My Walk, Vancouver WA, Provident Funding 1st, BOA 2nd

thomaspaine

LoanSafe Member
Jul 4, 2011
180
0
0
WA
PurpleHaze -

Normally the phone calls start at the end of the grace period (usually 15 days past the due date of the payment). You do not have to take the phone calls. Many people have ignored them - the foreclosure process is setup in such a way that it will grind forward if you speak to them or not. Some people get a google voice number, others just turn of the ringer on the home phone and only use their cell phones, while some have also just disconnected their phones. Be advised if you do ignore them they will probably send someone out to verify occupancy sooner rather than later. This too is just part of the process.
 

Entropy

LoanSafe Member
Nov 21, 2011
6
0
0
I'm in my third month of not paying my mortgage. I just received my 2012 Real Estate Tax and I'm not sure if I'm suppose to pay it or not. It is like my HoA dues where I have to keep paying even during the foreclosure process? Thanks.
 

TomEason

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

Thanks for your question. Property tax doesn't become a personal liability - it runs with the property. In that regard, it's totally different from HOA dues. I heartily recommend you not pay property tax.

BTW, it's usually the first expense cash strapped savvy RE owners stop paying.
 

izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
*** Update: Laid off from Job

Update...

So my employer decided that they are going to offshore my whole department to India. I feel lucky in that I was given 3 months to train my replacement. :sad:

Now I am very glad that I walked from my primary residence and was able to save a years worth of mortgage payments.

I may soon begin my second walk on my (now primary house). The house which was my rental that I moved back in to last year, is now 40k underwater....
 

KentWalk

LoanSafe Member
Aug 11, 2011
323
1
0
45
WASHINGTON
Update...

So my employer decided that they are going to offshore my whole department to India. I feel lucky in that I was given 3 months to train my replacement. :sad:

Now I am very glad that I walked from my primary residence and was able to save a years worth of mortgage payments.

I may soon begin my second walk on my (now primary house). The house which was my rental that I moved back in to last year, is now 40k underwater....
Oh Izzle! I am so sorry to read that :( I pray you will find a better job than the one you are departing. I despise how american jobs are being transferred to India. It happens ALL the time. You're in my thoughts...

KentWalk
 

bobbyhals

LoanSafe Member
Jan 15, 2012
24
0
0
Don't know what to do...I need some advice.

I was wondering if anyone could give me some advice. My wife just got a phone call from HUD Assistant (Freddie Mac Loan) and they indicated they are there to help and counsel. They talked my wife into an appointment for Thursday over the phone with a counselor. We just need some advice of what we should tell them. We are contemplating short sale or Deed In Lieu of. And I'm sure they can assist with that. We do not have money or any other property. My question is should we disclose all of our bank statements, tax forms or should we just tell this counselor we want a foreclosure and is that ok to tell him that. We do not have money to get advice from a lawyer. Our story is on Jan/ walkers.
 

TomEason

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

Thanks for your question. It's perfectly fine to tell the counselor you want a FC. If you decide you instead want to pursue a SS or eventually a DIL, you'll likely have to disclose your financials eventually to your loan servicer. Whether you should do it now with a counselor is your call. I have no opinion one way or the other.

Good luck with your counseling session.
 

roxygirl

LoanSafe Member
Mar 7, 2012
13
0
0
Walking in vancouver

So much info on this thread, thank you all for that!

My story (short version):

Was relocating to another state with my job and stopped paying in October. Denied a short sale via fannie mae. My first is with Wells Fargo and I refied in summer of 2010 to a 15 year loan thinking i could try to stay afloat (DUMB move).

I moved out of my home in January and called wells last week to see where they were at. My mortgage payments w/ 15 year were over $2800/month (that's a mansion these days). They said they haven't even begun the foreclosure process!! I am so angry. I moved out because i thought my short sale was approved, fannie denied and now my house is vacant. To make matters worse, i did not get my transfer with work, so I have to stay another 10 months until the opportunity comes...I had been told i would def. get to transfer and to get things ready.

