Walking Away in Virginia

[Sick/Tired in VA]

Hello Everyone,

We have decided that we are walking away from our home. We are in Virginia which I believe is a recourse state. I am scared of what is going to happen but reading the posts here have helped alleviate some of my fears.

We bought our home in 2008 for $217k. Today, it could possibly be sold for $150k at most (according to realtor). After moving in we uncovered lots of problems and have put over $50k into the house and still have about $50k more to put in. It's not run down, it just needs work since it is 30 years old.

We will be moving into an apartment in June and we are hoping the bank will hurry this process along. Our first missed payment was this month and hubby got his first call from BOA yesterday. It was a generic message saying to call them as soon as possible. His name is the only name on the mortgage.

We are not interested in loan mod, DIL, SS, as we wouldn't qualify. Are there others on the board that have done this in Virginia? Should we consult an attorney? If so, what kind of attorney? I've spoken with a real estate attorney and he referred me to a consumer rights attorney who basically said yes, the bank can garnish wages if we don't pay up. He didn't sound like he could help me with specific walking away questions. Any advice or words of wisdom are appreciated and welcomed.

[FightingFC]

Hi Sick/TireInVa,

I'm in VA as well. Our situation is a little different. I'm trying to re-modify my mother's loan with IndyMac/OneWestBank. We've been at it for over 4 years now. We were able to keep up with the charade the banks put us through, but times are really tough now, and have not been able to keep up with the payments. We are seriously 8 months behind on our mortgage. We tried to modify but they keep losing our paperwork...typical!

We don't want to lose our home, but we also want to move away. We are just in LIMBO, really.

If you have any information about lawyers or any info about fighting foreclosure, please let me know.

Any info, or advise is greatly appreciated.

[Cat Damiano]

Hi FightingFC,



We would be unable to refer you to any specific attorneys on the forum, however you can do a search here;

National Association of Consumer Advocates | Consumer Protection Advocates and Attorneys - Help for Consumers

[tiredoffighting]

Hi
I just found these forums a couple of hours ago and have been reading so much I have a headache. We are in VA too, my husband and I decided to walk away from our home too, we have tried everything and don't qualify for anything. Sooooo we are done. House has been on the market for almost 2 yrs, we live in BFE, owe about $250 worth about $185, no jobs anywhere within 60 mi. I've also been wondering if we should contact an attorney, we don't have any assets everything we have has a lien against it (cars, etc) but the only thing i'm worried about is my husbands pension from the state. I'm also worried about the tax implications if it isn't done by the end of the year. I do have to say that I feel a hugh weight has been lifted since we made this decision. Are there attorneys that specialize in strategic defaults?

[tiredoffighting]

Sick/tired, we are in VA too and I would love to know how it is going for you. Not many of us virginians here so it would be nice to be able to compare notes etc. Our first missed pmt will be July.

[FightingFC]

I am in Virginia too. We're Twelve (12) months behind on payments. We have been trying to re-modify for 4+ years now. We received our "denial" letter because we didn't send the information in on time, which is nonsense! Next day, we receive a NOA (notice of acceleration) - Notice of Intent to foreclose from the servicer's attorney. Hum, fishy...no?

We're working to find a solution to save our home. Well, if anyone has any information or would like to share their stories, please post.

You're right, there aren't that many Virginians here, but Thank you TIREDOFFIGHTING, SICK/TIRED IN VA for your post. At least NOW we have started a little discussion to get more VAian's to post. Hopefully. (crossing fingers, toes, whatever you have!)

I need to find more Virginians who've been through this process to band together and fight.

Thanks for reading.

[Forumite]

Also living in VA and walking away, just made a thread of my own before seeing this one. If anyone of you guys have advice please post there and good luck to everyone in here.

[outofhere]

Hi
I am in Virginia, I have been in a modification program since Jan 2012 but I am ready to walk I just wish WF was not automatically deducting the mortgage from my account. I am not sure if I should just call them up and tell them to stop taking the money out of my account or to just remove all the money from my account so they cant get it