Another Michigan Walk Away?

[whatsinaname]

I have considered walking away from my condo, too, but it is very difficult. It is home. I have tried to divorce myself from it but it is really hard.

I have an arm mortgage that readjusted about six months ago. I am also behind one payment from a few months ago. Chase keeps calling me but I have had so many other stresses that I just can't deal with these money hungry mortgage companies any more - unless they want to give me a fixed rate and for that I have to talk with them. I am trying to muster the courage.

I have a cancer patient (significant other) at home, not that Chase would care about that, but it does make the decision even more difficult.

I am female and the only breadwinner. I drive a 12-year old vehicle and badly need to replace it but I can't afford to do so until the mortgage issue is resolved.

Somewhere, somehow, I need to deal with Chase and I absolutely dread it. When I read how they have given most of you the run-around I sometimes wonder if it would not be easier to simply avoid them and dump the condo.

This is what the money hungry banks have done to those who keep them in business!!!

Where is the money the government was supposed to give to the homeowners to help those with readjusted arm's? All I see is money going to help the banks, not the homeowners.

I am the sole breadwinner in the family

[The Professor]

I'm truly sorry for the challenges you face. My sense tells me that you should be entirely honest with them, explaining all that is going on. Know that they don't want your home, would appreciate any sort of arrangement that can be made that makes business sense, and you need to look at it as though you and the lender are "partners" relative to the problems that exist as a result of this lousy economy and declining property values.

So, make the call. Lay out the facts as you believe them to be. Don't make promises. Simply provide them with enough information so that you and your lender can jointly make a decision.

Take care,

Danie

[HappyHome]

Hi, I KNOW yr Pain.. and I am here to say I Hear You.. I am so sorry to hear /read about yr troubles/treatment yr mtg co., is giving you.. You Certainly Don't deserve it and Please try Not to be Afraid of These Mtg. Robots as I call them! When I was Out of Work in Sept. (briefly thank God..) it gave me time to Think and I did and that choice I made adn am going thru still now ( but almost over very soon) was and is to>> Walk Awya,... Run away from the Worst Experience of My Lifetime Other than Losing My Parents..! Dear Please Know ( as You've Probably read on this Site) so Many People are being treated so Unfairly just to Put it Quite Mildly.. We are Here to Support each Other and I may No t be the Best Writer tonite but do Know My Prayers go out to You. If I were to get into only 1/3 of what all these Crooks Have Put me thru it would take hours .. and Hours but briefly it was a True Nightmare for 3 Years after Being Promised Oh, real Estate ONLY goes up and You'll Be Certainly Able to Re-Fi in 18 Months well 3 Years later I Lost everything and that Wasn't very Much to Begin with.. The Real Estate Broker, The RE Atty. she had No Notary.. The Appaiser.. The Home Inspector! and More were/are all Major Crooks with no Hearts and Nothing But Money whores as far as I am concerned.. Just know as you can Probably tell by my thick Skin I have learned to grow that The Only way I found to deal wit h Them is to come on Here and read read read I did I was Obessed wit h this site every moment I wasn't working and that was a TON of hours Just to Pay my Mtg on time fo r 3 Years.. going without 90 percent of the time .. selling My Personal things to eat .. going thru 3 cars one after another breaking down .. My Best advice Learn More Than they Know and Use it to Your advantage Then Mix in The Best "Nice-ness" You can Muster up when dealing with them on the Phone and CAll call call and call fax fax on a nd on (keep receipts fo r yr taxes as a Loss.) I have files FULL all over My Office which I am Packing up right Now to move in December and go to court fo r my Chapter 7 Bankruptcy too.. and Move on With a Peaceful Life fo r myself and My 2 Kittys in an Townhome/Apt to Rent!! and rent I shall do Proudly.. I don't really even beat myself up much at all over the BR because I Know I can look Myself in the Mirro everyday and say I did everything I could .. thru Blood Sweat and tears and Nothing nothing is ever worth this Much Stress woorry and My LIFE .. but Happiness and Having an actual Lifestlye is.. God Bless You and Never Give Up or Give in everyone on this site is Quite Super we are All Here fo r you my Dear God Bless.. Tracyann

Originally Posted by whatsinaname

I have considered walking away from my condo, too, but it is very difficult. It is home. I have tried to divorce myself from it but it is really hard.

I have an arm mortgage that readjusted about six months ago. I am also behind one payment from a few months ago. Chase keeps calling me but I have had so many other stresses that I just can't deal with these money hungry mortgage companies any more - unless they want to give me a fixed rate and for that I have to talk with them. I am trying to muster the courage.

I have a cancer patient (significant other) at home, not that Chase would care about that, but it does make the decision even more difficult.

I am female and the only breadwinner. I drive a 12-year old vehicle and badly need to replace it but I can't afford to do so until the mortgage issue is resolved.

Somewhere, somehow, I need to deal with Chase and I absolutely dread it. When I read how they have given most of you the run-around I sometimes wonder if it would not be easier to simply avoid them and dump the condo.

This is what the money hungry banks have done to those who keep them in business!!!

Where is the money the government was supposed to give to the homeowners to help those with readjusted arm's? All I see is money going to help the banks, not the homeowners.

