Mortgage Co. leaving messages every day

[Dannmcg357]

I am going to surrender my home to the morgage company in 30 days when I file chapter 7, I am currently 30 days in arears, I have also rented a house and Im moving out in the next week. In past conversations it has been stated that they do not do forebarence, deed in leu, short sale, only payment in full or the house were the A'holes exact words. Does it make any difference if I call them back or not? What can they do?

[StartingOver08]

The collectors are trying to scare you. They can NOT force you out in 30 days. There is a specific foreclosure process they must go through in order to get the house back. The process depends upon your state's foreclosure statues. Some of the areas are really backed up now.

If you are filing BK in 30 days, why are you moving so soon? You will have lots of time to stay in the house for free to get your savings beefed up after you file and before you have to move. In my case I am still in my surrendered house since my very wise attorney said don't move until the final judgment. It has been since Jan 5 2009 since my discharge and so far, no final judgment in sight. Last pmt made was May 2008.

Don't short change yourself. Don't let the CSR's/collectors push you out the door. Do what is best for YOU.

[Dannmcg357]

I thought as much, but it is not actually collections yet, just the mortgage company. I should mention it is a manufactured home tho I don't see why that would make any difference. Were moving out because we don't want to be looking for something with BK scaring off potential land lords. Just want the whole sorted mess behind me as soon as possible, though I wont live long enough to forget it.

[mummy]

I would strongly recommend you talk to your attorney first before moving. Our attorney advised us that it is no problem at all the rent after a Ch. 7 because you have no debts. As long as you have a job and can prove your income your are a good candidate for renting.

Now they may ask for an additional deposit. I would suggest staying in your home as long as you can to save up an emergency fund. When will you ever have the chance to live rent free for 6 months - a year again?

Our banks have been calling us every hour for months. We just let the machine pick it up and don't answer it.

We have looked at apartments and began packing so that we can move on short notice but I am saving as much as I can before leaving.

Plus for my neighbors' sake I don't want to leave the house empty.

[Dannmcg357]

Thanks. I did consult attorney before renting. They sent me the dreaded NOD, the letter is from the 'Legal Department' woooo! It states 31 days from the post mark of the letter, they also sent something certified mail but I'm not making a special trip to pick it up. I have already moved out because of warranty issues they wont fix, such as leaking plumbing etc (This is a MF home less than 4 yrs old). I know we could stay rent free but we are so happy to be out and getting on with our lives. A fresh start is our goal and we are not getting any younger.

[overspent]

I think you moved out too soon. I am working with my servicer for a loan mod but I already made all preparations and ready for foreclosure. However, I want to stay rent-free as long as I can. In my state, the law says the foreclosure sale takes place no later than 120 days after the NOD is sent and I haven't got the NOD yet. So I have at least 5 months of rent free. Merry Christmas...

[Dannmcg357]

Got the NOI letter the other day:

NOTICE OF ACCELERATION AND DEMAND FOR FULL PAYMENT
This is to advise you that we hereby accelerate the entire principal balance and accrued interest due on your contract. To avoid losing possession of your manufactured home and land, you must pay the total amount indicated below within 7 days from the postmarked date on this notice (1/13/2010)

I am filing Friday, should I just ignore this, or would it do any good/bad to call them and discuss surrendering under the agreement that they do not sue for judgment of deficiency, informing them that if they don’t I will file and they won’t get to anyway? I think what I am trying to do here is outside of the norm for most people, I do not care about staying rent free nor do I want the home. Any ideas/suggestions?
Thanks
One other quick question: is their a standard legal document for promise not to sue/recours?

[Dannmcg357]

Well, I called him and it did not go well. He gave the old 'I'll have to run it by my boss' bit. I hope I haven't screwed myself by indicating I wouldn't file if they promised not to sue for deficiency. At that point he became irritated and the conversation ended. I have a vision of this individual showing up at my 341 and saying 'He's only filing to get out of paying us', which is partly true, but is that fraud/abuse?

[DeadManCrawling]

Not fraud or abuse. And you have nothing to worry about, no need to talk to them further, unless it amuses you.

They have the same mortgage docs you do, and they have their rights. You stop paying, they get the house. Not really to their benefit, but that's all they can do. Since you are filing, they cannot pursue a deficiency anyway, and any 1099 is forgiven under current IRS rules.

Even if you walked into court and said "I do not want to pay them any more and I filed to get rid of the debt," that is perfectly legal.

You are home free. Pun intended

[Dannmcg357]

lol That's funny. Thanks, I feel better now. My conscience is clear now, the greedy bastards would not bend. Now I do what I have too.