Anyone with experience dealing w/ Countrywide Home Loans for a deed-in-lieu of foreclosure?

[sr2008]

Hi serene!
You will probably hear from her soon...My negotiator told me about this 1099...I am concerned about that too...but there is a new law about mortgage relief ...did you read about it? I read and I think it could benefit us....this is our primary house and the amount if we do a DIL is going to be around $330,000....now I am concerned about doing a short sale...my neg. told me to lower the price to the appraisal amount.....i think it will be veryyyyyyy atractive...and I dont know if it will be more beneficial to us than the DIL.....credit wise...I really dont think it's going to be a huge diference..i dont know...and also she (my negotiator) said that with the short sale the 2nd mtg coulkg do a DJ....and as far as i understood it would not happen with the DIL....
About the settled debt in the credit i dont know how is going to look...i think we will have to take the chance...and hope for the best when all this is over......let's keep our faith!!!!!
.....I cant wait to have all this done too....3 weeks...i can't believe...Now i am waiting on her calling me with the results of the tittle company....I will wait until this friday, if she doesn't call I will call her...and finally....problably she will have an answer about the approval for the DIL.... We are in FL....I love it here...it's raining a lot here too...but it is hotttttt....here is just me , hubby and 16 months old son...our families are from Brazil...
I dont know AZ...only the Phoenix airport..hehehheh....You will see...everything is going to work out for you.... If you want to see Mickey Mouse...we are close by
We will be moving back to another house we have...it;s a small 2bed/2bath...for sale for 2 years...since we got this one...now I thank God it did not sell.....so now we have a place to go.....it;s going to be small...but my hubby remoled it...painted...it's cozzy and cute...and most important its ours...and affordable!!!!!!!!!!!!
let's keep in touch...my best to you too...and i am sure when all this is past you and i will be stronger, smarter, and happier!!!!!!!!!!!!!!!!


P.S. Do you know if it is better doing shot sale than the DIL? I am thinking about the financial and taxes consequences....

[MostSerene1]

I have an update:
While I was out working in the yard this afternoon, my Countrywide Home Loans negotiator called and left me a message. She got the appraisal back and she said it came in significantly lower than my current asking price. She advised me to call my real estate agent and lower the price $9,100.00. So, I went from asking $129,000 to $119,900. There was an audible gasp on the other end of the phone when I told her the new price. So, I guess there really is no equity in the place after all. My bad!!!! But at least I don't owe more than it's worth. Not by much, but at least there is that........I guess.
After I got off the phone with my agent, I called my negotiator back and left her a voice message telling her I had done as she instructed and while I was definitely surprised by the low amount, I wanted to be sure we were still pursuing the DIL option in the event this new and lower price does not bring in any offers. I hope she calls me back tomorrow so we can talk more about it. She's not steering me into a short sale, is she? Short sales can take for blooming ever and with my unemployment running out next month, I don't have much time. I can only afford to stay here until the first of September - ish. I can't live here with no electricity and no water. But if I leave, then they say I abandoned the place. This feels absolutely hopeless to me. Is it? Or is it just my imagination?
I am sincerely in need of some words of wisdom or advice. Please. I'm mentally sliding down a slippery slope and I'm honestly not sure just how much more I can take. I was a single parent for 19 years and I've never known fear like this before. The only good thing is there is no debtors prison here in America. Because, if I'm right, it looks like I will be in debt for the rest of my natural life. The 1099 Countrywide Home Loans sends next January will be for the amount I owe, be it DIL, foreclosure or short sale and the tax consequences will follow me well into retirement. Can the IRS put a judgement against your social security checks? If that's possible, I may not even be able to retire ever!!
I thought I was depressed before...............I'm really depressed now!! And scared more than I have ever been.

Serene (it's still a goal)
sr2008 I'm so glad you have somewhere to go!!! This is a very good thing. I'd like to visit Brazil someday. I will never forget a book report I did on Brazil when I was in the 7th grade!!! But that was long ago and far away.
We need to find out about the financial and tax implications for our situations. I wish I could afford an atty or a tax person, but I don't have the money to pay anyone. I will surf around tonight on the internet to see if there is any information out there for us.
Take good care - stay in touch!

[sr2008]

hi serene!
did you get the msg I left you at yahoo?
I did not hear from my neg...I will call her on Monday...hopefully she will have an answer.
If they dont accept the DIL we will walk...I cant take this stress anymore...just to start over.....I already started packing...moving some of the furniture to the other house...
Try to find information about "mortgage forgivenessdebt relief act of 2007" ... i would like to make sure we would benefit from it...
take care... 'talk" to you soon...

[MostSerene1]

sr2008,

I did get your message and replied to you -- sorry I was away from my computer when you IM'd me.
I have found some information on another forum and I believe it will help us. I will send the site and information to your alternate email address when I am finished working in the yard. ((My son is helping me so I'm taking advantage of some help while I have it.))

Take care and I'm packing, too!! I hope that DIL goes thru!!!!

Serene

[MostSerene1]

Hello All,

I spoke with my countrywide negotiator this morning and my deed-in-lieu was approved. Just like sr2008 (Hey, Girl), I also have approximately 2 weeks to vacate.
Countrywide is also sending me papers to sign and I cannot tell all of you what a relief this is. I can see the light at the end of the tunnel and I can tell you for sure that it is not a train!!!
Oh, Happy Day!!!!
I can't wait to get on with my life and make a new start away from here. While I will miss the friends I have made, I honestly believe the rest of my life will be way better than the hell I've gone thru here.

Thanks so much to Cat, Andrew for all your help and MOE for this board!!
I will be forever grateful!!!

I better get to packing!!!

Serene (Christina)

[Cat Damiano]

Christina,

That is great news..............you must be so relieved........

Please let us know when your receive the paperwork and if you have any questions on them...........

[elpjohnson]

Awesome news!!! Way to go!

[MostSerene1]

Cat,

Will do. Hopefully it will be in English and not so much "legal-ese" so I can make sense of it.

One more question, if I may: with a DIL, can countrywide come after me if they wind up selling the house at some point in the future for less than what I owed? Or is it that once they send out that 1099, I'm in the clear, so to speak? Just wondering how far into the future this will go on.

Many Many Many Thanks!
Christina (Serene)

[Cat Damiano]

Christina,

For that you might want to check with the IRS...........and make sure that the documents from Countrywide indicate that the debt is settled in full and forgiven.........I think as long as you have the proof you should be o.k.

[sr2008]

Christina!!!
Hey girlfriend, congratulationsssssssss!!!! I am so happy for you!!!
We did it!!! Cant wait to have all this signed.. Let;s keep in touch to celebrate all the joy, happiness, peace we have coming in our way!!!!

[MostSerene1]

sr2008,

yes, let's definitely keep in touch!! I'm so happy this is working out so well for both of us at the same time. These last few months have been pure torture for me and I'm sure for you as well.
i'm going to send you a private message with all my future contact information so we can stay in touch.
Also, it will be interesting to see how similar our paperwork is when we get it from countrywide. i know parts of it will have to be state-specific, but i'm wondering if our basic terminology will be the same.

Congratulations you to, Girlfriend!! This is a VERY good week for both of us!!!

Christina

[MostSerene1]

Hi Everyone,

I just checked the Countrywide website for information on my account. I will cut and paste below what it says now:
************************************************** ******

Deed in Lieu