I'm distraught tonight and can't figure out how to start a new thread.hey Justina.. I see your post everywhere, mainly on the scammer sites. Do you know what that means? You have to be smart now than before, to steal people information for resell purpose. Making a buck isn't like before.
2nd loan was originally $72.5k, I settled for $29k, but didn't have to make payments on it 5.5 years. So probably more like $60k, since I also got my $29k back when I sold the place (it closed earlier this month). Pretty hard to get 200k on a 72.5k mortgage!haha.. good luck.. is the 50k including your 30k? didn't seem to be a killing like some people who let go and bought 2012s.. they are getting a whopping 200k..
Thanks for the reply! I've been going that route still have a few years left. They sent me a 1099A last year so does that relieve my debt to them? Thanks for the help!DailyDriven911, they aren't going to go lower than 8k... but they are now unsecured, depending on the state, meaning they can only go after you for 7years.. buahah just ignore them.. live with bad credit for those years.. then let the credit reborn again.
Im sorry to hear what you have had to go through as it’s not easy and we all find ourselves in a sense victimized by the greed of the big banks that caused much of these situations to occur. It’s been over 6 years now since I defaulted on my 2nd which is now with SLS and I’m still as mad today at the big bank crooks and greed of Wall Street than I was then.Well forget settling with SLS. They have been so difficult the entire time I've tried to work out my LOC. 5 years ago I asked them to drop my interest rate from 7% to 2-3% so I can get back on my feet. Wouldn't consider it so I quit paying altogether.
After years of scraping by and trying to hang on, I've let my house go to foreclosure. Supposedly sold on Tuesday. 1st lien holder was willing to do a DIL and offered SLS (2nd) $35K to settle. Well SLS said no we would rather have nothing because we think the house is worth $1.2 million based on a BPO. Balance on first with principal, accrued interest, back property taxes etc is north of $1.1 million. How in the world does SLS think they are going to get anything when it sells? Beyond me. 2nd had ballooned to $286K after 5 years of accrued interest.
Sucks because my kids grew up in the house and I am a total homebody so it's a sad day. I've moved out of state to be near family and where the economy is much stronger so I have a hope of making some money for retirement.
I'm glad it's over and will wait for the 1099C's to roll in next January which will be a whole other nightmare to deal with. Sucks to be 60 years old with really bad credit after paying my bills like clockwork for 55 years.
In 3 months I will be 6 years since last payment. I talked to a lawyer once about the lien. He said the lien will stay on the property, but that they cannot come after me personally after the statute of limitations kicks in. I am in WA. Maybe it puts you in a better position for negotiating a settlement? I got an offer from SLS last month to settle for about 70% of the principle. That is a lot more than I have in cash.My default 2nd lien has now past 6 years and 3 months since I last made a payment and now wondering if statute of limitations can play any affect in either quieting the lien to have it removed or support getting a quick and very small settlement to SLS. In all reality they had 6 years to enforce the lien and never did anything and I’ve heard that this can certainly be a defense to stop a foreclosure should they dare attempt to now after statute has passed. Any ideas on this?
Thanks for the info. I am in Washington State as well. Glad to see you were informed that as well. Yes, I hear lien stays on but happy to know they can’t come after me personally. Curious now if I remain in home if the statute prevents them from being able to foreclose. I’ve heard that statute can be a defense to that action taken on me.In 3 months I will be 6 years since last payment. I talked to a lawyer once about the lien. He said the lien will stay on the property, but that they cannot come after me personally after the statute of limitations kicks in. I am in WA. Maybe it puts you in a better position for negotiating a settlement? I got an offer from SLS last month to settle for about 70% of the principle. That is a lot more than I have in cash.
I am 99% sure they can still foreclose if they want to.Thanks for the info. I am in Washington State as well. Glad to see you were informed that as well. Yes, I hear lien stays on but happy to know they can’t come after me personally. Curious now if I remain in home if the statute prevents them from being able to foreclose. I’ve heard that statute can be a defense to that action taken on me.
I hear you and certainly see this is as one of the causes to why we had the housing tank back then and I expect it will happen again soon as we are due for it. Greed causes part of it along with opportunity and now we see people are back to spending and borrowing at magnified rates - back to the problem we had before.Dam.... this is getting boring. freakin at the peek of the house market and SLS is still bugging me about making payments or send in financial info. The boneheads at SLS need to wake up and smell the coffee.. or cow dong, which ever they prefer.
I saw a logical comment from some people.. sounds reasonable on how our society has become.. but not all of us are like this, but some how we got stucked in a similar situation:
"There are nice $160,000 houses all over the county where I live in NE Atlanta. But everyone wants the $400,000 houses with the theater rooms, granite, and fancy brick/stone everywhere. There are also thousands of great cars available below $4,000 on Craigslist and at used lots..... but everyone's driving new cars with back-up cameras, leather, navigation, and heated/cooled seats. People want what they want. And they spend 35-40 years of their working career drowning in debt to get it. Car payments, bloated housing payments, credit cards....... THAT is what the Majority of the problem is. Not the banks or your wages." <-- almost sounded like we are digging our own grave.