Trustee Sale Date Posted on my Door

[925girl]

8:00 am today after taking the kids to school I came home to see my door had been posted with the Notice of Trustee Sale. It states they plan to auction the property on Dec 26, 2008 at 1:30.

A few weeks ago I had begun a conversation w/Wachovia but it sputtered and went nowhere since they did not offer to modify only continue the ARM and add the balance owed to the back. Loan is $430,000 going up monthly and market value is in the $250 more or less range. Now-I knew this day was coming but want to stall....So should I contact Mr. Potter at Wachovia and attempt to modify (They should at least ask what my budget is right? and maybe even ask why we fell behind?) I want to fight them for time if they want to take the house we paid 7 years of blood sweat and tears for. Plus the last conversation during the 2nd week of Nov. a mitigation person said they would not be foreclosing until mid Jan since they were in "training" to learn about Fed programs. Any suggestions anyone?

[The Professor]

Day after Christmas. That's kind of them. Hey try this. Call them on the phone and let them know that they may be receiving a call from Channel 3 in Sacramento. The reporter has asked who the reporter should talk to because they interested in doing a story about how lenders, while seeking bailout money from the Federal government, have been giving lip service about helping borrowers facing foreclosure, but the reality is they are doing very little to work with borrowers in modifying their loans, and stringing them on until the property foreclosure is complete.

My guess is you will receive special treatment as the result of letting them know about the potential negative publicity.

Take care,

Daniel

[925girl]

Thank you for responding. I appreciate it. Although I knew the end was near it is very difficult to handle. The bank is just the final knife in my heart. At this juncture I don't really want to fight for the home since it basically is unaffordable. It could be but it is not viewed as a priority for the income earner. So I stand alone fighting only to make it just a little more work for the bank. It is stupid, I won't win but I can't go down without trying. If it's true that nothing happens for a reason I guess then this is good since it forces me into starting a new year and really forcing me to change. I hope a new door opens since this one is closing with a slam.

In closing, I did speak to the loan mitigation dept. yesterday and they were consistent in their hard nose speech. They are offering no change of terms, interest etc. only putting the past due on the end of their option only toxic product. That's it. Take it or leave it. I did contact the senator's Feinstein and Boxer again. I wanted them to know that by voting to bail out banks they have done nothing. RIP America and the American dream.

[The Professor]

Ah come on. Try my suggestion. I'm willing to bet it will buy you a couple of months. If I'm right, you owe me lunch. If I'm wrong, I owe you lunch. We can arrange a meeting place to have lunch in Antioch during semester break. The relatively short drive (about an hour) will do me good.

[925girl]

San Francisco has the food. This town is full of fast food and empty malls.

I will try your plan. I will let you know how it goes.

Thank you. I really appreciate it.

[925girl]

Daniel,

Wachovia has it's own PR dept. They do not allow their employees to speak to the media, although they can be in charge of thousands of dollars. It's no wonder they give conflicting messages depending on the weather that day. Now I need a reporter....or should I barricade myself to the front door with a camcorder rolling....or put on some rags and stick some branches and leaves on my head and say "this is what Bush did for me" the new look-Bushwoman, it's the rage in the States! Post it on YOUTUBE and see if I get any hits-oh I forgot no one wants to think about that...It's beginning to look alot like Christmas

[The Professor]

San Francisco would work. Let me do a little work on this. Problem is my connections are in Sacramento and Antioch is really considered a bay area bedroom community. Hang in there 925girl. Did you talk to their PR Department?

Daniel

[925girl]

Actually I was waiting to hear your response. I thought about calling them myself and acting the role but decided they would ask me too many questions as in "Who are you with". Well again thank you for your support...I'm off to read your answers to everyone else!

[deb64]

925girl,
It sounds like you're going through a very difficult time and I'm sorry. Please hang in there. I know this isn't what you wanted, but it will be over soon and you will finally be able to put it behind you and move on with your life. Good luck to you

[UniqueSituation]

925girl,

I am so sorry to hear this news. I am in Sacramento (so close to you) and will be facing that same posting on my door soon too. It just really hit home reading your situation. I think the timing of them doing this to you is really horrible and really tells the whole story.

