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

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izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
Just a quick update....

Employment
Still unemployed. :sad2:
But on the bright side I am feeling much more rested than ever...

BOA Sold out second
Still nothing on the BoA second mortgage. I was sent a letter by a second collection agency back in May 2012 that I owed them the money for the second. My attorney sent them the "prove it" letter. Haven't heard from them since.

Credit Score
My credit score jumped over 50 points to 724 last month. This was at the 12 months post foreclosure. Not that I am going to be buying anything on credit anytime soon.

I will check back with any additional updates when anything changes...
 

gettingadvice

LoanSafe Member
Apr 9, 2011
11
0
0
Washington state
Thanks for the update. Are you still paying on your rental you moved in to or are you starting a whole new walk?
I've not paid since May 2011, BofA sold my loan to Nation Star Morgage in July, haven't gotten NOD or any certified mail. Hoping I can stay another year!
 

izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
I am still paying on the rental which is now my "primary".. The rents in the area have gone up so it was only about 200 more a month to keep it rather than rent. Even though the property in underwater, I consider it paying rent...
 

Washington State Condo

LoanSafe Member
Jul 30, 2011
36
0
0
Good to hear from you again izzle. If you had gone forward with your walk from your rental and the lender foreclosed nonjudicially, do you think they could/would come after you for any deficiency? I'm still trying to figure out if we need to worry about that. I think I understand about ordinary income and calculation for determining the dollar amount that we will be taxed on based on sale price and depreciation taken over the years when we report the sale of our rental but hope I don't have to worry about paying off a deficiency too. We do have a refinanced loan with a cash out but it does have the power of sale clause in it. Any thoughts would be most appreciated. Thanks.
 

DoneWithBS-WA

LoanSafe Member
Sep 18, 2012
26
0
0
BOA Sold out second
Still nothing on the BoA second mortgage. I was sent a letter by a second collection agency back in May 2012 that I owed them the money for the second. My attorney sent them the "prove it" letter. Haven't heard from them since.
Hi Izzle,

Please keep us posted on what happens with your second. I'm leaning heavily toward walking on my mortgage (1st with Wells, 2nd with GreenTree) and the biggest thing holding me back from doing so is fear of the 2nd lender coming after me, so I'm very interested to hear how this progresses.
 

Boogey

LoanSafe Member
Jun 15, 2011
13
0
0
Hi Izzle,

I hope all is well! I was currious if you had any IRS tax issues from your second mortgage after you foreclosed? My home just foreclosed in December 2012. There is not a ton of info that I can find on 1099's. Any information would be appreciated. Thanks, Boogey
 

izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
Just checking in....

BoA sold out second
No Update. Have heard nothing from them at all.

Employment
Last October I obtained a 12 month contract job. At least it is something.... :)

Tax Issues
None to report. The second has not negotiated so there is nothing "forgiven" yet.

Other thoughts

I read an article the other day regarding theworknumber.com

EXCLUSIVE: Your employer may share your salary, and Equifax might sell that data - Red Tape

I do not like this at all. as a creditor might be able to see exactly what you are making. Kind of makes it hard to negotiate with a sold-out-second when they can see all your cards.

Anyone else heard of this?
 

vantuckian

LoanSafe Member
Mar 22, 2012
97
2
8
Wow izzle, thanks for the heads up on theworknumber.com
A lot of employers use this to offload employment/income verification from their HR depts. Just look at the list they provide at the "pre login" screen where they want you to enter the company id!

I really don't like how they don't say if a "verifier" got only employment or employment+salary info. They also say debt collectors don't get salary info, but honestly, why bother if they don't get that?! Also, a creditor could easily pass on their last data on you to the debt collector, no doubt to justify the price they are trying to get the collector to buy at. "See, this guys got some money, give us money now and you can triple that!"

For those interested, check your employer's intranet or contact your HR dept and see what they say when you need to provide employment and/or salary verification. If they say use theworknumber.com, you know your info is already out there.
 

izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
Decided to check back in for anyone that is still following this.....

BoA sold out second
8/2013: Another collection agency contacted me asking for payment. I told them to send all correspondence to my attorney who sent them a "prove it" letter. They never replied.
3/2016: Clock is still ticking, I have 15 more months until the statue of limitations expires.

Refinance:
If you remember, I had moved back into my rental property back in 2011. The loan on the rental was Serviced by BoA. It had a very high interest rate. I attempted to refinance in 2013, 2014. I kept getting denied as having foreclosure and a charged off second. Finally in 2015, I found a lender that would refinance through FHA. This was 4 years after the first foreclosure. I was able to refi into a 15 year mortgage at 3.5% which kept my payment the same but chopped 7 years off of the 30 year loan. Plus I no longer send a check to BoA.
 

vantuckian

LoanSafe Member
Mar 22, 2012
97
2
8
Glad to see you got refinanced! I've been getting one to two calls a month from GreenTree/Ditech who held my worthless 2nd mortgage. Not sure what they want, but I figure if it really needed my attention, they can snail mail me a letter.
 

izzle

LoanSafe Member
Aug 11, 2010
214
1
18
Vancouver WA
Another check in.

Statute of Limitations
Well the 6 year Statute of Limitations ran on the second. I am now in the clear. This whole thing is behind me.
I purposely kept quiet on this, to ensure I got past the SOL on the second.

In the end I had 3 different collection agencies/ attorneys contact me in 2011/2012. Each one of them were sent a prove the note letter from my attorney. They couldn't prove the chain of title, and I never heard from them again.

I had some discussions with my attorney on the timeline of Washington state statute of limitations. He said it is 6 years from the date the note went late + 90 days. I had thought that it was date the second became unsecured at foreclosure. He told me, it is when the payments stop and the note become late. Otherwise what would prevent them from foreclosure for 10 years and holding the customer hostage.... Either way, I am beyond the 6 years of foreclosure date.

Credit Report
The foreclosure and the charged off second have now dropped off my credit reports. There is nothing derogatory and thus my credit score is higher than before at 820. Yay! Not that I buy anything on credit anymore.

I want to thank everyone who read/listened and who I met in person during this chapter of my life. Your support made it easier and less scary going up against the big banks.
 

vantuckian

LoanSafe Member
Mar 22, 2012
97
2
8
Hey Izzle,
Hope you're doing well. Could you use the "start a conversation" function to send me a message? I can't seem to do that with you. I'm hoping you can send the contact info for the lawyer you used. I have roughly another year to go to my SOL so the folks who have my sold-out 2nd may try a little harder before SOL is up.
Thanks!