Walk Away in AZ

[MRC123]

Originally Posted by cactus77727

So if I go for a refinance or mod, or short sale..., there is opportunity to lose the non-recourse and antideficiency protection I have. I'm then personally liable for the home. Forget it. For people like me, foreclosure is an advantage.

Even if they offer an incredible modification, with huge principle reduction, if that creates a recourse loan for me, I'd say no. Too much risk, especially with home values continuing to decrease.

I wanted to get more information on this, since we are going for a loan mod through NACA, so I posted it a seperate question under "Loan Modification" and this is what Professor Shays says:

AZ Loan Mod Through NACA

[knabrusc]

Hey all~

My husband did get the job and we are moving to Chicago. We have to be there November 3rd, so it looks like we will end up walking away. As I said before our lender advised to let them know if we will be vacating the premises so they can come and secure it, which we will be doing. We will not be notifying them though until the day we leave, just in case they do send someone out right away. Our neighbors will watch the house for us until they come. I checked with the apartment we had secured and they do not have any sister properties in Illinois so, the hunt begins again...good thing is there is only one late payment on our credit so far if that, so we should still be able to find a place. Will keep you updated on rest of process as we go.

[faith]

[Brista,

Maybe you can use some laughter so I have copied this link.

A husband and wife split their house in half, see the picture.

Cambodians saw house in divorce pact - Weird news - MSNBC.com




Faith

[brista26]

HA HA HA Thank you that was cute. I wish he wanted it I would give him it cause it is nothing but chest pain for me.

[brista26]

PLEASE READ EVERYONE!!!!!I had emailed a lawyer to get a little advice and she couldn't get me in 2day, but she did inform me that the government is supposed to be doing a bailout loan for homeowners where they refinance your house at fair market value and give you a 30 year fixed and some lenders should have this program soon. so if your hardship can allow you to hold off and maybe benefit from this please look into it. I am in AZ but obviously this should be nation wide. Hope it will apply to me, I have a fixed but a house that I can't refi because it is not worth what I payed. Hope this helps us!!

[MRC123]

Let us know when information on this when you get it. We are trying for a Modification through Wells Fargo and NACA is helping us with it.

[brista26]

i have left her a message when i hear from her i will post something. good luck to you!

[brista26]

I am going to see a realestate lawyer today in hopes that he will have some info what will help me make my decison, I want to walk away because since the divorce i can't do it alone, but i don't want my ex to not be able to have anything for the next ten years even though he is the one that made the decision to leave and deserves much worse. but i am not that kinda person to hurt someone

[Professor Shays]

Brista26, quit worrying about your ex. Frankly as you have said, he "deserves much worse." Focus on what meets your best interests.

Take care and wish I was closer. You deserve a ((((((hug))))) for all you've been through and are facing.

Daniel

[brista26]

that is what everyone tells me but i just can't convince myself of that and i wish i could just walk away but i wasn't raised that way i have never bought anything i could not pay for i wish this could be easier i wish i knew what to do i feel like i am gonna go crazy i am seriouly thinking about going to therapy i can't even get out of bed anymore i am so depressed over all this not about him i am way over that just losing me home

[brista26]

so lawyer was no help to me said i should speak to someone about business, he did tell me i am throwing money down a rat hole though (which i knew) My payment is due tomorrow without being late I am pretty sure that I am not gonna make the payment for the next 2 months and apply for the died in lieu at my 90 day mark of having it for sale with a realtor. MY mental health is deteriorating and other aspects of my life are suffering i don't want to lose everything along with my house. I am ready to begin my life over from divorce and i realize that holding on to that home that is 'headed south' as professor shay would say is not benefiting me. yes my credit will suffer and I am not sure what the VA will do since i have read that the anti deficiency doesn't apply to them but they can't get blood from a stone. This is the hardest decision i have ever had to make in my life and my heart goes out to all those that are dealing with this. Hopefully there is a better future for me and everyone once we can get past all this.

[knabrusc]

brista26~

It will be ok...look at like it is a business decision...the business (your home) is failing...is it worth it to money into it? No, it really isn't. If you do not get a buyer and you go for a deed-in-lieu, they could still deny it, keep that in mind. At which point your house would still go into a standard foreclosure. Your ex isn't worth worrying about hurting, apparently he didn't worry about you. Your health and well being is what matters and you have to take care of you and what will be the best decision for you to make.
If the VA does decided to come to you for repayment I'm sure they will work with you a lot more then any of the lenders will...are you on the loan at all or just the ex? If you are keeping everything else current and just not the house, you will recover quicker. Everyone is going through this unfortuneatly but don't let everything go to the wayside. Keep up your other bills and save the mortgage you are pocketing...check into apartments or rental homes now before your credit gets dinged...or just wait out the foreclosure and live rent free. Keep in mind though that you could have only a couple days notice (worst case scenario) to move. Stay strong, get some rest, have a glass of wine I am 25 and my husband is 30...we never thought we would go through this and thought we were ahead of the game, but we were wrong and now we move on. You can too

[brista26]

hi and thank you for the response all though it is a bad situation it is nice to know that i am not going through this alone and there are people out there that understand. I am the secondary on the loan the va is thru my exhusband he was in the air force. I al also paying on all my other things the only other debt i have is a 6000 charge card and my truck i have always been careful that is why this is so hard. i have worked for everything i have. i plan on getting my charge and car payed off over the next year. as for the rent thing i am living with my boyfriend he is great and has been so understanding thru all of this and his shoulder is always there for me to cry on i only wish i would have met him first. we plan on marrying soon and starting a family so as far as a home i am set. thank you for your response

[faith]

Originally Posted by brista26

hi and thank you for the response all though it is a bad situation it is nice to know that i am not going through this alone and there are people out there that understand. I am the secondary on the loan the va is thru my exhusband he was in the air force. I al also paying on all my other things the only other debt i have is a 6000 charge card and my truck i have always been careful that is why this is so hard. i have worked for everything i have. i plan on getting my charge and car payed off over the next year. as for the rent thing i am living with my boyfriend he is great and has been so understanding thru all of this and his shoulder is always there for me to cry on i only wish i would have met him first. we plan on marrying soon and starting a family so as far as a home i am set. thank you for your response

Brista,
Hope all is well with you. This is a sister advice, and this is from a woman talking heart to heart. I think you should let your heartache and pain with your ex husband resolve first before you plan on marrying another man. Your heart, mind, body and soul needs to be free of emotional pain and baggage from the previous marriage before you remarry again. I could still see your anger and feel your pain for the way your ex husband dealt with your marriage. Please do not rush into a decision that will make you wonder if you make the right decision someday. It is not healthy to you and it is not fair to the new man in your life. I suggest to see a counsellor to talk over your pain and your emotions.

As far as your house in AZ, everything will be fine, if this bailout plan works you don't have to worry about anything. It's best to put the house in the market and let the agent handles the selling and everything else for you. Peace be with you, someday the pain will go away and focus on you first because the most important thing God wants you is to be whole again, you are important in God's eyes, don't you ever forget that.

Take care and God bless.


Faith

[MRC123]

UPDATE:

Well, we decided to jump in with both feet. We are working with NACA and hopefully what they are offering will be accepted by Wells.

This month will be our first missed payment, well actually we did send in payment, but only the for the amount that NACA came up as to what we could afford.

[brista26]

is naca charging you for what they are doing and is it alot?

[Cat Damiano]

NACA is a non profit..........

NACA