well, ive been OTP with Countrwide a lot. we started this process a few months ago. and they've told me this.
"we will not foreclose on you" instead they will do the following in order and it was good that i started the dialog a while ago... 1. list it, try to sell it (i started this back in Nov.) 2. short sell (basically agree on a lesser price and if i can find a buyer who will buy it for that they will take that and say goodbye) and thanks to the one thing Shrub has done, his new fix for the mrtg crisis one of the stipulations said that the difference is no longer (for like 3 more years) shown as income... as it used to be that the diff in a short sell and actual loan value was shown as income :( bad bad bad. 3. if no sell, we will do a deed in lieu of foreclosure (kinda like a foreclosure but not, really, not as bad on credit as fc) but they said i have months before that even starts, and they havent even started that. in fact im still in their "Workout Process" which bought me even more time. fc takes a LOAD of money, and time, and they'd rather just transfer the deed than do a FC. tw On 1/28/08, Crow T. Robot <[EMAIL PROTECTED]> wrote: > So...are you letting the house just lapse into bankruptcy? Wondering how > you are able to not pay off a mortgage... > > On Jan 28, 2008 10:30 AM, Tony <[EMAIL PROTECTED]> wrote: > > > NO DOUBT. > > > > we are saving 1500 each month by not paying that damn mortgage > > cutting our losses, renting and doing our thing starting over... > > > > and no bad juju in the house!!! > > > > :) big ups > > > > On Jan 28, 2008 11:23 AM, J.J. Merrick <[EMAIL PROTECTED]> wrote: > > > yeah you should never become a landlord by default. > > > > > > Good call on the renting. No shame in cutting your losses and starting > > > over. Next time get a 15 year FIXED! :-) > > > > > > -J.J. > > > > > > On 1/28/08, Tony <[EMAIL PROTECTED]> wrote: > > > > > > > at $2500 a month, i couldnt begin to think of renting it. > > > > it would get trashed in months, id have to take care of it > > > > and, well, you know people. they are dirty, they smell > > > > they have bad habits, they fnck sh!it up, and im not down with it. > > > > > > > > its just not a poss. the house is nearly brand new... here is the mls > > > > listing for my house... > > > > > > > > http://www.dpol.com/public/Report_custAllphotos.asp?ml=438889 > > > > > > > > and the lady who owns my New/old house :) is the owner of a local > > > > huge amusement park in Ocean City. its just a house she doesnt > > > > want to get rid of but rents it out to YUPPIES ... which fits us > > perfectly. > > > > not to mention its all hardwood therefore we cannot possibly eff it up > > > > with dogs and stuff... just perfect. > > > > > > > > oHHHH and we have a front porch :) i cant wait for summertime and > > > > storms and late evening breezes... they are soo awesome around here. > > > > > > > > and we have a 2nd floor sunroom :) sooo cool, and perfect for a > > hammock! > > > > > > > > later > > > > > > > > On Jan 28, 2008 10:29 AM, Cameron Childress <[EMAIL PROTECTED]> > > wrote: > > > > > Tony wrote: > > > > > > its totally a victim... they SHOULDA NEVER given me that loan for > > that place. > > > > > > never. > > > > > > > > > > Interesting that you are renting a house now. Alot of people who > > are > > > > > upside-down in their home loans are attempting to rent them out to > > > > > people to make the payments and hopefully wait out the market dip. > > It > > > > > would be ironic if you were renting from someone in that situation. > > > > > > > > > > -Cameron > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:252175 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
