Away we go from the Valley Joe...to walk or not to walk...yet.

MsPetiteMN

LoanSafe Member
Feb 7, 2012
93
0
6
Servicers/lenders are required to send a 1099 regardless of the borrower's situation. They are not required to make a determination on the taxabilty of the forgiveness amount. That is for you, a tax atty or an accountant to determine. So they are going to issue one regardless and it is not incorrect that they sent one. They are required to.

I short sold my home. I had three liens forgiven; I got three 1099-Cs. I will complete a form 982 for each one as each of the loans are subject to the MDFRA.

Form 982 is for debt forgiven for loans that are subject to MDFRA...there is no reason to ignore the 1099.
 
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Pejutah

LoanSafe Member
Sep 18, 2011
322
5
18
Bay Area, California
Updates...and cabernet

Good Evening Fellow Loansafers!

I am now almost seven months into this new world...I thought it might be time to check into loansafe, give an update on the process and let folks know how it all is going after the upheaval and swarming forth of the winter months.

Currently, my credit score is 684. I'm kind of amazed by that. I'd hoped it would be higher as I now have NO debt other than the house (and a 40 dollar charge for a new tshirt on jjill credit card....which I put on credit, honestly, just to SEE if it would effect my score one way or the other...it did. It went UP four points. Weird.) On line it shows that wells and bofa are both bad debts, unpaid for a grand many months etc....but it also shows how I have ZERO debt currently, which makes me happy. And realistically, the only reason to take out a loan in the future is to get a car.

I filed my taxes with the help of a tax guru that came via the lawyer I consulted out in Vacaville that Mare Island Walk Away recommended to me prior to ever walking. He was a tough dude, but he was fast, honest, and not outrageous on the pocket book. He had strategies for what might happen if wells fargo ever came back at me with whatever they might in the future. So far....so good. I even got a couple bucks BACK on taxes. Weird again.

There are still boxes stealthily hiding about the new house that, for whatever reason, I just can't muster the energy to unpack....but I have to say, it can wait.

Summer is here...the tomatoes are in, but I'm finding this Solano Clay soil on this hill is way too acidic for my plants. I'm hoping I get SOME kind of garden, coz It's mighty drab out there in bad 70s rock land.

I do have a couple of groovy nesting raptors hanging out in the trees in addition to some neat kestral falcons, and some barn owls. Who knew Vallejo was so bird-y??

In any event...I'm way less stressed right now. I'm sitting in the very boring yard right now, listening to the wind whistle rather "oh Oh Heathcliff!" like through the power lines overhead, and sipping cabernet while periodically scoping out the kestral on the far line through binoculars. It ain't bad, folks.

All in all, although it's destroyed my credit, and I, as I knew I would frankly, miss my old house utterly....this is not a bad neighborhood. I feel safer way up here....and well, it's not that bad altogether.

As hard as all that moving and foreclosure and uncertainty was...it is OVER now. And I'm MUCH, MUCH better for the journey. I'll never let a bank control me like that again. Nope. I'm done.


ANnnnnnnd....I'll never make such stupid choices around home buying again.....

Anyway....I hope all you folks who helped are doing well. Special love to TomEason, Freedomwon, Margaret, and BCBAO.....here's sending you good thoughts from the concrete slab in the yard.:bigsmile:
 

spookicatsocal

LoanSafe Member
Mar 14, 2012
32
0
0
Hi Pejutah,

It's so great to hear your stress level is much improved albeit due to the concrete slab. LOL I've been wondering how you are.
I'm moving into a greta little rental house next week. I still don't even have an NOD but I couldn't wait any longer because I needed to get my kids registered in a new school. I just couldn't worry about pulling them out half way through the year when Wells makes a decision to take this place. I have no idea why some people get an NOD in three months and others in 3 years. Now I will have months of hoping squatters or crack heads don't move into this house while I wait for the end.....but at least my kids and pets will be settled.
I hope you can figure out a way to do something with your soil!!! You deserve a fantastic garden.:bigsmile:
Wishing you all the best........
 

MargaretC

LoanSafe Member
Jan 4, 2010
522
1
18
Bay Area, California
Hi Pejutah - It's nice to hear from you! I'm glad you are doing well. I share your sentiments. The stress has greatly lifted! I don't regret anything one iota!

I just checked my credit score on creditkarma.com and it's 680. I actually expected it to be lower.... lol.

