The banks sold your note umpteen times without putting out one dime of their own money ... When there is no consideration, there is no contract.
    " This is my last election ... After my election I have more flexibility,."

    ---OB in 2012

  14. #13
    Member Dianne's Avatar
    Join Date
    May 2007
    Location
    United Rapes of America
    Posts
    3,958

    Default

    Forgot to mention, I have not paid a so called mortgage payment for 44 months; and no, I will not pay another mortgage payment again.

    I discovered through a securitzation audit; that Countrywide (now known as Bank of America), never funded my alleged loan with one dime of their own money; and my alleged mortgage was sold on Wall Street one month before I ever signed it... and it was paid in full before I ever closed on it, and it was sold over and over and over again.... 7 times...

    So Countrywide, aka Bank of America took my 303,000 mortgage, selling it 7 times... they made 2,101,000 from my alleged loan (not a dime of their money in this game).

    The Judge will tell you, no one is entitled to a free house... well that includes the banks.. they are not entitled to breech of contract, all the while profiting over and over and over again from the signature you gave them as a "blank check" ... they are not entitled to sell your signature over and over, then get the house too !!!!
    " This is my last election ... After my election I have more flexibility,."

    ---OB in 2012

  15. #14

    Default

    Quote Originally Posted by Dianne View Post
    The Judge will tell you, no one is entitled to a free house... well that includes the banks..
    The question is certainly one of title (entitlement), but not on your part. So that you are not sucked into any judge's lapse from straight jurisprudence, as he delves into his own sensibilities and lay reasoning, is not whether anyone is entitled to any free thing at all. You are not looking for anything free, that is completely off point. Nor are you refusing to pay anyone anything that is rightfully due and owing--as part of any legitimate contract. You are only challenging one particular entity's role as a legitimate party of interest, based strictly on a clear chain of title, with the burden of establishing that chain placed squarely on that party. That's it. The ramifications of that are irrelevant to that question, because the law where chain of title is concerned is abundantly clear.
    Last edited by Steven Douglas; 11-05-2012 at 09:35 PM.

  16. #15

    Default

    Quote Originally Posted by Tiger35 View Post
    Can Wells produce the note?
    This is what I was going to ask.

  17. #16

    Default

    Quote Originally Posted by Dianne View Post
    STOP !!!!! You have no mortgage .... no one has a mortgage. Learn, listen and read !!!

    The mortgage company whom you believe loaned you money, never loaned you money. In most or all, they sold your loan on the New York Stock Exchange in the form of pass through certificates before you signed anything.

    It is all over the news, and even Obama's corrupt administration has sued the mortgage companies over and over and over again for mortgage fraud, fining them billions of dollars; then bailing them out soon thereafter.

    These mafia, aka Fannie Mae, Freddie Mac, Bank of America, Countrywide, Wells Fargo, HSBC, (just to name a few), have sold your signature over and over again, without paying a dime out of their own pocket. Your alleged mortgage was securitized, and pooled with thousands. As long as they have your signature on file, the banksters will continue to sell your note.

    They never paid a dime to fund your alleged loan, however; they continue to resell your signature over and over again. At the same time they collect payments from you, and if you don't pay; they then reap insurance benefits from it..... and then they steal your home via foreclosure through a third party debt collector foreclosure mill... Make the pot sweeter... even after they foreclose and steal the home they have been paid 10, 11 times for; without putting up one dime of their own money .... they continue selling your signature in the stock market after foreclosure..

    I have seen through Bloomberg screenshots, where the mafia aka the U.S. Government and Bank of America fraudulently sell your signature on a promissory note you signed ten, 20 or 30 years ago on Wall Street today.

    Dude, just google the shit... Peeps on this forum must not be paying attention if they don't realize no one in America owns anything. Fraud is King..

    Google Fannie Mae Fraud, Bank of America Fraud, Wells Fargo fraud ... Billions have been awarded for securities fraud, but no one has been placed in jail; thanks to crackhead Obama and his crackhead buddy Eric Holder .

    All foreclosures taking place in America for the past 7 years have been done so by design, fraud, forgery, manipulation, civil conspiracy .

    Besides... Obama has already pledged all U.S. property according to documents filed by the UCC in a Maryland court has pledged all U. S. land and all men with arms and legs to China as collateral for 16 trillion dollars.

    You have no mortgage !!!! Keep that in mind.. Anyone trying to collect a debt from you is a junk debt collector.. The banks sold your note umpteen times without putting out one dime of their own money ... When there is no consideration, there is no contract.
    Thanks for sharing.
    "Life, Liberty and the pursuit of Happiness"

  18. #17
    Member John F Kennedy III's Avatar
    Join Date
    Sep 2011
    Location
    Portland, OR (FEMA Region X)
    Posts
    11,247

    Default

    Quote Originally Posted by Jordan View Post
    If you walk away, can you find a similar place to live at a monthly price less than or equal to your current mortgage payment? Give us more information. Are you struggling to pay the mortgage each month? Do you fear you won't be able to in the future? Or is this purely strategic - getting out of an underwater home at a relatively high interest rate?

    If this helps, know that you can get approved for a mortgage 2 years after walking away.
    Since when? Is it not counted as a foreclosure? I thought it was 5 or 7 years.
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
    UN Agenda 21 Explained

    The Single Most Important Documentary I've Ever Found

    Robert Downey Jr will learn you how to pimp. If you ever need to know.

    How the GOP stole the nomination

  19. #18
    Member opal's Avatar
    Join Date
    Feb 2008
    Location
    The Redneck Riveara, Florida panhandle
    Posts
    2,292
    Blog Entries
    1

    Default

    How did I miss this thread????

    We are currently in mortgage hell too and have been contemplating a land trust thing that makes the hairs on my neck stand up - if to only enlist the services of a trustee lawyer.
    We don't want to give up the property (have ducks..chickens.. guinea birds) and hubby has surgery coming up in a couple weeks.
    We have not been able to find out where the actual note is on our property (in over a year) either.. have been offered (by the *loan servicing company.. aka loan sharks, not even the mortgage company. a modification that bumped our principal by almost 30K AND started the 30 years over (we did not sign that piece of shit)

    Please continue.. I'm hoping to learn more
    Disclaimer: any post made after midnight and before 8AM is made before the coffee dip stick has come up to optomim level - expect some level of silliness,

    The problems we face today exist because the people who work for a living are out numbered by those who vote for a living !!!!!!!

  20. #19

    Default

    I agree - have them produce the mortgage note and underwritten contract. If they cannot, unleash a hellstorm (heavenstorm...).

    The forces of good are strengthening and if you dig deep and persist, justice will prevail.
    "Like an army falling, one by one by one" - Linkin Park

  21. #20

    Default

    Figure how structurally / mechanically sound the structure is, into your equation. Consider what other debt load you could dump at the same time. Try to fathom what life will be like for a decade with ZERO credit.
    It does not require a majority to prevail, but rather an irate, tireless minority keen
    to set brush fires in peoples minds! Revolution is Action upon Revelation!

    The small green parakeet, Tito, was flung helplessly from the cage, landing on the floor. When a girl screamed, the officer sneerd:
    "F*** THE BIRD !!!"
    ...and stomped on it with his jackboot. READ MORE: http://www.policestateusa.com/2013/n...lugo-parakeet/






« Previous Thread | Next Thread »


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •