Walking Away in FL - Recourse State

[cactus77727]

Thanks for posting that AZ Meltdown. That's the first cash for keys report I've heard. So basically hang tight, and wait for them to contact us. Keep your fingers crossed everyone.

[Moe Bedard]

The cash for keys for CW borrowers is a part of the AG settlement for the states that were a part of the suit...........Arizona being one of them...


These additional programs are available to Countrywide borrowers in states participating in this agreement. Currently, they are available in the following states: Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Michigan, Mississippi, Montana, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington and West Virginia.

Relocation Assistance Program
Countrywide borrowers who experience a foreclosure sale of their property and who agree to voluntarily and appropriately leave the premises will receive a cash payment to ease their transition to a new place of residence. Countrywide anticipates paying greater than $70 million to more than 35,000 borrowers in participating states under this program.

[Olypentax]

Is this just for Countrywide borrowers or do other lenders participate in this program also?

[RimToRimHiker]

Enough Already. This is the 1st month we've missed a house payment too. We've been making house payments for 25 years and never late. We had high FICO scores but we know that this is a good financial decision in the long run. To heck with FICO scores. :-)

[00zx6r]

Same boat here. I did not pay both mortgages(80/20) for 2nd month now and I am trying to get mod from the 1st which is Litton but if no principle (I doubt) reduction we pretty much walk since we under water about 200k on our house in IE. Good luck everyone.

[Enough Already]

It's amazing how many people with good credit have made the business decision to walk away.

After this whole real estate mess is over and done with there will be a rather large group of people who will be in their own category in the credit rating arena: Great FICO scores, except for the foreclosure. Lenders will work with people again. They'll have to.

It's a scary jump to make, but the right one for us. Good luck to everyone, and please keep us posted!

[dedwards]

Yes deciding to walk is a tough choice but for me once I looked it with less emotion is was the right choice. I just wish I had done it sooner. Like a lot of people I tried to be responsible and wasted away savings and others thing trying to keep up. I finally got to the point where I was sinking and fast . Once I decided to walk it has been like a burden lifted. I have not paid first or second since July 20008 still no NOD. so already 7 months rent free and at least 3 month 21 days left I have got my savings back and plenty to move.

As for renting I have talked to many people out there just to test the waters and it seems because of the large number foreclosing right now landlords are willing to work with you. Also my sister owns a property management company and I am sure I could get a nice place through her if need be.

[RimToRimHiker]

dedwards: who's your lender? Taking emotion out of the decision did it for me too. My husband was ready to stop paying months ago. This month is the 1st month we've skipped making the payments on the 1st and 2nd. Because I had had sooooo many sleepless nights about the whole situation, I thought it would really bother me not to make the payments. Slept like a baby!!! That tells me this is a good decision in the long run.

[dedwards]

Our first and 2nd are both with Countrywide. I am a bit shocked at how long we have gone with no NOD.

[RimToRimHiker]

AZ Meltdown: Congratulations on your cash for keys deal with CW!!! That is so cool you were able to get $3,000 from them on top of living "rent free" for 10 months. If we are able to do likewise with GMAC, we will be totally debt-free. I've made a spreadsheet of our CC debt (which we have thanks to doing the "right thing".....paying our mortgage payments no matter what!!!) The CC's with the highest interest and that are in my name (the mortgages are in my name only) are getting a big chunk of what would have normally gone to the GMAC loans. The remainder is going into a credit union savings account that is only in my husband's name. Best of luck to you AZ Meltdown. Thanks soooo much for sharing your story. Gives newbie's like me reassurance we have made the right decision to walk.

[RimToRimHiker]

dedwards: A couple weeks ago I was talking to someone whose brother has loans with CW. Brother and his wife had 2 houses. They had refi'd with CW at the peak of the housing boom. They took the $$$ and bought a small house to use as a rental property. Shortly thereafter the business they owned that relied heavily on the real estate industry went south. The renter moved out of the small house so the owners moved in and decided to let the bigger refi'd house go into foreclosure. Their son moved in the house with the plan to stay until kicked out. They figured it would be 8-10 months. It's now been 24 months. They have received no calls or correspondence from CW. it's like the house fell through the cracks somewhere. The son continues to live in the house to this day. The son is thrilled to death and just keeps banking the money that would have gone to rent. Hope your house falls thru the CW cracks

[cactus77727]

It's now been 24 months. They have received no calls or correspondence from CW. it's like the house fell through the cracks somewhere.

24 months!
That's too funny!!
That must be the world record free rent length I've been looking for!!!! Somebody call Guinness!!!

