Ready to Go in AZ--Walking with all of your help!

Galan007

LoanSafe Member
Nov 9, 2010
39
0
0
@ Tomeason

I'm in Arizona, which I'm told has some of the best anti-deficiency laws out there...
 

rightaz

LoanSafe Member
Jan 6, 2011
12
0
0
Phoenix AZ
Leftyaz,
Wanted to say thanks for the Cease and Desist Letter. BAC sold my 2nd mortgage becuase they realized I had one. So now, they can move forward and complete the TS on the 1st. It's been 7 months of nothing but delays. (Both were purchased at origination for as purchase money). The webs these banks weave. Again, thanks for sharing your story. Ours are very similar.
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Leftyaz,
Wanted to say thanks for the Cease and Desist Letter. BAC sold my 2nd mortgage becuase they realized I had one. So now, they can move forward and complete the TS on the 1st. It's been 7 months of nothing but delays. (Both were purchased at origination for as purchase money). The webs these banks weave. Again, thanks for sharing your story. Ours are very similar.
RightAZ...not that I mind, but did you mean to post your note to LeftyAZ on my thread? I do follow his, and here's the link. It's one of the best ones on here anyway....

http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/28290-another-walker-az-my-story-aftermath-walking.html

Have a good one...
 

rightaz

LoanSafe Member
Jan 6, 2011
12
0
0
Phoenix AZ
My bad, I actually saw a leftyaz response and wanted to shout out a TY for the letter. I did read your scenario and I too share your story. Not only the emotional side but chronologically we pulled the "trigger" at the same time. My scenario isn't over though.
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Moving Day!

Finally moving out of the condo :) and no, my foreclosure has not yet occurred, it's a few weeks out yet. Boy does it feel good!!! If you are familiar with my original posts, I'm doing this because my condo complex is going downhill, I need get out of my two-story unit so my mother can visit and not fall, and because I'm underwater big time and won't be able to sell to get out for reasons just stated.

I am aware they could postpone my foreclosure, but I'll deal with that if I have to. Right now it's still scheduled as originally posted.

I really like my new place too! It's an apartment in a big complex, but man...they've already replaced floors and a sink for me. I like being able to call the office to sort out repairs! And I like the pool, the views.....man, that ownership thing isn't all it was cracked up to be. And my mom will love the single-story!

I'll let y'all know when the foreclosure happens. My 2nd seems to be taking a break from phoning me now...I sent them a letter finally, saying I'd be in touch after the first forecloses. They kept threatening me with foreclosure, so I just thought I'd point out it's happening anyway. I didn't say any more than that. I bet they will resume calls after the foreclosure because I told them the date.

Anyway, hang in there everyone :)
 

BuriedinAZ

LoanSafe Member
Jan 27, 2011
59
0
0
Phoenix, AZ
Finally moving out of the condo :) and no, my foreclosure has not yet occurred, it's a few weeks out yet. Boy does it feel good!!! If you are familiar with my original posts, I'm doing this because my condo complex is going downhill, I need get out of my two-story unit so my mother can visit and not fall, and because I'm underwater big time and won't be able to sell to get out for reasons just stated.

I am aware they could postpone my foreclosure, but I'll deal with that if I have to. Right now it's still scheduled as originally posted.

I really like my new place too! It's an apartment in a big complex, but man...they've already replaced floors and a sink for me. I like being able to call the office to sort out repairs! And I like the pool, the views.....man, that ownership thing isn't all it was cracked up to be. And my mom will love the single-story!

I'll let y'all know when the foreclosure happens. My 2nd seems to be taking a break from phoning me now...I sent them a letter finally, saying I'd be in touch after the first forecloses. They kept threatening me with foreclosure, so I just thought I'd point out it's happening anyway. I didn't say any more than that. I bet they will resume calls after the foreclosure because I told them the date.

