Can I force them to do the foreclosure sale

[sirkjeff]

I was served over 4month ago. It was like a knife threw my heart. a quick history. I owned the house 15 years in Florida . when my wife walked out with the kids. I stayed in it. After I moved out of state. I let my ex move back in with the kids. Rent free acourse plus paying support. Well stupid me, refinances to buy my house in mass. I figured, I would sell it or refinance it. after I raised my credit score. Well she remarried, decided that the kids would be better with me. Great!!!!! I agreed to no support from her and she would only pay $400 a month rent.. Mind you my payments where around $1,800 a month . But to get my kids. NO regrets at all. Well they only paid half the time. then after tearing the place up and they bailed leaving me a big mess. I tried to sell the house with no luck. Well I quite making payments about 10 months ago, It was useless. it was a horrible loan. Looking back, Not sure wtf I was thinking. I never went for an adjustable before. Well so I was served. I thought finally, closure. well CW keeps calling me, I finally called them back in November. I told them to take the house. they said they don't want it. I'm like give me a loan that makes sense. I said those exact words.He said the investor wont do a mod. Then he tried to get me to make a payment of $2400 a month. I'm like yeah right. then he said there is something happening in dec , some kind of program I might qualify for. He said the will mail something to me, well guess what, never got anything in the mail. My credit is shot, I'm just paying interest. I feel so bad about this. But after the Bailout BS I don't feel bad at all. WE could debate that one for years.

So they called me Friday and left a recording. I going to call them Monday and tell them to take the damn house. So how can I make them do the sale?

I know I will be sued for the remaining balance. But At least The court will give me a repayment plan that the money will go toward the principle. so if i pay $1,000 a month for 10 years or so it will be paid off. Or perhaps I might win the lottery. But they don't want to work out a reasonable payment and they don't want the loan. all they are doing is raking up interest to sue me for. Any insight on making them take the house or what do ?

[The Professor]

In order to make any sort of suggestion you are going to have to focus in the specific facts relating to the house and leave out the information that relates to what caused your difficulties. Please limit your answers to the following questions, answering them as directly as possible.

1. Am I correct in assuming the house is in Florida?
2. What is your estimate of the fair market value of the home?
3. For each loan on the property, identify the lender and the current loan balance.

Thanks,

Daniel

[sirkjeff]

Hello,

Thank you for your response and interest. It is in florida, I own exactly what I borrowed, which is $132,000 plus an escrow of about $5,000 and 10 months of back payments of $13,000 or so.
There is only one loan, it was transfered to CW right after I got the loan. There is only one loan. AS far as fair market value, I would guess $130,00 I kept droping the price from 185,000 to the last of 159,000. I should mention it is a 2 unit duplex.
I lived in in from 1994 until around 2000. Then I moved to Mass in 2001 and My ex moved in.

[sirkjeff]

I should mention that on the Foreclosure papers, it listed HsBC bank

[The Professor]

The suggestion I have mirrors the suggestion I gave another Florida property owner yesterday. It is quoted below. Good luck in your efforts.

Daniel

The lenders' lobby in Florida worked overtime to insure that they have the worst consumer borrowing laws of any state. You can view a summary of them provided on this site at:
Florida Foreclosure Law

Frankly I simply do not have much to offer in terms of advice. One way or another, unless you can arrange a short sale that provides you with some relief from liability, I see nothing but an outcome that isn't going to be healthy for your financial future. Florida law appears to provide a quick foreclosure process that leaves you open to the lender obtaining a deficiency judgment. I wish my conclusion was otherwise. I'd encourage you to seek the advice of a Florida attorney skilled in both real estate matters and debt collection practices as soon as possible.