[RimToRimHiker]

With all the foreclosures on the horizon, no doubt lots of folks will be able to live rent free for awhile. One article estimated 10 million in the next year or so. I'm thinking there will be lots more falling through the cracks. I'm keeping my fingers crossed all of us who post here on loansafe will be so lucky.

[cactus77727]

it's like the house fell through the cracks somewhere.

Too bad not my house too. The only crack I've seen was the plumber's.

[RimToRimHiker]

Cactus...too funny.

[dedwards]

WOW 24 months would be great. I don't think I fell though the cracks though I did get the Notice of intent thing a bit ago so i assume a NOD is only days away.

However it is very on clear what pre-foreclosure is I mean isn't pre-forclosure what everyone is in.

All kidding aside I think with in the next 15-30 days I will havea NOD and I am actually well prepared.

I am located in Kern County ( Bakersfield) and can check on online for recordings and I started checking today nothing yet

[lily12]

Enough already

Our situation is very similar and we are in Florida also. Scared about the recourse situation. We need to find a good real estate attny. Any suggestions? How did u find one? Yellowpages?
Thank you in advance. Such difficult times right now.....

[Enough Already]

Hi Lily,

I understand being scared about the mortgage company coming after you for the deficiency judgement. I've lost so much sleep over all of this.

After talking to an asset protection attorney, and good foreclosure attorney we felt MUCH better.


This was a HUGE jump for us. We're they types who always play by the rules, so it just felt like we were doing something so bad when we decided to stop making the payments. Even though we know it's the right thing to do for our family, and our sanity.

We are now 30 days late on our mortgage payment. We haven't received any phone calls from our lender (Chase). We did get a statement this month that showed us now owing a late fee, and 2 months worth of mortgage payments. That's it. I'm sure we'll hear from them soon enough.

Good luck to you. Please keep us posted.

[Moe Bedard]

Here on this wonderful FREE forum that is sponsored by LoanSafe and the Attorneys on the home page which are the only Attorneys that have been authorized by LoanSafe to be on this forum so that we can offer the help and advice to the members of this forum for FREE..................for liability reasons, for a referral you would either need to go to your state's bar association lawyer referral............every state bar association has one.................

or go to

National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys

[Enough Already]

Sorry, Lily. Unfortunately, I'm not able to post any info about the attorneys I spoke with here, but like *** suggested you can check with the link she provided, or google attorneys in your area, or let your fingers to do the walking.

Please do keep us posted

[Enough Already]

Hi all,
Well it looks like we haven't slipped through the cracks. Aw, nuts!

Quick update on our walk away:

We received a call from Chase today. The lady was very nice. My husband spoke with her. He told her we simply could not afford the payment anymore, income is down etc. She didn't try to offer us anything. She didn't try to collect a payment. She then asked what our intentions are for the property. He told her we are thinking of listing it, to see if we can short sell (saves our credit a little bit if we short sell, not sure we can qualify, and don't want to disclose all financial in to lender). If not, it will be foreclosed.

We had been dreading talking to the bank. Not sure what to say etc. The phone call was easy enough, and we felt better once it was over with.

So, that's that. Not bad at all - wheew!

[Enough Already]

We received the NOD today

This really freaked me out. It was like a reality check.

I started trying to figure out (again) if there was any other way to get out of this house without going the foreclosure route. We can't sell (the house it's $80K upside down).

Once we get moved out we'll try to short sell it, but the chances of it actually selling are slim. Anyway, I went all through it again in my mind, and there's just no other way. As much as I don't like it. We've got to get out of this house, and this is the only way to do it.

I there was some other option, I wish I hadn't bought this house in the first place, I wish, I wish, I wish....

[civilguy]

You missed your first payment a couple of months ago, are you sure you got a NOD so soon?

[Enough Already]

Pretty sure. I guess in FL you're in default after 31 days. But, I'm looking at it again, and here's what it says:

Re: NOTICE OF DEFAULTED MORTGAGE

Be advised you are in default for failure to make the required mmonthly payments as they become due. This a breach of your Note and Mortgage Security Deed, or Deed of Trust securing the Note and encombering the real property.

It goes on to give the amout due, and shows 2/1/09 and 3/1/09 payment past due (we made the last payment on 12/23/08).

[RimToRimHiker]

Enough: What part of FL? We moved to AZ from FL 3 1/2 years ago. Our old neighbors are on the brink of foreclosure. They've lived in their house 25 years. Refi'd 4 years ago to get equity out to put into the husband's business. Unfortunately, the business was related to the real estate market and the business went bust. To top it all off, the husband was diagnosed with lung cancer a year ago. They've been working on a loan mod with Saxon for 8 months. Got final word a couple weeks ago that they don't qualify for a loan mod. If anyone deserved a loan mod they did. So unfair!!! They are in the Tampa/St. Pete area.