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    Buy and Bail in California

    Well my saga has finally come to an end. Stretching out the home until the my first interest only period expired seems to have made a huge difference. I am glad I stayed current and rented out the home for several years even though I probably would have made more $$ just stop paying everything...
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    Following Strategy Need Advice!!

    The threat to FC could be a threat or bluff on their part. Or I have seen some people post that the collector/lendor just has bad information about the value of the home. Though this is rare, if they truly believe the home has enough equity to cover the amounts owed and FC costs they will move...
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    Buy and Bail in California

    Anyone have suggestions on how to get Chase to consider/approve a short sale without submitting a financial package? I am in California, its a first mortgage so there is really nothing they can do other than FC or SS. Its non-recourse so they cannot try to collect the deficiency. Maybe its worth...
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    Buy and Bail in California

    Because it's been a while since any updates, a brief recap of my situation, bought Calif home in 2007 with interest only 30 year and it's been underwater ever since. Purchase a new home in 2013, moved and rented out the 2007 home. Continued to pay IO first while renting, however, IO period has...
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    Citimortgage 2nd Chargeoff

    Your options really haven't changed. Charged off is only an accounting treatment by the lender basically admitting the debt is not collectible and can no longer be represented on their financial statements as an asset or performing loan. Its likely at this point that the lender may sell it off...
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    Chase Negotiated My Heloc

    If you can afford the 20% and the home has equity or will have equity soon then it might be worth doing. I would get everything in writing first. Is the first current? What state is the home located?
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    Mortgage Increase Advice!

    From what I can tell your "mortgage payment" is not the part that went. Mortgage principal and interest hasn't changed... they recalculated the escrow payment based on actual property tax payments. This happens every year when they do the analysis on escrow accounts and your payment can go up or...
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    Second Settlement?

    Did you mention where the home is located, what state?
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    Second Settlement?

    Have you confirmed the value of your home by checking with local real estate agents that know your market? Your original post suggested the current value is a guess. Secondly in what state is the home located?
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    Rtr Offering Settlement - 7 Years Later

    What state was the property located in and have you check the statue of limitations for that state to see if it is even collectible any longer?
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    My Strategic Default in Olympia Washington (1st BOA, 2nd Green Tree)

    I believe the wait period is the same for SS or FC without extenuating circumstances. Did they tell it was longer for a FC?
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    Cash For Keys Unpaid, Who Is Responsible?

    I am not an attorney but whoever the agreement was with is who I would name as defendant. If this party was negotiating on behalf of the entity that acquired the property and wanted you to move out then I would name both as co-defendants. The court will sort out who is responsible. I would send...
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    Cash For Keys Unpaid, Who Is Responsible?

    If you have written contract, I would send them a letter demanding payment per the contract. I would also say in the letter that if they fail to honor the contract you will begin legal process to collect what is owed. Give them a deadline. If they fail to meet that deadline then file a small...
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    Nightmare Lawsuit Regarding 2nd Mortgage

    In what state is the property located?
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    Need Some Clarification Regarding A Charged-off Second.

    Charged off does not mean they wont foreclose. Charged off is an accounting term which essentially means the lender can no longer represent the debt as a performing loan and an asset on its financial statements. No SOL does not really apply because the lien is still in place. In California a...
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    Don't Understand "primary Residency". Help

    If the mortgage is non-recourse and the home is FC'd then you dont need to worry about the mortgage debt forgiveness act since non-recourse debt is considered an exception. https://www.irs.gov/uac/home-foreclosure-and-debt-cancellation
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    Don't Understand "primary Residency". Help

    Has the home been FC? Is the loan recourse or non-recourse? Before the question of primary residence comes into play there are several other things to consider.
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    Don't Understand "primary Residency". Help

    How do you expect primary residence will come into play on your taxes?
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    Dealing With Old 2nd Mortgage

    I would get a valuation in hand and if its in your favor show it to them and then suggest a settlement. You can also bluff a little saying go ahead and FC because you would get nothing and in fact might even lose money since the have to pay the first and all the associated expenses. THEN suggest...
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    Dealing With Old 2nd Mortgage

    I don't think a discharged mortgage in Chapter 7 means the loan is completely gone. But I am not up to speed on BK rules. That said since the loan was part of your BK I dont think its legal for this new company to contact you about collecting on the 2nd. If it were me I would try to confirm...