Trying to Settle 2nd with SLS

bigfrog

LoanSafe Member
Aug 31, 2011
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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.
 

custombuilder

LoanSafe Member
Jul 25, 2013
47
6
8
Northern CA
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.
I'm distraught tonight and can't figure out how to start a new thread.

I'm posting this a second time in a different spot in hopes it will get seen. For the life of me I've forgotten how to start a new thread and my mind is going crazy tonight with all that has happened.

I've been working with Nationstar (1st) on DIL who've been helpful and SLS (2nd) - both Countrywide originated then sold to BOA - has been extremely difficult to work with. Nationstar has taken over negotiations for me. I keep telling SLS something is better than the nothing they will get after foreclosure. I don't own anything and I'm 60 yrs. old. And certainly not stupid enough to amass future assets in my own name just to have them swoop in and take them. I have been working out of state and having someone sort of watching my house. Find out tonight the locks were changed with all of my furniture inside. Apparently my house has been sold in the midst of negotiation AND without proper notification. I am in constant communication with Nationstar so this has blindsided me. I am shaking.

They forgot to change the lock on one gate and the back door was open so one of my friends was able to get in and verify that my stuff is still in the house - I had most things packed and ready to go. I'm calling the movers in the morning and trying to get someone over there asap.

Isn't this illegal???? I do have an attorney friend who can help but I am beside myself. In reality I just want this over with so I can move on.
 

bigfrog

LoanSafe Member
Aug 31, 2011
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CustomBuilder.. well, the best you can do is get all your stuff out. It is illegal to trespass, but how can you prove it? You weren't there.. you don't know who did it. Once you stop making payments(breech of contract), you gave them the right to sell your house. Once the transaction is done, you don't own the house anymore. you might end up being the one who is doing the trespassing. so be quick about it.

From what you are saying and depend on your state, you should be concerned whether or not there is a deficiency. Hopefully, houses' values are at the high point, possibly they would broken even and made some.

From what I am seeing, they pushed you to move on, whether or not you like it.
 

Rillion

LoanSafe Member
Mar 21, 2012
72
7
8
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..
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! ;)
 

bigfrog

LoanSafe Member
Aug 31, 2011
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54
hey Rillion... the bottomline is that you are happy with your situation. the same goes for everyone. whatever you do, whatever the outcome, if you are happy that is all it counts.

For my case, I would be thrilled if they foreclose on me. So far, they haven't made a move, at this market, they would profiting. Usually I would be getting one of those retarded offers by this time of the year. But so far nothing, so I am hoping this is it. Wish me luck guys.
 

Dailydriven911

LoanSafe Member
Nov 20, 2017
4
0
1
Hey everyone! I'm looking for advice on how to handle my SLS 2nd mortgage. Back in 2005 we bought a condo when I first got married. In 2009 we rented it but lost our renters in 2012 and we bought another house at that time. We couldn't afford the payments on both so we let our condo go. FYI rent was almost $500 less than payment/dues and we couldn't afford it even with new renters. Anyway we stopped making payments and it finally foreclosed in June of 2014. Our 1st mortgage was through Seterus and it foreclosed but the 2nd mortgage (SLS) did not. We owe around 40k on the 2nd. Last year I received a 1099A from them as well as Seterus. I didn't hear from them for a few years besides getting statements here and there in the mail and once a year a settlement offer. We don't have any money to settle ($10k) and don't own the property anymore anyway. I've just ignored them but recently getting calls again. The 1st mortgage got about 20k more when it sold so they should of paid the 2nd correct? Not sure what happened there but what should I do? Should I keep ignoring and is there a statute of limitations? I live in WA state. Any help is appreciated!
 

bigfrog

LoanSafe Member
Aug 31, 2011
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bumper... dam, I just got an offer letter, again. this time its 70%.. buahaha can't wait until it hits 100%
 

bigfrog

LoanSafe Member
Aug 31, 2011
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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.
 
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Dailydriven911

LoanSafe Member
Nov 20, 2017
4
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1
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.
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!
 

bigfrog

LoanSafe Member
Aug 31, 2011
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DailyDriven911, from what I know. If they gave you a 1099A or C, you are off the hook. The A means they got their money or made more money. The details should be on the form. Where as the C means they loss money. Thus, if you get the C, you need to file tax.
 
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custombuilder

LoanSafe Member
Jul 25, 2013
47
6
8
Northern CA
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.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
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.
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.

Best wishes to you.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
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?
 

landlord in olympia

LoanSafe Member
Mar 3, 2012
19
0
1
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?
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.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
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.
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.
 

landlord in olympia

LoanSafe Member
Mar 3, 2012
19
0
1
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 am 99% sure they can still foreclose if they want to.

My HELOC was originally with National City, then it went to PNC, now SLS. A while ago, the offer was 30% from PNC. I wish I had the money at the time to take it. I just hate not being able to refinance the 1st because of the charged off 2nd. I can't modify either, because it is not my personal residence.

At least the 6 years is close.
 

bigfrog

LoanSafe Member
Aug 31, 2011
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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.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
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.
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.
I’m past statute of limitations of any activity on default 2nd since 2011 and SLS can continue trying to call me weekly if they choose but I think at this point I’ll wait to see where housing is headed. Anything can happen in our economy with all of the global economic issues, sanctions and housing prices already at a peak. It’s only time, then, perhaps I’ll consider a small settlement for the release of lien. Still have a no care attitude and “renting” my house