I too wish you the best! Enjoy your summer.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Hi Pejutah

Thanks so much for checking in and letting us know how you are - it's certainly great hearing from you! And you've surely come a long way; we've all learned a lot through our ordeals, LOL. It's good to know you've become accustomed to your new abode, and are living life without the uncertainty and stress of not knowing where your new home will be. You're there and have made it your home. I've missed your humorous missives here. My thoughts are with you and I wish you the very best Pejutah. All my love, Tom
 

Pejutah

LoanSafe Member
Sep 18, 2011
322
5
18
Bay Area, California
Hello LoanSafe people!
I'm just checking back in, as folks who leave seem not to, and I know for myself while going through this process---what is now three years ago!-I really appreciated knowing how things turned out.

Thus far, sadly, my credit score remains at about 690. But, I don't really care.

I do care that I've not heard a peep from any bank about the foreclosure. Not a peep. I know for certain now that it was the right thing to do.
My new place is still a huge mess of a 70s ranch house. BUT I've put in a lot of raised beds to combat the nasty clay soil, I've added some new windows, started working on art in the studio, and am enjoying not schlepping laundry upstairs from the garage like the old place. In spite of the ugly junipers and void-out 70s styling, It's becoming a home.

I don't miss falling down my old house's basement steps periodically. I don't miss the bad wiring or the gunfire in the 'hood. I don't miss the awful, awful plumbing or the rats. I sure don't miss the stress and worry about the house losing value. Vallejo is Vallejo, but different neighborhoods ARE in fact safer than the one I was in. I don't' have as nice of neighbors here, but we do look out for one another, and that's huge. And bonus; My house IS worth more than when I bought it 3 years ago. THAT would never have happened at the other place.

Been going through a lot with aging parents, boyfriend break ups, and pets getting older. I'm gettin' older too…and dang it, I'm single again, which sucks in the bay area….Think I'm going to get a dog. Something nice and wolfy looking that says: Back off intruder! with it's bark. Then put him in my truck and take a very long road trip with him and my tent in search of the elusive something that is out there, whatever that means. Someday soon.

Sooooo….. My current goals are to get this place in shape, get ME in shape mentally and physically, and start looking towards retirement in 8 years. It'll be rough financially, but education is NOT what it used to be and I've become fairly well jaded about it---and I never want to be the teacher who is cranky and hates the job. Just too many kids in ankle bracelets, and too many adults who ought to be!

To anyone out there who is still considering a walk away…it was one of the hardest things I have ever gone through. But I'd do it again in a heartbeat.

I hope all are well out there! I still credit all of the people here with helping me SO enormously through the rigors and flotsam of the dreaded and evil process. It was THE thing that saved me.

Best,
Pejutah
 
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Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
Hello LoanSafe people!
I'm just checking back in, as folks who leave seem not to, and I know for myself while going through this process---what is now three years ago!-I really appreciated knowing how things turned out.

Thus far, sadly, my credit score remains at about 690. But, I don't really care.

I do care that I've not heard a peep from any bank about the foreclosure. Not a peep. I know for certain now that it was the right thing to do.
My new place is still a huge mess of a 70s ranch house. BUT I've put in a lot of raised beds to combat the nasty clay soil, I've added some new windows, started working on art in the studio, and am enjoying not schlepping laundry upstairs from the garage like the old place. In spite of the ugly junipers and void-out 70s styling, It's becoming a home.

I don't miss falling down my old house's basement steps periodically. I don't miss the bad wiring or the gunfire in the 'hood. I don't miss the awful, awful plumbing or the rats. I sure don't miss the stress and worry about the house losing value. Vallejo is Vallejo, but different neighborhoods ARE in fact safer than the one I was in. I don't' have as nice of neighbors here, but we do look out for one another, and that's huge. And bonus; My house IS worth more than when I bought it 3 years ago. THAT would never have happened at the other place.

Been going through a lot with aging parents, boyfriend break ups, and pets getting older. I'm gettin' older too…and dang it, I'm single again, which sucks in the bay area….Think I'm going to get a dog. Something nice and wolfy looking that says: Back off intruder! with it's bark. Then put him in my truck and take a very long road trip with him and my tent in search of the elusive something that is out there, whatever that means. Someday soon.

Sooooo….. My current goals are to get this place in shape, get ME in shape mentally and physically, and start looking towards retirement in 8 years. It'll be rough financially, but education is NOT what it used to be and I've become fairly well jaded about it---and I never want to be the teacher who is cranky and hates the job. Just too many kids in ankle bracelets, and too many adults who ought to be!

To anyone out there who is still considering a walk away…it was one of the hardest things I have ever gone through. But I'd do it again in a heartbeat.

