CA foreclosure - Ditech & Citi Mortgage - Have questions
Sometimes I hate the mail. Just received a letter from DiTech that they will not modify our loan for several reasons....blah, blah, blah.
At this point my hubby & I have decided to walk away but we need to buy sometime if at all possible, at least until June 2010 but March 2011 would be ideal. Here is our situation.
Discharge Ch 7 – Jan 2009 – Mortgage not Re-affirmed
1st - DiTech - Balance $190,165, Payment $1285 prin & intrst (Inclds taxes)
2nd - Citi Mortgage - $ 66,253, Payment $515 prin & intrst
Est Value - $190K max
Assoc Dues - $254 / month
We live in Southern California, Los Angeles County in a Condo
As you can see we are at barely break-even point on our first and upside down on our second. So would paying the first & not the second buy us the time we need? Someone told me that the second could start foreclosure proceedings but it would not go anywhere until the first lien holder joined in...Does anyone know anything about this?
I have not read much about Ditech or Citi mortgage on the forum so I really don't know how much time we have before we get the big BOOT. Since we are not sure how fast Ditech will move we thought we would stop paying our 2nd and then 4-6 months later stop paying the 1st. In the mean time we were going to continue to pay the assoc dues. Does anyone have thoughts or suggestions on this type of game plan?
I have found that California offers Judicial (not common) & Non-Judicial foreclosure and the process takes approx 120 days...but what does this really mean? I have two places in my complex were both owners walked away. One had an auction day set within 5 months but the other is just sitting vacant for over a year now without any posted notices.
My apologies for the extended thread. Thank you in advance for any suggestions.
At this point my hubby & I have decided to walk away but we need to buy sometime if at all possible, at least until June 2010 but March 2011 would be ideal. Here is our situation. Discharge Ch 7 – Jan 2009 – Mortgage not Re-affirmed
1st - DiTech - Balance $190,165, Payment $1285 prin & intrst (Inclds taxes)
2nd - Citi Mortgage - $ 66,253, Payment $515 prin & intrst
Est Value - $190K max
Assoc Dues - $254 / month
We live in Southern California, Los Angeles County in a Condo
As you can see we are at barely break-even point on our first and upside down on our second. So would paying the first & not the second buy us the time we need? Someone told me that the second could start foreclosure proceedings but it would not go anywhere until the first lien holder joined in...Does anyone know anything about this?
I have not read much about Ditech or Citi mortgage on the forum so I really don't know how much time we have before we get the big BOOT. Since we are not sure how fast Ditech will move we thought we would stop paying our 2nd and then 4-6 months later stop paying the 1st. In the mean time we were going to continue to pay the assoc dues. Does anyone have thoughts or suggestions on this type of game plan?
I have found that California offers Judicial (not common) & Non-Judicial foreclosure and the process takes approx 120 days...but what does this really mean? I have two places in my complex were both owners walked away. One had an auction day set within 5 months but the other is just sitting vacant for over a year now without any posted notices.
My apologies for the extended thread. Thank you in advance for any suggestions.