Received a letter from bank that this debt is now charged off, reported so to the CRAs and this debt is now accelerated. Entire amount is due now...blah blah..
The calls are virtually stopped. They have not responded to my 3% offer last month.
Received a letter from bank that this debt is now charged off, reported so to the CRAs and this debt is now accelerated. Entire amount is due now...blah blah..
The calls are virtually stopped. They have not responded to my 3% offer last month.
__________________________________________________ ____
State: CA
WF HELOC last paid 09/2011
WF First last paid 10/2011
Question for Tom:
As you know, we are happily living in our new home. Previous underwater home is on HAMPSTER wheel and is rented. I was wondering what is your take on we moving back to our previous home in order to 1. extend the pretend game of mod, SS, etc. 2. generate higher rental income from new bigger house and 3. pocket C4K at some point.
I know moving back and forth is too much hassle but if such hassle is pocketing me several thousand $ and avoids dealing with a renter post issuance of NOS, it may be worth it. Just wanted to see what words of wisdom you have on the situation.
__________________________________________________ ____
State: CA
WF HELOC last paid 09/2011
WF First last paid 10/2011
Hi No_Kidding
Thanks for your question.
IMHO, you need not move in order to play creative games. If it were me, I'd use (creative) artistic license to submit whatever I saw fit, or necessary, to extend the game. As you know, moving is a horrible experience.
Moreover, you'd be creating a tenant turnover, typically a time consuming ordeal requiring the location of a new suitable tenant, screening their application, checking references, writing a new rental agreement etc etc ad nauseum. The more I think about it, the less I like it, LOL.
Dealing with your renter post NOS isn't that big a deal. However, if the tenant gets squirrelly and decides to move, you'll have your vacant house and you can then move, if desired. FYI, C4K isn't usually a big deal, and allowing your renter to take advantage of it will preclude your responsibility to refund their security deposit - a tradeoff so to speak.
If you were to swap houses, what would happen to the tenant who rents your primary residence when you need to move back in because the other house is FCed? Would you write a short term rental agreement and try to explain why?
IMO, there are too many contingencies to consider. This game is supposed to be fun, not tedium, LOL.
Thank Tom. You certainly add many points to think about. As far as renter in the PR, it will be month to month lease, just like you recommend it. Plus, all the headache you mentioned about finding a new tenant is very true. For my previous home, I had paid service ..came took picturs, posted ads, did screening...the whole bit. It was much pleasant experience.
__________________________________________________ ____
State: CA
WF HELOC last paid 09/2011
WF First last paid 10/2011
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