Loans, Debt & Credit - View Single Post - I most certainly welcome foreclosure stories in Nevada

racoon · 11-20-2008, 09:10 PM

Hello,

yes, I have been through the nightmare of foreclosure. It's not fun and yes we will get through this. I'm still waiting for my bailout,, but funny thing is no one seems to care about the little people. If I was a CEO they would be listening....

They have 6 months from the date of the trustee sale to file for deficiency. Now if the lender goes non judicial as in my case,, you can be pretty sure they won't seek the difference. I am no expert but that is how I understand it. Now the mortgage insurance, which I DID NOT KNOW I HAD... I did not pay PMI. This was lender purchased insurance. It was not disclosed but none the less, they have a right to seek the deficiency from you using their subrogation rights. It is complete BS but what are you going to do? So we have arranged for our future, thank god for family and we will be filing a chapter 7 after we force our income below the requirements. It's been an amazing journey. I wish you luck. Put on your fighting gloves because it is not going to be easy. I recommend staying in the home if you can work anything out with the lender. It will be interesting too see how many of these deficiency stories start popping up... I don't want to be so negative but this is the truth of the matter of how these dirty scums are going to play the game. I am pretty numb and bitter to the whole collapse of the mortgage industry. I say stick it to the lenders but that is the only one our government is protecting. My dream is to see these crooked CEO's lose everything they have and half to rebuild. Apparently, that is not how it works.

11-20-2008, 09:10 PM	#5 (permalink)
racoon Senior Member Join Date: Nov 2007 Posts: 74 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: I most certainly welcome foreclosure stories in Nevada Hello, yes, I have been through the nightmare of foreclosure. It's not fun and yes we will get through this. I'm still waiting for my bailout,, but funny thing is no one seems to care about the little people. If I was a CEO they would be listening.... They have 6 months from the date of the trustee sale to file for deficiency. Now if the lender goes non judicial as in my case,, you can be pretty sure they won't seek the difference. I am no expert but that is how I understand it. Now the mortgage insurance, which I DID NOT KNOW I HAD... I did not pay PMI. This was lender purchased insurance. It was not disclosed but none the less, they have a right to seek the deficiency from you using their subrogation rights. It is complete BS but what are you going to do? So we have arranged for our future, thank god for family and we will be filing a chapter 7 after we force our income below the requirements. It's been an amazing journey. I wish you luck. Put on your fighting gloves because it is not going to be easy. I recommend staying in the home if you can work anything out with the lender. It will be interesting too see how many of these deficiency stories start popping up... I don't want to be so negative but this is the truth of the matter of how these dirty scums are going to play the game. I am pretty numb and bitter to the whole collapse of the mortgage industry. I say stick it to the lenders but that is the only one our government is protecting. My dream is to see these crooked CEO's lose everything they have and half to rebuild. Apparently, that is not how it works.