We have a question - we have been trying to "Short Sell" our home for a year. (Began talking to
CW right from the start January 2008) Husband lost job, moved out of state, market died, can't sell, can no longer make payments, income down 1/2 and counting...House was 1.2M - Mortgages $800 first 200 2nd. We were current up to September, paying over $9,000 a month for mortgages, and up keep. Are paying upkeep only, almost $2,000 a month. We have been living off credit, and are now beyond broke. We got one good offer in October, $790,000cash, and
CW wanted us to sign $30,000 note to be paid over 5 years. We did not have the funds, and knew we would not be able to pay, and told them. The Realtor contacted
CW and stated the buyers would up the offer $30,000.
CW said no, we had to pay it as we were not late on any other payments and had just reciently stopped paying on the mortgage. Long story short after two weeks of Realtor and I trying, we got
CW to say OK to offer. By then, Buyers bought another house.
We are now trying for a deed in lieu. Just yesterday, we were told the "Bank of New York" was the owner of the loans. Never heard that before. I could swear last year
CW told us they owned both of our loans, but would not do anything till we were in default. Is it possible they sold these loans this year? (Knowing we were going under?) Also, was told we would most likely have to pay something to the bank to get the deed in lieu. Finding it nuts to think had we not paid the last year, or just paid the first, we would be better off overall. Wish I had found this forum way earlier. By doing the right thing this past year, we screwed ourselves up.