Hello all, Just want to get some feedback from the forum. Our story in short:
My family had to relocate from SF Bay area in July 2010 when I was hired on by a federal agency in the Northern VA area. - Our Condo in the Bay Area is $200k underwater, we have a CalHFA loan for $435k
- We have a renter paying less than half our mortgage payment
- We are paying rent in an apartment in NoVA so between our rent and the balance of the mortgage in CA we are saving no money. As a matter of fact we are losing money, I took a pay cut as a trade for a more stable Federal position, but my wife is no longer working, so we lost that income.
After two years barely making it every month we decided to walk away
- Jun'12 - We have informed our tenant and stopped paying the mortgage servicing company (GUILD)
- Jul '12 - We received our first Certified Letter- Notice of Intention to Foreclose
- Also, GUILD sent us a hardship package, responded by sending a letter to Guild requesting to do a Deed In Lieu of Foreclosure
- Aug'12 - GUILD has sent us a reply to our request: Our request had been reviewed and we need to attempt a short sale first
I don't know how much my credit score has taken a hit
We now have to begin the Short Sale process and collect some documents that I have no idea where to get...I hope the Guild rep is helpful in helping...
I currently don't qualify for any modification program, and it is no longer our primary residence
Is anyone in CA w/ a CalHFA going through the same process?