Strategic Default--did I make a mistake?

[UNDERinLV]

Well, we got moved into our new house!! Yeah...twice the size, and less money each month. No news on the other house. I. Mean. Nothing. I think I get a statement once per month that says they are looking for my payment...LOL. I read another thread on here about putting your house in a "trust" and that maybe that would prolong the process of FC. My house is in my trust...could that be why they aren't acting quickly?? This could take forever!! I'm still maintaing the other property...landscaping, making sure the lights turn on every night, etc. But I'll only do it so long before I give up. I'm definitely not keeping on power and water through another Vegas summer. I wish BofA would just get this done!!

[UNDERinLV]

So I live in LV, NV and decided to do a SD last year. I was underwater by over $100K at the time of my first missed payment. I didn't opt for a SS because I made plenty of money, my payment was less than 31 percent of my income, I owed no debt, and I had enough money in the bank to make about 2 years worth of payments. I didn't think that giving BofA that kind of info was a good idea, they wouldn't do a DIL, so I haven't made a payment in 12 months. I now owe an additional $20K + in missed payments and late fees, etc.

Many of my friends are doing the SS thing, but they all have financial hardships. All of their homes are selling, and here I sit with no NOD yet. This will likely drag into 2013...I hope to hell they extend the MDRA or I'm a little screwed. I slowly took all my money out of the bank, we moved from the house last December and I put a renter in it in May so it makes a little money, but nothing great. I called BofA this week and they enrolled me in a HAMP program without my knowledge and I was supposed to make my 3 trial payments June, July and Aug. Well, I obviously didn't make the first two and won't make the August one so maybe they will start FC proceedings soon...

NV is a recourse state, that is why I didn't want to give up my financials. And I didn't have a hardship or change in income or expenses. I was sure of my decision last year, but now I'm just concerned that this will drag on forever. Did I do the right thing in not providing financials and SS???

[zach.myers]

Inside job for the win!!!! I'm just starting my walk in WA. I'm overseas so it will be impossible for the banks to contact me but I'm hoping to free load for at least 6 months so I have time to come home pack up. Good too see some people taking the power back in their own ways. Kudos also for talking to the banks whilst slightly abbreviated LOL. I believe you did the right thing by NOT providing financials. I'm going to ask for HAMP at the last minute simply to delay but I do plan on providing slightly exaggerated info on the app and I might forget to include paystubs or w2's. Cheers and good luck.

[TomEason]

zach.myers

Thanks for your post.

You obviously have lots of tricks up your sleeve.

You may want to visit the HAMPster Wheel Game thread; you have the right attitude and will make a creative player. Have fun!

http://www.loansafe.org/forum/chase-...l-game-92.html

[UNDERinLV]

Just thought I'd update....My last payment was....I don't remember...July of 2011??? Moved out 6 months later expecting a quick FC. But that didn't happen. Moved in renters in April of 2012 and they have been there a year, I guess. Still no NOD...nothing. I owe over $40,000 in back payments and random crap and BofA won't do a thing. I didn't play any games or anything...no hampster wheel, nothing. I wanted to do a DIL but refused to give up financial info. I call them every few months and they tell me that they'll FC when they want to....no rush. Ridiculous! So nothing is going on with my FC.

I've moved to a house that is twice as big and life is good on that front, but I just want this mess over with and my six months to pass after the FC so I know there won't be a deficiency judgment. I don't think much about it anymore, but it still looms on the horizon.

Just thought I'd update...no news. ;-)

[TomEason]

Just thought I'd update....My last payment was....I don't remember...July of 2011??? Moved out 6 months later expecting a quick FC. But that didn't happen. Moved in renters in April of 2012 and they have been there a year, I guess. Still no NOD...nothing. I owe over $40,000 in back payments and random crap and BofA won't do a thing. I didn't play any games or anything...no hampster wheel, nothing. I wanted to do a DIL but refused to give up financial info. I call them every few months and they tell me that they'll FC when they want to....no rush. Ridiculous! So nothing is going on with my FC. I've moved to a house that is twice as big and life is good on that front, but I just want this mess over with and my six months to pass after the FC so I know there won't be a deficiency judgment. I don't think much about it anymore, but it still looms on the horizon. Just thought I'd update...no news. ;-)

Thanks for your update. While it's evident the situation is a concern for you, you might focus on all the $$ you've been able to sock away from that recurring stream of rental revenue. Since there's nothing you can do to rush the lender. And I applaud your smart decision to rent it out. Enjoy (if you can).