Still lost on what to do... need help! - Loan Modification Forum

ocrcg · 10-12-2009, 02:29 PM

Can someone please recommend a honest real estate attorney and\or accountant to speak to in San Diego, CA. I have read this is the best place to start but we do not know who to trust. How much would be looking at for a consultation?

How can we tell if our loans are non-recourse? Is there some terminology in the loan docs I can search for?

If we stop making payments to the primary lender, should we stop payments to the secondary as well?

Once we stop making payments we know the calls will start from the lender but we can deal with that. Is this the only way to really get their attention these days? We want to stay in our home but we are running out of options as we have no money left at the end of the month. This site is great and it has a ton of info but not even sure where to start... contact NACA, contact lender direct, stop payments and hope for the best?

We have still never missed a mortgage or credit card payment. Although, now almost all credit cards have been closed and interest rates increased so payments have almost doubled. We had zero credit card debt when we purchased the home in 2005 and we now owe approx. $30k in credit card debt. We are still contributing 6% to 401k accounts and we have ongoing monthly medical expenses. We are stuck in two car leases that total $1100 per month. Savings and checking accounts are depleted and we barely have enough to cover Property taxes due in November. Stress level is rising...

Combined net income per year is approx. $170k and we have lost bonuses of $30k the last two years that we previously relied on. It seems like we make too much to qualify for any relief. I have no problem stopping payments and paying off credit cards, waiting to foreclose and then walking away. Need to convince spouse which might be the hardest part. Haved talked to other family members and they don't blame us for considering stopping payments.

If we default and foreclose or do a short sale how long before we will be able to realistically qualify for a new home loan? I have read 2-3 years but that seems a little quick for credit to recover.

Current loan situation:

ALS: (Original loan)
10 year fixed interest only in 2005.
Balance - $592k
Monthly - $2959

CW: (Re-fi from Citi loan to do landscaping)
HELOC ARM in 2006.
Balance - $180k
Current Monthly - $650 (but was as high as $1100 in 2006)

Any advice is appreciated. Thank you.

10-12-2009, 02:29 PM	#1 (permalink)
ocrcg Member Join Date: Feb 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Still lost on what to do... need help! Can someone please recommend a honest real estate attorney and\or accountant to speak to in San Diego, CA. I have read this is the best place to start but we do not know who to trust. How much would be looking at for a consultation? How can we tell if our loans are non-recourse? Is there some terminology in the loan docs I can search for? If we stop making payments to the primary lender, should we stop payments to the secondary as well? Once we stop making payments we know the calls will start from the lender but we can deal with that. Is this the only way to really get their attention these days? We want to stay in our home but we are running out of options as we have no money left at the end of the month. This site is great and it has a ton of info but not even sure where to start... contact NACA, contact lender direct, stop payments and hope for the best? We have still never missed a mortgage or credit card payment. Although, now almost all credit cards have been closed and interest rates increased so payments have almost doubled. We had zero credit card debt when we purchased the home in 2005 and we now owe approx. $30k in credit card debt. We are still contributing 6% to 401k accounts and we have ongoing monthly medical expenses. We are stuck in two car leases that total $1100 per month. Savings and checking accounts are depleted and we barely have enough to cover Property taxes due in November. Stress level is rising... Combined net income per year is approx. $170k and we have lost bonuses of $30k the last two years that we previously relied on. It seems like we make too much to qualify for any relief. I have no problem stopping payments and paying off credit cards, waiting to foreclose and then walking away. Need to convince spouse which might be the hardest part. Haved talked to other family members and they don't blame us for considering stopping payments. If we default and foreclose or do a short sale how long before we will be able to realistically qualify for a new home loan? I have read 2-3 years but that seems a little quick for credit to recover. Current loan situation: ALS: (Original loan) 10 year fixed interest only in 2005. Balance - $592k Monthly - $2959 CW: (Re-fi from Citi loan to do landscaping) HELOC ARM in 2006. Balance - $180k Current Monthly - $650 (but was as high as $1100 in 2006) Any advice is appreciated. Thank you.

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