Moved to NoVA...Walking away in NoCal

[NoCal Native]

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?

[Cat Damiano]

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?

Welcome to the forum and thank you for joining............

Here are some other members walking away with CalHFA loans for you to look through their thread to see where they are at in their walk and also you can ask for an update in their threads to see what happened.

Walking Away from CalHFA loan with first time home buyers and down payment assistance

Calhfa and the HAMPster wheel game

[NoCal Native]

Welcome to the forum and thank you for joining............

Here are some other members walking away with CalHFA loans for you to look through their thread to see where they are at in their walk and also you can ask for an update in their threads to see what happened.

Walking Away from CalHFA loan with first time home buyers and down payment assistance

Calhfa and the HAMPster wheel game

Thanks Cat! I'll check those links!

[Cat Damiano]

No problem, Good Luck with your journey and please keep up posted here in your thread how it is going.