Anyway, hang in there everyone :)
Congratulations on your move! I too am in Phoenix, and will be looking for a rental soon. How was the process for you with the recent foreclosure? Did you get turned down alot because of the hit your credit took? I'm hoping they will look at the entire picture when making a decision and not just the mortgage default. Also, it sounds like you found a place in a larger apt. complex. I thought they would be they most critical as far as credit history is concerned. Thank you for you advice and input!
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Congratulations on your move! I too am in Phoenix, and will be looking for a rental soon. How was the process for you with the recent foreclosure? Did you get turned down alot because of the hit your credit took? I'm hoping they will look at the entire picture when making a decision and not just the mortgage default. Also, it sounds like you found a place in a larger apt. complex. I thought they would be they most critical as far as credit history is concerned. Thank you for you advice and input!
Thanks! This was the first and only complex where I got far enough along for them to actually check my credit, though I asked about foreclosure at several complexes and frankly, they all seemed eager to ignore and to move me in. But I do have a good job history and am still employed. I think this may be an issue with some of the other reports of difficulties....it's not the foreclosure hurting you, it's the drop in or lack of income, but either they are not saying that or people are in a bit of denial. Anyway it wasn't just this complex....it was SRP, Qwest....utilities I did not have prior, and have new accounts with now, approved me with no deposits required. For that matter, the apartment complex required no deposit. And I know my credit rating dropped to about 600, so this obviously was not a factor. Good luck on your own move! I think it will go well.
 

BuriedinAZ

LoanSafe Member
Jan 27, 2011
59
0
0
Phoenix, AZ
Thanks! This was the first and only complex where I got far enough along for them to actually check my credit, though I asked about foreclosure at several complexes and frankly, they all seemed eager to ignore and to move me in. But I do have a good job history and am still employed. I think this may be an issue with some of the other reports of difficulties....it's not the foreclosure hurting you, it's the drop in or lack of income, but either they are not saying that or people are in a bit of denial. Anyway it wasn't just this complex....it was SRP, Qwest....utilities I did not have prior, and have new accounts with now, approved me with no deposits required. For that matter, the apartment complex required no deposit. And I know my credit rating dropped to about 600, so this obviously was not a factor. Good luck on your own move! I think it will go well.
Thanks for taking the time to elaborate. I too have good job time and enough income so I am feeling more confident in finding a place. ours was a strategic default, and fortunately my wife was not on the mortgage, so her credit should be intact.
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
UPDATE #14? 25? Does it matter? I'm FREE!

I am very, very happy to report that my trustee sale went through, and my condo reverted back to bank (Fannie Mae) ownership. I am now free of a huge burden!

To recap: I bought in 2002, not at any height of the market, for $120k which I later refinanced to $125k. The complex the condo is in is still going downhill fast, and I had a 2-story unit where my mother could not get up the stairs to the bedrooms anymore (so not able to visit from the east coast), where I was about $125k under water between my first and second mortgages. I moved into a great 1-story apartment in a great managed apartment complex without difficulties related to foreclosure-related credit-score dings, and I still feel sane. MANY, MANY, MANY thanks to those on this site which gave me the knowledge to carry this out successfully.

I still may have an issue with a (possible) recourse 2nd and if there is anything exciting there to report, I will.

Let me finish with my timeline and data for you. I just don't mention banks because I'm slightly paranoid that someone from those places may be reading, though there are literally millions of accounts they are dealing with....

State: Arizona
1st Mortgage: $125k (Fannie Mae backed)
2nd Mortgage: $60k
Date of last payment (1st mortgage): August 1, 2010.
Date of last payment (2nd mortgage): October 1, 2010 (stupid...just stop paying with 1st)
Date of notice of default: December, 2010
Trustee sale scheduled: March, 2011. And it happened without any postponement!

Any questions let me know. Thank you, again, and everyone please hang in there. This is a mess which will take a while for us to get out of, but we will eventually. As always....BEST OF LUCK!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
I am very, very happy to report that my trustee sale went through, and my condo reverted back to bank (Fannie Mae) ownership. I am now free of a huge burden!

To recap: I bought in 2002, not at any height of the market, for $120k which I later refinanced to $125k. The complex the condo is in is still going downhill fast, and I had a 2-story unit where my mother could not get up the stairs to the bedrooms anymore (so not able to visit from the east coast), where I was about $125k under water between my first and second mortgages. I moved into a great 1-story apartment in a great managed apartment complex without difficulties related to foreclosure-related credit-score dings, and I still feel sane. MANY, MANY, MANY thanks to those on this site which gave me the knowledge to carry this out successfully.

I still may have an issue with a (possible) recourse 2nd and if there is anything exciting there to report, I will.

Let me finish with my timeline and data for you. I just don't mention banks because I'm slightly paranoid that someone from those places may be reading, though there are literally millions of accounts they are dealing with....