I am in a month to month rental now and I am wondering if it would be worth it to move back. Here are my concerns:

1- judicial foreclosure: yes, i know it's rare, but I had some money in an account that was owed to a family member upon my fathers death, and it was kept in my account for the past several years. I have documents showing this so I am not concerned about that necessarily, the money is GONE (paid to whom it was owed). I am fortunate to make a decent income and do not want to fight judicial procedures.

2- Taxes?: just read on another board that i WILL have to pay property taxes for the year that my house is vacant as it is in my name and the state will seek that out! it could happen in 5 years even. Is this true??

3- I stopped paying in Oct. 2011 this month is the 6 month mark and haven't heard a thing and wells doesn't show any action. Should i move back and save the rent i am paying now??

thanks! and sorry to hear all the frustrating stories, you are def not alone here!!
 

TomEason

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

Welcome to the community and thanks for posting. If it were me, I'd immediately give 30-day notice to vacate to your current landlord and move back into your home. Since you're no longer paying anything, you'll be living rent free and saving the rent money. You can likely stay in your home for many many months before WF eventually FCs.

1-FYI, there are no lenders in your trustee state who use judicial FC for small residential loans.
2-You need not pay property tax. Unpaid property tax never becomes a personal debt. The arrearages will be paid by the new owner post FC.
3-Yes, move back in!
 

roxygirl

LoanSafe Member
Mar 7, 2012
13
0
0
Thanks for the info. lots to think about. The good thing is I will eventually relocate out of state, just not sure when now. I know i can get back into this month to month rental home community also. It's just now I have to store all of my furnishings in a rental unit, taking only the basics back.

Is there any truth to the 6 month vacancy that i have read about where banks CANNOT come back if property was vacant. If i live there for a while, would that alone encourage them to pursue a judicial FC? I would take better care of the property than sitting vacant that;s for sure...
 

TomEason

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

I'll say this again. There are no lenders in your state that use judicial foreclosure for small residential loans.

I don't understand your question. You're the property owner and have the right to live in your home, rent it, or leave it vacant.
 

roxygirl

LoanSafe Member
Mar 7, 2012
13
0
0
Hi roxygirl

I'll say this again. There are no lenders in your state that use judicial foreclosure for small residential loans.

I don't understand your question. You're the property owner and have the right to live in your home, rent it, or leave it vacant.
the question stems from others on THIS board talking about 6 months vacant from a property in WA state makes it so that even if lender (wells fargo) wanted to pursue judicially, they can't. i just wanted to know if there is truth to that. - and YES lenders can indeed use judicial in WA state. My own short sale attorney, whom i called last week, said he has had a few. not many, but a few. that in itself makes it scary for me. I don't have a ton of $$, but i make ok money and very little debt. I guess even worst case they try to sue, i can always Bk. -
 

TomEason

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

Thanks for your follow-up.

FYI, nowhere and never did I say a lender could not use judicial FC. I said they never do use that process in FCing on properties with small residential loans. A big difference. I don't doubt that your lawyer told you that. What I do doubt is that he told you the truth. I suppose if it mattered you might ask him/her for specifics. Despite my having repeatedly asked for just one example, I have yet to see any instances of judicial FCs in your state or any of the trustee sale states.

BTW, almost no forum members have "a ton of $$" so you're certainly not alone.

That said, you'll do what you think is best for you. Good luck to you.
 
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NewShoes

LoanSafe Member
Apr 16, 2011
27
0
0
WA
@roxygirl -

I think this is the law you were wondering about -

RCW 61.12.094
Abandoned improved real estate — Deficiency judgment precluded — Complaint, requisites, service.



<tbody>
</tbody>
When proceeding under RCW 61.12.093 through 61.12.095 no deficiency judgment shall be allowed. No mortgagee shall deprive any mortgagor, his successors in interest, or any redemptioner of redemption rights by default decree without alleging such intention in the complaint: PROVIDED, HOWEVER, That such complaint need not be served upon any person who acquired the status of such successor in interest or redemptioner after the recording of lis pendens in such foreclosure action.

http://apps.leg.wa.gov/rcw/
 

GlubGlub

LoanSafe Member
May 16, 2011
64
1
0
68
Seattle
@roxygirl -

I think this is the law you were wondering about -

RCW 61.12.094
Abandoned improved real estate — Deficiency judgment precluded — Complaint, requisites, service.