I wish these real life stories were somehow in the forefront of the media. Everyone I talk to has the wrong impression of what is really going on. The three things I usually hear are:

1) Homeowners facing this situation are going to be just fine because the government is doing something to help "them" out.

2) All foreclosures have been stopped until January 2009.

3) Another favorite I keep hearing is, "just keep in close communication with your lender; they really are being motivated to help".

The real story is what is happening to you 925girl. I really am sorry and I really do understand. Please hang in there and keep us posted.

[925girl]

Thank you for the kind notes.

It really helps.

[cactus77727]

Everyone I talk to has the wrong impression of what is really going on. The three things I usually hear are:

1) Homeowners facing this situation are going to be just fine because the government is doing something to help "them" out.

2) All foreclosures have been stopped until January 2009.

3) Another favorite I keep hearing is, "just keep in close communication with your lender; they really are being motivated to help".

My blood boils when I watch stuff like that on TV. They have no idea, or they are withholding the truth.

One of my favorites are:
"The lender doesn't want your house."
or "call your credit card company and ask them for a lower interest rate!!" Yeah right!

[cdmosaic]

Yeah, that one "The lender doesn't want your house" always ticks me off too. No they don't want my house unless they think it will be easier, profitable, quicker, to foreclose. What they really don't want is to continue to pay the investors when we default. Most people apparently don't know that the services are required to pay the investors even if we default until they can foreclose. Seems like most of them don't care one way or the other. They got their money in the fees and bailout. We cost more than we are worth. Such a shame.

[cactus77727]

True that!!! I've read that loan servicing companies make MORE money in fees and charges when someone defaults. They ain't getting a dime out of me.

As for the investors, technically they don't want the house, they want the CASH they'll get when they are finished liquidating the American Dream in the coming years.

[Lisa in MN]

Dear 925girl,
Kinda feels like a kick in the pants huh? I felt the same way...but hang in there sweetie- me- your kindred spirit survived " the notice" and as we have shared on other threads.....it is just the beginning of a new chapter in the game--- and this really and truly is just that. As you know, if WAMU/Chase, whoever the hell it is will not do principal reduction for us to have an affordable payment, so be it. They are welcome to my house, it aint my home anymore!

Hugs
Lisa ( at least you arent freezing where I am

[Lisa in MN]

Oh, my favorite line of bs?
"Contact your mortgage company as soon as you anticipate difficulty for work out options ( or something along this line)" What a JOKE! This is an interesting topic. Another favorite someone else posted: "Mmortgage companies don't want your house" another joke, however, I just had a thought: How do we really know they wont do better mods unless we go "down to the wire"? Like maybe a few days before eviction, before the redemption period ends, might they see we aren't kidding and are prepared to walk away? I really think they are hoping to get every penny, maybe once they see they are getting NOTHING, plus will have another forclosed property to maintain, they might try a little harder to work with us. Who knows, at this point I have nothing to lose. Someone posted recently about how much $$ these servicers make when someone defaults and it is true- backin 2002 when I got caught in the 30 day "rolling late" HomEQ started foreclosure and collected over 8,000 in "attorney" and late fees they "helped" me by rolling into a awful forebearance. I panicked totally since in my eyes I hadn't missed a payment- still dont quite get that whole thing....anyway. We had to pay them one house payment, plus 8,000 in these bogus fees. Well, hell with it from now on. I am done.

Lisa

[925girl]

Yikes-what a giant ripoff! Although I received the notice I have not heard a peep or a pooh from them since. I have checked the local paper and the notification hasn't been posted either. Strange. We are still in the home, have not packed. I hear noise about a bill coming as soon as Obama's sworn in although I am not sure we are willing to get involved in say a 40 year mtge. and shared equity. I may be unrealistic but unless the payment is significantly lowered as to be able to afford the other expenses involved I don't want to continue paying the price to have this. It is too expensive and living in a smaller house will be difficult for a while but we will adapt. This year has been the poops with all the separation anxiety about the house and fear of the future. If I get any news I will post. If there is any good outcome to all of this it I'm hoping for credit card reform and getting my personal finances out of everyone's hands and back in mine. Thanks for the note.....