State: Arizona
1st Mortgage: $125k (Fannie Mae backed)
2nd Mortgage: $60k
Date of last payment (1st mortgage): August 1, 2010.
Date of last payment (2nd mortgage): October 1, 2010 (stupid...just stop paying with 1st)
Date of notice of default: December, 2010
Trustee sale scheduled: March, 2011. And it happened without any postponement!

Any questions let me know. Thank you, again, and everyone please hang in there. This is a mess which will take a while for us to get out of, but we will eventually. As always....BEST OF LUCK!
readytogoaz
Thanks for your update and congrats on being FREE! We've been following your saga with great interest. Good luck in your new home!
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
readytogoaz
Thanks for your update and congrats on being FREE! We've been following your saga with great interest. Good luck in your new home!
Thanks tom...and I'll still be around for a bit, if that 2nd gets pesky. I'll be after YOU for advice!
 

Tired in IL

LoanSafe Member
Oct 1, 2010
75
0
0
Ready - I'm about to move out of my condo this week as well, and aside from them trying to serve me, my sale date has not been posted.
A few questions:
Did you continue to pay your condo HOA's?
Did you call and tell the bank you were vacating your property?
At what point did you shut off all utilities?

Congrats to you and I can't wait to be in your shoes!
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Ready - I'm about to move out of my condo this week as well, and aside from them trying to serve me, my sale date has not been posted.
A few questions:
Did you continue to pay your condo HOA's?
Did you call and tell the bank you were vacating your property?
At what point did you shut off all utilities?

Congrats to you and I can't wait to be in your shoes!
Hey Tired.....thanks! and to answer your questions:

1. Yes. And I just sent the HOA my prorated amount for the portion of March I was still an owner. It is a personal obligation and it is rarely discharged, even in bankruptcy. I used to be on our board and people tried all sorts, but it's hard to get out of an HOA assessment :)
2. No. I was only gone a week before the trustee sale happened. I might have if they had postponed the sale.
3. I shut off water to my unit (from the condo) when I left, and I shut off electricity when the trustee sale was done. I had the heat on very low so no pipes froze, but that was why the water was off already too.

Best of luck on your walk!
 

DrDrew

LoanSafe Member
Feb 28, 2011
54
0
6
Congrats on being free... and thanks for all the info you've provided...
Just out of curiosity, do you know what your credit score did during the process?
Any negative consequences you can see at this point?
When did you get lawyers involved along the way?
Did anyone from the bank ever come to see if you were living there (I've seen that on other threads)?
Can you think of any reason why it would matter whether you had just walked away from the premises?
Where can you go online to see trustee sales that have occurred in your complex? (Mine has already had one and I want to see what the details are just for purient interest.)

I'm amazed that with our walk starting (officially in 6 days I guess when it hits the 15th and the bank doesn't get a payment) none of our friends, family think this is anything but justified.
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Congrats on being free... and thanks for all the info you've provided...
Just out of curiosity, do you know what your credit score did during the process?
Any negative consequences you can see at this point?
When did you get lawyers involved along the way?
Did anyone from the bank ever come to see if you were living there (I've seen that on other threads)?
Can you think of any reason why it would matter whether you had just walked away from the premises?
Where can you go online to see trustee sales that have occurred in your complex? (Mine has already had one and I want to see what the details are just for purient interest.)

I'm amazed that with our walk starting (officially in 6 days I guess when it hits the 15th and the bank doesn't get a payment) none of our friends, family think this is anything but justified.
Hey DrDrew...sorry it took so long to respond, had a very busy day. To answer your questions:

Yes I know my credit score, it went from 780 to 600, where it remains. The only delinquent accounts are the mortgages.
Negative consequences....none really. I read this site all over and took everything that seemed to apply to me, and it seems to have been good advice. I don't know if my 2nd mortgage issue is all done yet, though.
Lawyers...only for peace of mind at the beginning, to review my loan documents and Arizona law. Glad I spent the $300.
If anyone came by from the bank, I was not aware. I lived in 2nd floor condo which had no ground level windows, and a windowless door off the hallway. You can't tell anything just from showing up at the condo.
Not sure what you mean about just "walked away". I thought I did that. If you mean earlier....and not just before foreclosure....there would have been the issue of receiving correspondence regarding the trustee sale date...and...I'm sure the certified mail did serve as way of checking if I still lived there, since there was no forwarding address on the slip I signed.
I don't know about a website for ALL foreclosures...mine was posted on the site of the law firm handling my foreclosure, so I tracked it there.

