Loans, Debt & Credit - View Single Post

onedaysoon · 02-15-2009, 01:43 PM

I have a house that I had built, it was in a construction loan. The bank wanted it off their books, but they would not refi. They said due to lack of proof of income; I am self employed. Funny thing is it was the same income they approved me for in the first place.
Anyway, they called the whole loan due. Keep in mind I NEVER missed one payment. But, they didn't care, they wanted it off their books. I was getting letters to pay the full $260,000. Sure, I just take it out of my pocket

. I was trying not to ruin my perfect credit, but I realized they had no desire to help, even though I always payed on time. So, I stopped paying, because I did not havew money to throw down the drain on a house I had no chance in the world on keeping.

Last week I received the Notice of Default. The worst part is I looked at my credit report and it shows the lates, my credit is ruined and it is not my fault. The funny thing is, this loan NEVER showed up on my credit report, not even as a spect of dust. I had a small hope that I might get lucky and it would continue to not show. But, I guess they are more than happy to send the info to the credit agency when you are late, but not when you pay ontime.

My stress is mostly because I have some debt on 2 cards at 0% interest, until June or July of this year. I am really scared at what is going to happen, if I can't transfer my balances to another 0% card. I cannot afford to pay interest. This stupid house is going to create a domino effect and ruin my life.

I don't know what I can do to prevent it from effecting everything else.

I have not EVER been late on anything, except for this house. Please tell me there is a way to save my credit?

I thought about seeing if they would take a DIL, but I guess that will ruin it just as bad as a forclosure. Though it would get it rid of it sooner. Do they accept DIL after you receive the NOD? I ask last year, before the NOD and the lady said they probably would accept a DIL if I gave them $5000

.
I thought about trying to short sale, but I only have about 2 month and I don't think the tenants will be very cooperative with letting people in. None the less, I work in R.E. and the banks are not very cooperative with short sales.

I am sorry this ended up so long. Thank you for reading!

If you could help me, I would appreciate it more than you know!

This house is not my primary residence. It was suppose to be until all this. My loan is through a credit union.

02-15-2009, 01:43 PM	#1 (permalink)
onedaysoon Member Join Date: Nov 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	I'm so stressed :o( I have a house that I had built, it was in a construction loan. The bank wanted it off their books, but they would not refi. They said due to lack of proof of income; I am self employed. Funny thing is it was the same income they approved me for in the first place. Anyway, they called the whole loan due. Keep in mind I NEVER missed one payment. But, they didn't care, they wanted it off their books. I was getting letters to pay the full $260,000. Sure, I just take it out of my pocket . I was trying not to ruin my perfect credit, but I realized they had no desire to help, even though I always payed on time. So, I stopped paying, because I did not havew money to throw down the drain on a house I had no chance in the world on keeping. Last week I received the Notice of Default. The worst part is I looked at my credit report and it shows the lates, my credit is ruined and it is not my fault. The funny thing is, this loan NEVER showed up on my credit report, not even as a spect of dust. I had a small hope that I might get lucky and it would continue to not show. But, I guess they are more than happy to send the info to the credit agency when you are late, but not when you pay ontime. My stress is mostly because I have some debt on 2 cards at 0% interest, until June or July of this year. I am really scared at what is going to happen, if I can't transfer my balances to another 0% card. I cannot afford to pay interest. This stupid house is going to create a domino effect and ruin my life. I don't know what I can do to prevent it from effecting everything else. I have not EVER been late on anything, except for this house. Please tell me there is a way to save my credit? I thought about seeing if they would take a DIL, but I guess that will ruin it just as bad as a forclosure. Though it would get it rid of it sooner. Do they accept DIL after you receive the NOD? I ask last year, before the NOD and the lady said they probably would accept a DIL if I gave them $5000 . I thought about trying to short sale, but I only have about 2 month and I don't think the tenants will be very cooperative with letting people in. None the less, I work in R.E. and the banks are not very cooperative with short sales. I am sorry this ended up so long. Thank you for reading! If you could help me, I would appreciate it more than you know! This house is not my primary residence. It was suppose to be until all this. My loan is through a credit union.