<tbody>
</tbody>

When proceeding under RCW 61.12.093 through 61.12.095 no deficiency judgment shall be allowed. No mortgagee shall deprive any mortgagor, his successors in interest, or any redemptioner of redemption rights by default decree without alleging such intention in the complaint: PROVIDED, HOWEVER, That such complaint need not be served upon any person who acquired the status of such successor in interest or redemptioner after the recording of lis pendens in such foreclosure action.

http://apps.leg.wa.gov/rcw/
Or perhaps it is this statute:
[h=2]RCW 61.12.093[/h][h=1]Abandoned improved real estate — Purchaser takes free of redemption rights.[/h]

<tbody>
</tbody>
[FONT=Arial, Helvetica, sans-serif]In actions to foreclose mortgages on real property improved by structure or structures, if the court finds that the mortgagor or his successor in interest has abandoned said property for six months or more, the purchaser at the sheriff's sale shall take title in and to such property free from all redemption rights as provided for in RCW [/FONT]6.23.010[FONT=Arial, Helvetica, sans-serif] et seq. upon confirmation of the sheriff's sale by the court. Lack of occupancy by, or by authority of, the mortgagor or his successor in interest for a continuous period of six months or more prior to the date of the decree of foreclosure, coupled with failure to make payment upon the mortgage obligation within the said six month period, will be prima facie evidence of abandonment.[/FONT]

Since you have already engaged an attorney, you might ask him or her what the implications of this are, and then post it here for others to see.

HTH
 

Entropy

LoanSafe Member
Nov 21, 2011
6
0
0
I've posted a few questions in this thread before and found the responses very helpful. I have another question, but let me first summarize my situation. I had a loan with counterwide a few years ago (in washington state), which got sold to bank of america, and then to green tree services. The loan is pretty basic (no second, third, or HELOC loan), just one loan with PMI. I started my walk in Janurary, so it's been 3.5 months now. Green Tree calls me daily but I ignore the call, waiting for forclosure.


Today, I got a call from Real Time Resolutions. I didn't answer it, but started doing research on who they are. From what I've gathered, they are a collection agency who will pursue a debt even after the forclosure. I'm not sure if green tree sold them the mortage, or if they are working with them, but something seems fishy. Others have mentioned that they primarily go after second mortages, but I don't have a second mortgage.


Anyone have more information about these people?
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org

izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
Quick Update

Hey everybody... Sorry I haven't checked in for a while. I have been busy looking for work. I have another month or so of "training my replacement". Awwww the benefits of globalization. Sure works out well for the executives, corporations, and their stock prices... If only we could outsource the executives and bring the work back here to the United States... Well, one can dream can't they? :)

Still have not heard back from the second mortgage... My request to them to prove they actually can collect (over 6 months ago) seems to have quieted them.

Hang in there everyone, and someday things will get better....
 

IamaWAWalker

LoanSafe Member
Apr 20, 2012
143
2
0
I've posted a few questions in this thread before and found the responses very helpful. I have another question, but let me first summarize my situation. I had a loan with counterwide a few years ago (in washington state), which got sold to bank of america, and then to green tree services. The loan is pretty basic (no second, third, or HELOC loan), just one loan with PMI. I started my walk in Janurary, so it's been 3.5 months now. Green Tree calls me daily but I ignore the call, waiting for forclosure.


Today, I got a call from Real Time Resolutions. I didn't answer it, but started doing research on who they are. From what I've gathered, they are a collection agency who will pursue a debt even after the forclosure. I'm not sure if green tree sold them the mortage, or if they are working with them, but something seems fishy. Others have mentioned that they primarily go after second mortages, but I don't have a second mortgage.


Anyone have more information about these people?
I was informed from an attorney, that in the State of WA, for a 1st mortgage, if you are forclosed on non-judicially, they CAN NOT come after you. I'll be watching to see more information about this company, I am walking this month and same thing, countrywide, to BofA, to BofA NC, to Green Tree back in Sept. We only have a 1st, but we also carry PMI. Good Luck!! =)