If he had settled with the card servicer, he probably would have gotten down to half or less of the outstanding loan balance. I would rather deal with my 2nd mortgage lender for this reason, so that they might settle with ME as opposed to settling with a collections agency who will have 6 years from date of default under AZ law to collect the debt. I have confirmed this time frame with my attorney... Assuming I can settle for something I can afford, I would prefer to do it now, with my lender, and get it quik loans over with. I have a gut feeling they have no clue who owns the note. I will be at the year mark soon and plan on legal action to create a papertrail. You actually have 30 days to move out of the condo after the auction happens.
I do worry though, from an experience a coworker of mine had, though it was with a delinquent credit card, not a 2nd mortgage. If he had settled with the card servicer, he probably would have gotten down to half or less of the outstanding loan balance. I would rather deal with my 2nd mortgage lender for this reason, so that they might settle with ME as opposed to settling with a collections agency who will have 6 years from date of default under AZ law to collect the debt. I have confirmed this time frame with my attorney... Assuming I can settle for something I can afford, I would prefer to do it now, with my lender, and get it over with. I do want to point out that the coworker did just that... First of all, many thanks to tomeason, who I (and many others) have been having conversations on a different thread about dealing with 2nd mortgages. See here for that: I just wanted to report that as of a few days ago, my 2nd lender got much more aggressive with phone calls. Found out my cell number, and called my sister out of state looking for me! I was able to qualify for a loan that did not require any money down (not a VA loan. I was able to qualify for a loan that personalloan did not require any money down (not a VA loan. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I may occasionally be a bit vague about some things as someone already claimed to be a neighbor of mine, though that turned out to be untrue.
I really would prefer not, at this time, to let my neighbors know my plan, mostly because I want to be further along before they copy me LOL! The condo was in a complex which is, shall we say, challenged , and this was even true before personalloan the current economic crisis. There have been times when amenities were closed and locked off due to lack of funds.
She personalloan is disabled and does much better here in warm AZ. I have a unit with a stairway inside, as well as outside. Yesterday I met with an attorney recommended by Kfish and it was great. Of course I got the typical warnings that certain things could happen (i. I could end up being liable for the whole 2nd loan, and I understand that. It would be a bit tough to keep paying that back after a foreclosure but I am told that odds are good for a settlement. I hope my tone in this posting seems somewhat calm and straightforward.... Of course, I will still be a bit nervous until I get the Notice of Trustee sale. I do not plan to try for any type of workout, provide any financials, etc. The good thing about the new credit card regulations is that if my creditors make changes due to my falling credit score, they will not affect my existing balances.
Best of luck to all you out there doing similar things. Hopefully it is a club that will bring you comfort! It sounds like you have thought out your decision well. What is the feeling on what personalloan to do if foreclosure takes too long? I found a couple of instances of this on another thread. I know of a terribly distressed property (that warranted an article in the local newspaper) which has many condos in limbo because the banks know no one will buy, and the HOA fees are super high due to needed assessments. And further related to this: I checked and my loan is owned by Fannie Mae. Does that fact influence whether or not a servicer forecloses on a property sooner rather than later? The less you talk the better, the less financials you provide your bank the better. There is no way to predict (that I know of) how long the bank will take to finish the process. My first two took 7 months (about the fastest they can go per AZ law) and the third one took an entire year. The first two were in an excellent area, on the golf course, and in an established community that had (until we came along!
The third one was payday loans saskatoon in a very nice complex, only a few years old, BUT in a complex filled with foreclosures.
Make sure you keep up on the insurance and HOA fees... Its probably better to live there to keep an eye on the property, but if you cant, so be it. Make sure you keep up on the insurance and HOA fees... Its probably better to live there to keep an eye on the property, but if you cant, so be it.
I think other people have pointed out that trustee sales can be researched online..... I should look to see if there are any pending in my complex I suppose.
Hang in there and try not to get your mind too wrapped up in the unknowns. I did not know what to say, but it would have been fine to just say financials have changes.
I just told them I would not be able to keep the house, it was no longer an asset. Hey Lefty--thanks, I happened to be online when you posted. Just wanted to throw my good wishes in on the pile.
My lender (BoA) no longer calls, I receive nothing in the mail other than my monthly statement with the formatted language that unless brought current... Sent validation letter to collection cash advance dayton ohio agency who was unable to prove the debt and removed themselves from credit report. My lender (BoA) no longer calls, I receive nothing in the mail other than my monthly statement with the formatted language that unless brought current... I wonder if talking to them does help if you WANT the foreclosure to happen? I know both leftyaz and KFish did that, without saying too much other than, My circumstances have changed and I suggest you foreclose ASAP. And as I discussed a bit with KFish, I wonder if ownership of the loan matters....
I know my personalloan first is owned by Fannie Mae, so my servicer (Wells Fargo) will come out quite clean with a foreclosure on my property. Thanks for the well wishes and I hope yours works out soon! Sent validation letter to collection agency who was unable to prove the debt and removed themselves from credit report. I tried to be non-descript about location and anything too personal. There are many entertaining threads, Cactus was the one I read first and what actually lit the fire under me to make my decision. My goal was to write about what was happening with my personalloan situation in hopes of helping others with their decision, because it was a very big deal for me to walk. In lieu of entertainment, I would probably choose privacy.
I think I got my first potential collections call on the 16th, which was quick (I only missed my first payment September 1).
Probably the opportunity to pay over the phone LOL! And today, on the 17th, I got an email reminder to send in my mortgage payment.
LeftyAZ, I think you said in your own thread how the stress comes and goes in waves. I was stressed yesterday because I had an innocent chat with a neighbor in my complex, since he said he started a new job. Suddenly I thought, what if my paperwork goes by him?
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This is a little sooner than I expected the calls, but if that means the whole process moves fast, good B of A is our lender too.
We have no intention of putting ANY more money into the house after 15 months of struggling with various options with B of A even prior to relocation!
Was a very pleasant call, they reminded me they were recording the call and payday loans in mobile al attempting to collect a debt. I said I was not able to do that, and they offered help in the form of an 800 number. I said I was working on options with someone and they said their service was free, and would I please take the number. I did, then they reminded me that I would still get calls and other collections actions while I had a balance due. However, if anyone is checking this out and has some advice, please share.
My 2nd mortgage is recourse here in AZ because I refinanced it and took cash out. Does anyone have experience in trying for a settlement? But it also bothers me to keep paying on a loan for things same day loans no fees which will stay with my condo. I was talking to a couple of people that had mentioned settling with their 2nd mortgages. It was as simple as calling the lender, saying they could not pay and offering to settle for a certain percentage, advising that the property was going to foreclose. The lender put the person on hold, came back and said some percentage that was rather high, and the person counter offered the lender at 5 percent, was put on hold, lender came back and agreed. I have no expertise at all in this but maybe throw these questions out to the forum on another thread? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I completed a deed in lieu last year and the paperwork has been recorded as NOT A TRUE ARMS-LENGTH TRANS DEED IN LIEU OF FORECLOSURE. The comments by me and the materials available at this web payday loans lenders online site are for informational purposes only and not for the purpose of providing legal advice.