Short Sales

L

lkrbrady1

New Member
Seriously considering a short sale to avoid foreclosure. If you've been involved in one recently, please share your experiences. Pros and cons. TYVM
 
C

czygvtwkr

Guest
I use to work with a guy that went two years without paying his mortgage just to see how long it would take for them to throw him out.

He knew he couldn't pay the mortgage so didnt want to waste any more money trying. I couldn't believe he lived there so long for free.
 
P

Patch Tuesday

Guest
czygvtwkr said:
I use to work with a guy that went two years without paying his mortgage just to see how long it would take for them to throw him out.

He knew he couldn't pay the mortgage so didnt want to waste any more money trying. I couldn't believe he lived there so long for free.
Click to expand...

There's a brand new twist to that now. Being that all these loans have been rolled up into CDO's (collateralized Debt Obligations) and sold to investors all over the world, homeowners are now mounting legal challenges against the financial institutions foreclosing to actually prove they own the loan.

And, they are winning the challenges, because the investors don't have the paperwork straight and judges are tossing out the foreclosure cases...

:yahoo:
 
P

Patch Tuesday

Guest
Patch Tuesday said:
There's a brand new twist to that now. Being that all these loans have been rolled up into CDO's (collateralized Debt Obligations) and sold to investors all over the world, homeowners are now mounting legal challenges against the financial institutions foreclosing to actually prove they own the loan.

And, they are winning the challenges, because the investors don't have the paperwork straight and judges are tossing out the foreclosure cases...

:yahoo:
Click to expand...

Here you go...

"NEW YORK (Associated Press) - A financial company serving as a trustee for securitized mortgages has been rebuffed in its attempt to foreclose on 14 homes. A federal court judge ruled the company didn't provide clear proof of mortgage ownership, questioning a practice that usually goes unchallenged."

"U.S. District Court Judge Christopher A. Boyko's decision on Oct. 31 in a foreclosure case brought by Los Angeles-based trustee Deutsche Bank National Trust Co. places more responsibilities on players in the secondary mortgage market, where investors acquire and pool mortgages for the investment return."

Court Challenges Trust on Foreclosures

:popcorn:
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
lkrbrady1 said:
Hubby's been out of work for most of the year. With just my income, robbing Peter to pay Paul has become almost impossible.
Click to expand...

Have you contacted your mortgage company to see if they'll work with you? They don't want a foreclosure anymore than you do, especially with this market. They may be able to swing you a deal.
 
nobody really

nobody really

I need a nap
vraiblonde said:
Have you contacted your mortgage company to see if they'll work with you? They don't want a foreclosure anymore than you do, especially with this market. They may be able to swing you a deal.
Click to expand...

I agree - I was unemployed briefly and missed two mortgage payments - they started the foreclosure process so fast it made my head spin. A broker friend of mine said call the mortgage company, give them your reason, and they will work with you. I had previous good credit with them, and they stopped the foreclosure - this was on a wednesday and my house was being auctioned on that monday - all they did was roll the legal fees (since it already went to a lawyer) into the mortgage, and my interest went from 5.2% to 5.6%. They do not want your house, and for the most part they have some compassion for peoples plight. its not like you have a major crack habit, you may have to prove your husband is unemployed. good luck!
 
onebdzee

onebdzee

off the shelf
If my mortage is due this Saturday and I haven't received the "payment invoice coupon" in the mail....do I have to pay my mortage this month or can I just wait till it comes? :eyebrow:

Oh....I agree with Auntie Vrai, call your mortage company
 
P

Patch Tuesday

Guest
lkrbrady1 said:
Seriously considering a short sale to avoid foreclosure. If you've been involved in one recently, please share your experiences. Pros and cons. TYVM
Click to expand...

Of course, you do have to ask yourself the "Cramer" question...

Cramer: No really, dump your house

If the house is now worth substantially less than you paid for it, then sometimes walking away and mailing the keys back is the best answer...

:whistle:
 
P

Pandora

New Member
vraiblonde said:
Have you contacted your mortgage company to see if they'll work with you? They don't want a foreclosure anymore than you do, especially with this market. They may be able to swing you a deal.
Click to expand...



I always thought that was a good answer but I recently watched a documentary titled "Maxed Out" and was taken back on how these creditors don't want to work with people. They really do not care. I have heard that they don't but always thought that was just another excuse to toss out there for how bad their life sucks.

OBZ,

I would suggest making copies of your invoices on all your bills, mark when they are due. One of the tricks these creditors do is wait until the last damn minute to send you your 'coupon/bill' and then rack up the late fees. Banks make money on the late fees charges, more so than the interest they charge.
This is a common trick they use with 'no interest' payments. They send the bill at the last possible moment and somewhere in all that legal jargon it says, pay it late, and the standard interest rate (like 20 sum percent) applies.
 
onebdzee

onebdzee

off the shelf
Pandora said:
OBZ,

I would suggest making copies of your invoices on all your bills, mark when they are due. One of the tricks these creditors do is wait until the last damn minute to send you your 'coupon/bill' and then rack up the late fees. Banks make money on the late fees charges, more so than the interest they charge.
This is a common trick they use with 'no interest' payments. They send the bill at the last possible moment and somewhere in all that legal jargon it says, pay it late, and the standard interest rate (like 20 sum percent) applies.
Click to expand...


I always pay it online....I write the confirmation number in my checkbook

I paid next months mortage over a week ago :lmao:
 
P

Pandora

New Member
onebdzee said:
I always pay it online....I write the confirmation number in my checkbook

I paid next months mortage over a week ago :lmao:
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:high5: You got that right!

They are so not going to kick my behind over fricken fees.

These creditors commonly take these people to court and they end up with an additional $2.00 for every $1.00 they put on credit, therefore increasing the debt.

I would certainly try to negotiate with creditors if there was ever a reason. I think in some instances it would depend on who the hell the creditor is and how good their customer service is. Right now, they just might be more willing than ever with the housing market as bad as it is. The house across the street from me has NOT sold, bank still owns it after it was foreclosed and, well, they could be stuck with it for a long time. I think part of that reason is it is on a crappy lot.
 
somdrenter

somdrenter

Sorry, I'm not Patch...
You Could try something like......

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PostingID: 491076954

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