New Questions about walking away from house.

[tobee43]

Damn, sorry to hear that...

.

o no..never...never happened to me...i have LEARNED....lol!! after about a year we gave up and left our home of 33 years.

but the sad fact is i have heard it happen to many many people....or they are in those terrible chapter 13's and loss their jobs...or can't get the mods..etc.

[neverlearn]

or how about getting loan mod AFTER you go chapter or during your chapter 7....only to lose your job 3 months later ....scary stuff

Damn, sorry to hear that...

[tobee43]

Wow. We had a similar experience with CitiMortgage, we eventually gave up and just moved out. But at least we didn't end up with a modification that made our payment higher! If you haven't already, you should go tell your story at Shame the Banks.org.

or how about getting loan mod AFTER you go chapter or during your chapter 7....only to lose your job 3 months later ....scary stuff

[neverlearn]

Wow. We had a similar experience with CitiMortgage, we eventually gave up and just moved out. But at least we didn't end up with a modification that made our payment higher! If you haven't already, you should go tell your story at Shame the Banks.org.

Well in the end the payment now has the taxes in escrow. So before the mod we were paying $2275.75 I/O 3/1 ARM @ 6.375% on the first loan, and $864.80 15/30 @ 9.1% on the second loan. this before taxes and ins. With taxes and ins it was costing us $3800.00 just keep the keys. So after the mod we are now $3200.20 with taxes @ 6.375% and like I said the second is charged off.

So when the BK gets done we will have wiped out 108K from the original 535K loan. Here in CA the prices of homes will make you sick to your stomach even now in this crummy economy. Values are still way over priced.

This is what you get when you go with a 80/20 and not a dollar down, I deserve it, you know "if it wasn't for bad luck I wouldn't have any luck at all".

This will be my second time at bat on a BK the first was done in '93...

[researchnerd]

chase was terrible to deal with, you could call one cubicle and get an question aswered then hang up. Call back and get the next cubicle and that person would tell you a different answer to the same question. It was so frustrating you had to do nothing but laugh.

Wow. We had a similar experience with CitiMortgage, we eventually gave up and just moved out. But at least we didn't end up with a modification that made our payment higher! If you haven't already, you should go tell your story at Shame the Banks.org.

[neverlearn]

it was well over a year with them for us with the loan mod and NO ANSWERS....and while we were in loan mod they served us with foreclosure!!!

we called up the loan officer and he says...o...they weren't suppose to do that...duhhhhhh.....well it gave us 30 days to answer or get out....we got out after 33 years...

although our atty said lock it and leave it...i couldn't do that it's not in our make up. so i both called and emailed this loan officer and he was sooooooo pissed off at us for leaving and why didn't i call him blah blah blah....

i'm like look here....if one hand doesn't know what the other hand of your bank is doing that's not our fault...and why didn't i call you...ASS...it was a summons....so i called an atty...and by the way the summons was from U!!!

they were absolutely terrible, although the loan officer was good, but his hands were tied up in the red tape. it was at the "beginning" stages of the loan mod craze and although the newspapers headlines everyday about how great these wonderful NEW programs are in place to help...we knew NO ONE that got one...ever..you're the first i heard...LOL!!! and it's been now over 2 years...

chase was terrible to deal with, you could call one cubicle and get an question aswered then hang up. Call back and get the next cubicle and that person would tell you a different answer to the same question. It was so frustrating you had to do nothing but laugh.

It was like living in the movie Groundhog Day making calls to them. Finally I just gave up, cancelled the land line. 8 months later they put me on a trial plan for four payments on the first loan at $800.00 below the original loan payment. I made four payments as agreed then waited. Three months after the last trial payment they sent me perm mod for $600.00 more than the trial payments. But at least now it's a fixed rate and no more I/O ARM that could adjust 2% per year.

They charged off the second loan of a 108K 6 months after the last payment. The CA tried to deal with me but I sent them a letter telling them to prove they own the loan and that it is really my loan. That was this past Feb and I heard nothing yet.

When I talk to BK atty here this month that is one thing I need to bring up, this CA could have a lein so I may have to go 13 to strip it then go 7. The lein means nothing since the first is still underwater but they can lein for up to 25 years...

[tobee43]

I have to say that after going through 14 months of pure hell getting a loan mod with chase. They charged off the second mortgage to a CA and then getting a permanent mod $600.00 more per month than the original loan, was not fun.

Just having your name on a mortgage statement and being a glorified renter of the banks property and still being underwater is not the American dream.

As long as you have a roof over your head any place you live you can call your home.

When I am ready to file BK I will not reaffirm with chase...

it was well over a year with them for us with the loan mod and NO ANSWERS....and while we were in loan mod they served us with foreclosure!!!

we called up the loan officer and he says...o...they weren't suppose to do that...duhhhhhh.....well it gave us 30 days to answer or get out....we got out after 33 years...

although our atty said lock it and leave it...i couldn't do that it's not in our make up. so i both called and emailed this loan officer and he was sooooooo pissed off at us for leaving and why didn't i call him blah blah blah....

i'm like look here....if one hand doesn't know what the other hand of your bank is doing that's not our fault...and why didn't i call you...ASS...it was a summons....so i called an atty...and by the way the summons was from U!!!

they were absolutely terrible, although the loan officer was good, but his hands were tied up in the red tape. it was at the "beginning" stages of the loan mod craze and although the newspapers headlines everyday about how great these wonderful NEW programs are in place to help...we knew NO ONE that got one...ever..you're the first i heard...LOL!!! and it's been now over 2 years...