I am the sole breadwinner in the family

[whatsinaname]

Originally Posted by Professor Shays

I'm truly sorry for the challenges you face. My sense tells me that you should be entirely honest with them, explaining all that is going on. Know that they don't want your home, would appreciate any sort of arrangement that can be made that makes business sense, and you need to look at it as though you and the lender are "partners" relative to the problems that exist as a result of this lousy economy and declining property values.

So, make the call. Lay out the facts as you believe them to be. Don't make promises. Simply provide them with enough information so that you and your lender can jointly make a decision.

Take care,

Danie

If I can somehow muster the courage to contact them and after all is said and done they won't help me, do I have a choice to continue paying on the condo (if I can, that is) or will they automatically take it to foreclosure simply because I contacted them for a loan mod?

[whatsinaname]

Originally Posted by HappyHome

Hi, I KNOW yr Pain.. and I am here to say I Hear You.. I am so sorry to hear /read about yr troubles/treatment yr mtg co., is giving you.. You Certainly Don't deserve it and Please try Not to be Afraid of These Mtg. Robots as I call them! When I was Out of Work in Sept. (briefly thank God..) it gave me time to Think and I did and that choice I made adn am going thru still now ( but almost over very soon) was and is to>> Walk Awya,... Run away from the Worst Experience of My Lifetime Other than Losing My Parents..! Dear Please Know ( as You've Probably read on this Site) so Many People are being treated so Unfairly just to Put it Quite Mildly.. We are Here to Support each Other and I may No t be the Best Writer tonite but do Know My Prayers go out to You. If I were to get into only 1/3 of what all these Crooks Have Put me thru it would take hours .. and Hours but briefly it was a True Nightmare for 3 Years after Being Promised Oh, real Estate ONLY goes up and You'll Be Certainly Able to Re-Fi in 18 Months well 3 Years later I Lost everything and that Wasn't very Much to Begin with.. The Real Estate Broker, The RE Atty. she had No Notary.. The Appaiser.. The Home Inspector! and More were/are all Major Crooks with no Hearts and Nothing But Money whores as far as I am concerned.. Just know as you can Probably tell by my thick Skin I have learned to grow that The Only way I found to deal wit h Them is to come on Here and read read read I did I was Obessed wit h this site every moment I wasn't working and that was a TON of hours Just to Pay my Mtg on time fo r 3 Years.. going without 90 percent of the time .. selling My Personal things to eat .. going thru 3 cars one after another breaking down .. My Best advice Learn More Than they Know and Use it to Your advantage Then Mix in The Best "Nice-ness" You can Muster up when dealing with them on the Phone and CAll call call and call fax fax on a nd on (keep receipts fo r yr taxes as a Loss.) I have files FULL all over My Office which I am Packing up right Now to move in December and go to court fo r my Chapter 7 Bankruptcy too.. and Move on With a Peaceful Life fo r myself and My 2 Kittys in an Townhome/Apt to Rent!! and rent I shall do Proudly.. I don't really even beat myself up much at all over the BR because I Know I can look Myself in the Mirro everyday and say I did everything I could .. thru Blood Sweat and tears and Nothing nothing is ever worth this Much Stress woorry and My LIFE .. but Happiness and Having an actual Lifestlye is.. God Bless You and Never Give Up or Give in everyone on this site is Quite Super we are All Here fo r you my Dear God Bless.. Tracyann

What a lovely letter! Thank you, Tracyann. I am so sorry for all that you have been through, too. I think I do beat myself up a bit too much, too, because I am educated and ten years ago was earning a terrific salary. After 16 years I was laid off because of a reorg in the company. Life has been hard ever since. Honestly, I sometimes wonder why I received a post grad education just to end up this way. If I was not in my 50s, I doubt I would worry as much but time is short to stabilize my life now.

I had hoped that the Govt would offer some relief from all the financial woes - down to taxpayer level - to those who had an ARM that readjusted - but no, nothing!

[HappyHome]

Oh and Yr very Welcomed for my Letter it came from my Heart and thats something That No-One can take away from US! It will always Prevail and we will be ok in the Long Run because enduring this Hardship does make us stronger for things down the Road and More savvy in the in's and Out's of just plain "daily Life" This is my New Mantra anyway to Live Simply Simple!" Yes at One or two Weak Moments along the way I too thought the Relief was coming from Gov't but then when I read all different articles and Pieced it all together in mind I KNEW deep Down ((way Back)) This was a real doosy! All of it from Greedy People to some Mis-Information until This AWESOME Site cam e along SP E L L I N G everything out for us. I Agree being in our 50's is tougher and People ARE working Longer (heck my olderst Brother is 71 and He still works!!) It Just wouldn't be so bad if ALL of US were healthy and such is not true.. "THEY" will Pay a "Wicked" Price for bailing out all those Banks etc., when Americans suffered and continue to so dearly. Obama faces Mnay chalenges to pave on New road , but I honestly Feel He can He will and New Jobs New Industry's are there for our children maybe even US! ( hopefully sitting at my Computer Like Dear Professor helps People or something like that! Have Blessed days and Holidays Try to keep yr chin up I KNOW its Hard at times but it will help you to fight for yr rights and let me Know how you make out OK? My computer will be in moving boxes but once I get back on-line I will be writing and livin g in my New Place and have a New Perspective and would be More than Happy to help/Listen Tracyann