[The Professor]

925Girl, Notices of Trustee's Sale are usually published in a legal newspaper that you won't find on the news stand. The requirement is simply that it be published in a newspaper of general circulation in the judicial district where the property is located. You can determine if the Notice of Sale has been recorded by clicking on the "Recorded Document Search" link at the following website:
Recorded Document Search

I find it quite unusual that the lender would proceed to foreclose the day after Christmas. But then these are unusual times.

Take care,

Daniel

[pjd123]

925girl -

Just read this thread (how poetic) and am wondering how you are doing. I'm in the Sac area and we are looking at 'door decor' (notice of sale) in a couple of months. I hope you are doing great with your new beginning.

Professor - loved the Channel 3 thing.... I'd be curious if anyone has tried it?

Take care 925girl, and let us know how its going.

pjd123

[925girl]

Wachovia called me on 12/31/08. I asked if my house was sold on 12/26. They said no. So I asked why I get a paper slapped on my door-followed by a letter stating that. She didn't know. I asked her if they were planning on talking with us about a mod. She didn't know. I asked her if she would have a job tomorrow since Wachovia becomes WFargo. She didn't know. I asked her if they were waiting to see if any Fed programs are coming, guess what? She didn't know. So no one seems to know what the next step is. All this aggravation. Relentless. As of today, plan is to leave. Following the tax implications on the other post. Thanks for asking.

[pjd123]

How frustrating that must be - I kind of know what you mean. Every time I've spoken to someone at Homecomings, I get a different answer. Of course we've decided to walk now anyway but I wonder how they can possible be suprised so many people are walking away when everytime we call we get a different answer, if answers at all. I'm curious, if your house HAD in fact sold, how long would you have had before having to move out? We are planning on leaving just before we get to that point so we know we have somewhere to go... how is it you were able to stay beyond the sales date?

Thanks,

pjd123

[The Professor]

Sounds about par for the case. Good news is we don't have to wait ten years and look back to determine that this whole situation was a screwed up mess.

Daniel

[925girl]

PJD123-

Stopped paying April 08. NOD filed with county and then Trustee Sale posted. During that time Wachovia went into the banking Hall of Shame so I'm sure that bought us time. They insisted we could stay as long as we paid on time, kept our same toxic IO loan (neg am) and they would kindly put it on the back side. Well they put it on the backside a little too long for us to consider that a option! Dismantling 7 years with 2 kids for a smaller, older home has me wondering if I am sane but somehow it's very appealing at this point. No equity left here and chances for ownership eventually seem slim to none. I must tell you though; it is scary; foreclosure leaves real scars for years and all the money spent all these years gone.

[UniqueSituation]

I just wanted to reach out and say hi to 925girl & PJD123. It seems we are all close neighbors, in the Sacramento area (I live in El Dorado Hills specifically).

I have made the decision to walk away as well and am waiting for the NOD letter any day.

I will continue to update everyone and hope you will too. I am scared that I will have a difficult time finding a rental in the area since my whole credit is taking a huge hit now that the mortgage companies have started hitting my credit with the late pays and pretty soon the foreclosure.

Professor Shays is also in the area and has provided a lot of great support on my posts.

I don't wish this painful process on anyone, but it is some how comforting to know there are others here on this forum that are close by.

Take care and I will continue to follow your updates.

[The Professor]

For some reason that escapes me, with the exception of the Lincoln area, the foothills in Placer County have seem to not be as impacted in the real estate downturn as El Dorado County. I'm sure our turn is coming. I suggested in the past that we ought to have a little "get together" for forum participants in our area.

Daniel