[neverlearn]

I have to say that after going through 14 months of pure hell getting a loan mod with chase. They charged off the second mortgage to a CA and then getting a permanent mod $600.00 more per month than the original loan, was not fun.

Just having your name on a mortgage statement and being a glorified renter of the banks property and still being underwater is not the American dream.

As long as you have a roof over your head any place you live you can call your home.

When I am ready to file BK I will not reaffirm with chase...

[tobee43]

Thanks!

So what if something happens and we can't pay the mortgage after the BK? Do we owe the balance? Or just walk away when they kick us out?

if the mortgage is listed and discharged on the 7 and there is no distribution of assets ordered....then NO...you have no financial resposibility at all to the bank for the balance of the mortgage. and..........we could have stayed another 2 years without paying a dime...they, the bank, STILL has not forclosured or had a sheriffs sale as yet... so you can stay and just save money as long as possible..

however, the deed .....NOT the title still remains in your name or you and your spouse...so it will not have clear title until your names are removed which happens either with a warranty deed and a release...or a transfer once the actual sale takes place...since the bank cannot resell the house without a clear title.

[ccsjoe]

You walk away when they kick you out. Here's how it normally goes: You stop paying, they will eventually move to foreclose via sheriff's sale or public auction (depending on which state you're in) or they will ask you to execute a deed in lieu. If you start asserting your rights to them, nicely, and the economy is still as messed up, you might be able to negotiate C4K (cash for keys) to surrender the house without destroying it. When will this happen? You've read as much as I have about how quick or sloww banks are moving to foreclose, some take months/years, other take weeks.

[Freddy03]

Item 2 is title to the house. The discharging of the loan does not alter title by itself. It merely takes away the mortgage company's ability to collect on the loan against you. There is still a lien on your house and your name on the deed.

Thanks!

So what if something happens and we can't pay the mortgage after the BK? Do we owe the balance? Or just walk away when they kick us out?

[ccsjoe]

ok I'm confused (nothing new) I have def decided NOT to re-affirm the house. We planned on staying just keep making the mortgage payments.

So what happens after the house is paid off in 30 years is it ours?

What happens if the housing market does (miraculously) picks up in a few years and we could sell it?

Is it ours to sell?

What happens if we can't keep up with the payments after BK?

Thanks

Freddy, you need to think of this as two separate items. Item 1 is the mortgage, which is a loan that you may seek to discharge.

Item 2 is title to the house. The discharging of the loan does not alter title by itself. It merely takes away the mortgage company's ability to collect on the loan against you. There is still a lien on your house and your name on the deed.

Yes, if you finish paying it off, the title will be cleared and be all yours.

I know it may be confusing, it is to me, but mortgage and title are two separate animals.

Hope this helps

[Freddy03]

Oh yeah I know all about HOA moving to foreclose. Our first year in we had that happen over $150. Thats when there was a board and management co. Right now there is only a treasuer b/c everyone quit. I have told him about our $$ and have been making small payments here and there to him. I still don't feel right about giving him the money (b/c who knows what he is doing with it).

[Freddy03]

HOw do you mean?

If you do not reaffirm the mortgage - and file ch. 7 then the mortgage gets discharged. Just not the security interest, so you either keep paying or ultimately give the house up.



Regarding the HOA fees, I know fees prior to filing can be discharged - but if you do not decide in advance what your final intention is on the house that can be a problem. As in, if you don't resolve the past due fees the HOA can move to foreclose even if you're not behind on the mortgage. Sounds like your HOA is disorganized, not sure it would happen, but it COULD. If you give up the house though, you'll owe the $300/yr until the title changes hands...

ok I'm confused (nothing new) I have def decided NOT to re-affirm the house. We planned on staying just keep making the mortgage payments.

So what happens after the house is paid off in 30 years is it ours?

What happens if the housing market does (miraculously) picks up in a few years and we could sell it?

Is it ours to sell?

What happens if we can't keep up with the payments after BK?

Thanks

[SMinGA]

HOw do you mean?

If you do not reaffirm the mortgage - and file ch. 7 then the mortgage gets discharged. Just not the security interest, so you either keep paying or ultimately give the house up.

well, i would decide prior to submitting your petition because otherwise the mortgage will not be discharged...

and that is most certainly correct about those HOA fees...and some are very high!

Regarding the HOA fees, I know fees prior to filing can be discharged - but if you do not decide in advance what your final intention is on the house that can be a problem. As in, if you don't resolve the past due fees the HOA can move to foreclose even if you're not behind on the mortgage. Sounds like your HOA is disorganized, not sure it would happen, but it COULD. If you give up the house though, you'll owe the $300/yr until the title changes hands...