I hope all are well out there! I still credit all of the people here with helping me SO enormously through the rigors and flotsam of the dreaded and evil process. It was THE thing that saved me.

Best,
Pejutah
I remember you. A 690 credit score is good. I am glad to see you have begun a new life and embraced the change you could not avoid. I applaud you for your wisdom. Being single is great for me and I love the freedom. Enjoy being single. I myself have lost pets during my change, but I have new ones and a 60s ranch I am buying from an investor. Remember your journey well and it is great you came back here to share the Rest of the Story! Here is to the Journey!
 
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Pejutah

LoanSafe Member
Sep 18, 2011
322
5
18
Bay Area, California
Oh, it's better on the house front, for sure. Life has been pretty hard, but the house scene, has been good. I do miss my old house, but my gut says that all this was THE thing to do. I have no regrets about the leaving of it, but I miss living within old lathe and plaster walls. Something about drywall makes me cringe...but, as they saying goes, 'it tis was it tis.'
For now, it's working. I wish I could have gotten closer to work (six hours a day commuting is killlling me.) But it's the Bay Area and everywhere is nuts. Perhaps will always be nuts. Good reason to stop being a Californian eventually.

Chop wood, carry water. It all comes clean in the end.
 

MargaretC

LoanSafe Member
Jan 4, 2010
522
1
18
Bay Area, California
Hi Pejutah -

It's so nice to hear from you. I'm glad things are going well, except the breakup part. I agree that walking away is one the hardest things to do and one of the smartest things we did. Loansafe was a huge support.

We are now three years out from foreclosure with plenty of equity in our home and looking to refinance since we are still in one of those evil adjustable loans. ;-)

Take care!

Margaret
 

Pejutah

LoanSafe Member
Sep 18, 2011
322
5
18
Bay Area, California
Hi Loansafe! Just checking back in to say life is still good. It'll be 7 years soon from the time of the first default, so my foreclosure etc...OUGHT to be falling off of the score soon. And it was the best decision I've made for myself--the walking away. Credit score at 701 even with the mess still on the report.
I hope all the loansafers out there that are still in the process trust their gut, and use this forum. I could not have done it as well, or as informed as I did without the advice on these pages. Wishing all people well.
 
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,107
181
63
San Diego, California
www.loansreduced.com
Thanks Pejutah for coming back and sharing your success story with all of us here at LoanSafe. It's much appreciated - don't be shy, keep coming by to say hi whenever you can. :)
 

Pejutah

LoanSafe Member
Sep 18, 2011
322
5
18
Bay Area, California
Greeting Loansafers! I am back to report that all's well still. I still have no regrets, although I still miss my old place...it had good dirt.


I'm also curious about a couple things perhaps someone can answer to:
The first mortgage with BofA has fallen off my credit report and I'm up to 735 now. Talk about a long road. I was pleased to see they attended to it. Yes.

That said; I'm annoyed that the home equity line from Wells is still showing up on the credit report. Can anyone tell me if the time line is different for an equity line for the drop off than for a mortgage? Or do these folks ever have to remove it? It shows the first missed payment is Sept. 11, 2011. Should it not be bye-bye at this point?

Am I going to have to hold my vorpal sword on high and do battle with these twits in order to get it purged from my report? My car has over 200k miles on it and I'll need to get a new one soon and want the best rates I can get....grrrrr....

I have to say it's been rather delicious to see all the hot mess Wells has gotten itself into of late. Heheh..well deserved retribution for all the angst that place has caused to so many.

Anywho...back to making pumpkin muffins.

Any input on the second home equity much appreciated.
 

OneHugeMess

LoanSafe Member
May 30, 2016
594
53
28
@Pejutah, you will need to create accounts on TransUnion.com, Experian.com, and get a Confirmation Number to dispute on Equifax, but... you can dispute the Wells Fargo account for early exclusion if it hasn't already fallen off. https://www.creditkarma.com/question/what-is-early-exclusion-for-accounts-in-collections. MyFico Forums is an AMAZING resource for information on this.

Legally, the servicers / "creditors" have the right to submit a derogatory item for Seven Years from date of First Default, but after that... you can have it removed. Once it's removed... I would suggest trying to get something like a Capital One card, or a secured card to boost your credit score if it's quite low.

With the 730 FICO Score - you should be more than fine to get a great rate on an auto loan. My only suggestion would be to look at a Credit Union if you're looking at Used Cars. If going New - Take the Dealers promotional financing.