Another quick update...
My credit line was slashed on my only credit card, from $2750 to $700. That's pretty fast for them to catch that, considering that I could not have been reported as late on my loans until 1 Sep. I'm glad they didn't cancel the card, but I really don't need it anyway. I like to use it at the gas station to avoid holding charges, but I can definitely do without it. It's paid off anyway.
I took the initiative and called USAA to "open a dialogue" in a settlement of my 2nd/HELOC. I explained the situation and told him I was able to but unwilling to make any payments. That really surprised him! He was adamant that USAA would not settle for less then full. Then I broke down ARS 33-729 to him, explaining that USAA wouldn't be entitled to anything after foreclosure, so it's in their best interest to just settle with me and hopefully get a little more than what they could sell it to a collector for. It's worth about $2k to me to settle (which would be about 10%) to avoid any collections calls in the future as well as not having that shown as a charge off on my credit report. Plus I'm sure a few years down the road when my security clearance is being reviewed it will make me look a bit better. Well, something I said worked, because he put me on hold for about 10 minutes. He came back on with a fax number and instructions to write a hardship letter, detailing the massive drop in value and to include the part about my place being turned into an apartment complex. He also asked me to include the CMA I had done in the fax I send to back up the financial side. There was a case # I needed to include on the fax, and finally he told me to include the price I would be prepared to settle for, "as long as it's reasonable." Apparently this will be going through the short sale department. I'm not sure if this is really a possibility or not...and when it comes down to it I really don't care either way. We'll see...
I was hoping someone knew what the Sec'y of Housing and Urban Dev. in DC buying the condo at auction below me was all about! If anyone missed it, it was in my last post. It's still vacant...
I can't wait to be out of this place. I hate the management company!! They've now started locking the fitness center at 10pm every night. I don't even get home until after 10. Being able to run on the treadmill after work and then jumping right into my own shower is what I've been paying HOA dues for the past 2 years. This is what happens when investors get a majority in a complex like this - they become the default board of directors and can pass any rule they like without needing to call a HOA meeting and put it to a vote. FML.
I sure am liking seeing my bank account grow!!
