Amykohl,
Did I spell that right? Don't feel bad, we are all in the same boat, victims of predatory lenders like
CW and also unavoidable circumstances.
I have been dealing with
CW since 2007 also when I put my house in the market doing Short Sale and 6 buyers backed out citing long process. I have listed it again for another 4 months, 3 offers came but one backed out citing long process and one minute they say it's approved, the next minute it's not approved, one minute they say
CW will payoff the 2nd mortgage for $14k the next minute it's only $5k, I have learned later that MI wants to settle the short sale for $20k which I don't have, and I don't know if
CW will be able to pay the 2nd mortgage for $20k, we offered to give the money I've received from the income tax which is $3000, told them I am planning to hire a bankruptcy lawyer but instead I am willing to give them this $3,000 but they kept us on hold for too long. It's like you're approved, NOT, by the way we changed our mind, you're again approved NOT! The listing expires on June 2, 2008 and I told my agent my heart is ready to foreclose this house.
I found out that if I do short sale, IRS will not forgive the forgiven debts unless I am insolvent and that the 2nd mortgage IRS will not forgive only the 1st mortgage and the loss we have in this house, IRS website stated that we can not claim as deductible.
Just prepare your heart, I know it's easy said and done, I am like in a rollercoaster too. This is very emotional, draining, difficult, frustrating and painful experience one can ever have. I will never ever wish it happen even to my worst enemy.
I don't know if this will help you or not, I don't call my Negotiator every day, I emailed him 1 or 2 times a week sending copies to Andrew Gissinger, the one who replaced Angelo Mozilo, and Lisa Riordan, Mark Elbaum, and other names Cat and Moe put in this site. When I do that, my Negotiator calls my agent and update him on our situation.
Guard your heart and mind, this experience is very unhealthy for both our body and soul. I pray that everything will be ok for you and the rest of us, the Lord is the only one who can help us. God bless you and your family and the rest of you.
Faith
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