AZ Walker - My saga

[azpoor]

Last payment was May 09. Wells Fargo is lender. 1 loan & it's non-recourse and is the loan gotten through the builder to buy house. I've gotten several calls. Always get a computer vmail telling me to call them back. I answered 1 time and they sent out financial forms for me to fill out. I don't want to fill them out. I can't afford it long term. They keep calling. Not sure if I should answer anymore or not. ???? Getting kinda freaked out over it. Last letter I got last week said I was in serious default and owed 3 months of payments and if I didn't respond they would proceed accordingly. Should I call them back? We just can't afford to keep it and try to one day start a family. The math just won't add up. It seems like Wells is moving along right on schedule and we'll be forced out around Xmas.

[Evan Bedard]

Hi azpoor,

Are you looking to walk away as soon as possible? Or are you looking to stall some time before the actual foreclosure sale takes place?

[azpoor]

I'd like to stall an extra 1-3 months if possible to be able to put some extra money aside for emergencies and pay off remaining debts.

[AZChick]

I was very upfront with my lender, I told them I would only stay with a principal reduction. After that I stopped answering calls. All the math they were giving me was only in their favor, plus the heap of paperwork they wanted me to submit for a "maybe" loan mode was insulting to my intelligence. Hang in there, it'll be over before you know it. The hardest step is finally deciding that you are in a untangible situation, and taking those first steps to repositioning yourself. You are certainly not alone.

[azpoor]

Wells Fargo keeps leaving voicemails pretty much once a day. I was thinking to answer them tomorrow and ask for principal reduction modification and see what their response is. My DW is now wondering if we should try to keep it. I think she has more emotional attachment to it and our plan to raise a child soon here. I just can't fathom a 270,000 house that is now worth 158,500 (per zillow) going back to 270 anytime in the near 5-15 years. Plus having a child would certainly put a dent into our budget. And I ain't no spring chicken anymore...I don't want to be 70 when my kid graduates high school.

[azpoor]

Got a letter today from Wells telling me to call and in 15 minutes they will give me an immediate decision on a modification, the new payment amount and they will take that 1st payment on the spot. Seems too fast and easy from Wells. Oh, I just Zillowed my house. From 270 to 158 currently and another like mine is for sale for 129 down the street.

[Sparky06921]

You received a letter in the mail and it said to call in 15 minutes?
They will take the 1st payment on the spot?

Sounds like a scam to get some kind of money out of you?
I wouldn't agree to anything or pay anything without it in writing and having an attorney look it over. Good Luck!

[azpoor]

No, not call within 15 minutes of receiving it; it said it would only take 15 minutes of my time for them to take my paystub, etc info and they would make a mod decision right then on the phone for me and I could make a payment at that same time too. I definitely am not making any payment until I see it in writing. Yesterday I got a WF called me and was inviting me to a modification seminar that is next week to meet a WF rep in person.

[AZ Meltdown]

Like AZ Chick said all of the modifications are in their favor.

When they would call me, I would just repeat the manta of only willing to settle for a principle reduction.
The calls were few and far between once that sunk in.

[azpoor]

AZ Meltdown - How many months did you go without making a payment before WF made you move out of your house? Do you think I should answer a call every now and then or just ignore them all?

[AZ Meltdown]

Originally Posted by azpoor

AZ Meltdown - How many months did you go without making a payment before WF made you move out of your house? Do you think I should answer a call every now and then or just ignore them all?

Mine was Countrywide.
10 months from last payment to $ for keys and out the door.

I ever got many callls with my mantra so I couldn't say.

GOOD LUCK

[azpoor]

So you stayed in the house until after the trustee sale and waited for the bank to make you the cash for keys offer to get you out?

[AZ Meltdown]

Originally Posted by azpoor

So you stayed in the house until after the trustee sale and waited for the bank to make you the cash for keys offer to get you out?

Yep.
So if it was a $ for keys offer, or a Sheriff's hit the street order I was ready.

[azpoor]

Got two letters in mail today. One from WF dated 9/4 saying that the letter is for information purposes only, not a demand for payment. It then said the loan file has been referred to attorney to begin foreclosure proceedings and that due to default of terms that the entire balance is due and payable.

2nd letter was from a local real estate company that said records show WF filed foreclosure papers at the courthouse on 9/11 and to call this company for modification assistance.

Is the first letter the NOD? If so it seems WF is moving right on schedule to get me out of the house. No 1-2 year free stays for me like I've read about others experiences.

[AZchick2]

yes things are moving right along......soon you'll get the trustee sale notice...you may be able to find it at the maricopa county recorder website....

[azpoor]

If my NOD was filed on either 9/4 or 9/11, how many months before the trustee sale date?

[azpoor]

Update - Been getting letters in mail from loan mod companies as well as from people (investors?) saying how they buy homes. Gotten a couple voicemails from agents saying they have a buyer wanting to make offer sight unseen. I still haven't decided if I will send financials to prolong the process or just let them foreclose quick.

[briknope]

ONce you have made the decision to not stay in the house, you might as well bank as much cash and live there for free as long as possible. Not wanting to negotiate may prompt them to throw you a really good deal also. Who knows.

[azpoor]

Today I came home and there was a copy of the Notice of Trustee Sale taped my front of my house. No surprise of this notice as we had already gotten it via certified a few weeks back. Just surprised that they took the time to tape a copy to the house. Dec 11th auction coming soon.

[AZOwner]

AZPoor, I am so sorry for your plight! My family is in the same boat. Over 50% upside down in equity, just over 1 month late now. We've seen an attorney who walked us through the process of foreclosure. When we get calls, now, from the bank telling us what valued customers we are. We have a script we read: all of the improvements we have made to the house, with our cash, the fact that we negotiate or leave now or are forced out of our home when we are in our 50's and the balloon payment is due, and we will gladly offer 10 grand more than what they will get in a short sale or auction.

I was once transferred to the workout department, in which the employee noted that our 1st mortgage is now 156% of market value. Obviously, to refinance she would need $175,000 from us to do a 100% loan; and we don't qualify for a Mod because our house is too valuable.

No, I am not kidding, she said our house was too valuable. Before I could stop laughing we were mysteriously disconnected. We have all of our calls going to voice mail now and I don't call back. We will list for short-sale soon, and they can take offers or not -- they are not getting any personal information from me.

Hang in there. Stash your cash. Rent a bigger place than the one you are living in now, for likely 1/2 of our mortgage payment, pack and move your non-essentials to storage. Make sure you pay association fees and house insurance. Leave when you have to.

Take care of your family -- they are the constant in your life, and make every day worth waking up to with a smile. . . .

Blessings and best regards.

[azpoor]

AZOwner - Thanks for the thoughts. Good luck to you as well. Make sure you talk with your attorney about a short-sale. It might make you lose your anti-deficiency and then the bank could come after you for any house value deficit.