Hope that helps...best of luck!
 

DrDrew

LoanSafe Member
Feb 28, 2011
54
0
6
thank you again for all the great info... I totally think you walked away cleanly... I'm wondering, other than getting to live in the house rent/mortgage free, is there any benefit to staying in it? Does the bank care if you have abandoned the property to live elsewhere? From some of the threads it seems like people say that letting the bank know you moved accelerates the process, but a lot of people go to pretty great lengths to make it look as if they're still living in their place, even when they're not. I'm just trying to figure out why. (We've already rented a new place...our neighbors will know about it and be more than happy to share that detail with anyone who asks since they're going to be pretty p.o.'d that we're walking.)
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Does the bank care if you have abandoned the property to live elsewhere? From some of the threads it seems like people say that letting the bank know you moved accelerates the process, but a lot of people go to pretty great lengths to make it look as if they're still living in their place, even when they're not. I'm just trying to figure out why.
Well it's mostly the free rent, but there's liability issues. When you abandon the property, your current homeowner's insurance policy is probably no longer valid, and if your property is vandalized you may not be covered. There is a fix...telling your insurance company it is a vacant property. From what I hear, the premiums are WAY more expensive.

In my case, the overall liability insurance was covered by the condo HOA, and whether or not my unit was vacant didn't matter. But for most independent homes it does. So your question is...do I tell my insurance company and pay more? I don't know how much more it will be but I think I would. Best of luck!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Well it's mostly the free rent, but there's liability issues. When you abandon the property, your current homeowner's insurance policy is probably no longer valid, and if your property is vandalized you may not be covered. There is a fix...telling your insurance company it is a vacant property. From what I hear, the premiums are WAY more expensive.

In my case, the overall liability insurance was covered by the condo HOA, and whether or not my unit was vacant didn't matter. But for most independent homes it does. So your question is...do I tell my insurance company and pay more? I don't know how much more it will be but I think I would. Best of luck!
readytogoaz
I totally agree with your post about insurance. Speaking from my own experience, the policy premium for a vacant house coverage is much higher. But if it were me and I was letting the house go to FC, I would cancel the policy, get the partial year refund from my insurance company, and then let the lender force place their own insurance. I mean who cares? They're only protecting themselves and they have to pay for the coverage.
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Missed cash for keys...oh well.

I'm actually so happy to be out of my condo, and the horrible complex, that I don't mind missing cash for keys. I reallly wanted out of there more than I wanted "relocation assistance". I know I missed it because I stopped by just to see if they had changed the locks...and yes, two days after foreclosure, there was a lock box and notices on the door. One of them was to the occupant so I took it, as I had been the only occupant. It was from Fannie Mae telling my my options if I was a renter, or other options if I was a former borrower. If I was a renter, I could lease it from Fannie Mae, or I could get "relocation assistance" from Fannie Mae if a former borrower. But I'm sure when they changed the locks they knew it was vacant...so no use in trying to fool them.

Interesting follow up notes though. While I was there, I saw signs posted saying that they had changed all the complex gate codes that day due to car break ins on the property. Glad I missed that!! So I'm not just locked out of my old condo, but the whole place. Darn. ;) And immediately afterward at a nearby restaurant, I ran into former residents of the same complex who, two years later, have not had a successful foreclosure...though I think that has to do with some interior damage to their unit for which I found out there were HOA lawsuits and countersuits!! Man I'm glad to be out of that mess!!

Still happy to have walked :) Hang in there and best of luck....
 

readytogoaz

LoanSafe Member
Aug 22, 2010
202
1
18
Post-Foreclosure Report #1

Well it took a little while, but Fannie Mae finally has my condo listed for sale...just about a month after the actual trustee sale date. I feel SO justified....I had said at the beginning of this thread that the market value of my condo was about $55k....and it's now listed by Fannie Mae at $56k! Good luck to the purchaser though, it's the HOA and the community they need to worry about there :)

If anything else of interest pops up I'll post here, but probably (hopefully?) will be away for a while :) Everyone hang in there! It does get better....