I have been reading all the different threads here and I am having trouble finding information on those of us who do not want to stay in the home. My first mortgage is with BOA ($183k) and my second is with GMAC ($50k) home maybe worth $100k. I moved out of the home in July 2009 and into a new home with my new husband. The old home is in my name only. My cousin was living in the house and renting for less than the mortgage was however, I was trying my best to pay the difference. May 2010 he moved out and I stopped paying because I just could not afford both houses. Previous to moving out I had the house up for sale but it just wouldn't sell. For months, no one even looked at it. Had an open house and no one came. Sad! Its a cute house but old.
May 2010 was my last payment on both the 1st and the 2nd. I sent GMAC a letter explaining my hardship and I included my 1st mortgage balance and print outs of comparable homes for sale in my neighborhood showing the sale prices were much lower than what I owed on the home. In the letter I made an offer of $3k to settle the loan in full. June 2010 I hadn't heard anything back from GMAC so I sent a 2nd letter and again the same in July 2010. November 2010 I rec'd a letter via fedex from GMAC counter offering my offer for $5k. This is the amount I had already told myself is what I was willing to pay so I immediately sent a letter via fedex the next day accepting their offer. In my letter I gave all my contact information and asked to please proceed and let me know what else they needed from me that I was looking forward to settling this. March 2011 I hadn't heard anything back in regards to the settlement so I wrote another letter requesting the status. GMAC sent me a letter stating they can no longer honor the $5k settlement. So I called them and the gentleman said because I did not call them and send the money that that offer was off the table now and that I have new offer. I told the gentlemen that their letter stated I must contact them before 11/19/10 to take advantage of the offer and I did and I have proof of them receiving it because I sent via fedex overnight and he's crazy if he thinks I would just send $5k with no documents to back what it would be for. He kept trying to say that that offer is no longer available and that the new offer is $14k. I told him you are crazy and since GMAC won't honor their offer of $5k then forget it and get nothing because the 1st mortgage is way more than the home is worth. GMAC started harrassing me by calling my work, my home, & my cell. So they used the letter I sent with my contact information to settle against me. I wrote a letter to GMAC stating I was exercising my rights under the Federal Fair Debt Collection Practices Act that all communication is to be in writing only and they are no longer to call me anywhere. Which they don't now. I also haven't rec'd anything else in writing.
As for BOA, its been over a year and they haven't even called wrote a letter nothing. I just get the monthly statement with the amount higher due to the nonpayments.
My question is how can I get GMAC to honor their $5k or even less now so that I can rid of the 2nd loan and then maybe short sale or deed in lieu with BOA? And if I can't get GMAC to do that, what should I do? How can get BOA to get the foreclosure process moving? I want to move on from this.
Any help anyone can provide is greatly appreciated. I wanted to do the right thing as much as possible and not just walk away but unless GMAC comes around then looks like that is my only option.