Walking in California - Loan Modification Forum

dedwards · 02-19-2009, 12:20 PM

Well I have not paid my first or second since 07/2008.

My home I lived in for 12 years I have refied once, and at the same time took out a second for 37,500. My home is worth about 175,000 and the first loan is about 275,000. So far I have only got calls and collection attempts and I finally received a intent to accelerate stating that if not cured by FEB 17th they will start Foreclosure. I have talked to CW my lender on both the first and second and have got put into a processing for a workout program they say I qualify for that new plan they have that started DEC 1st..

I will play their games but unless they can reduce principal a lot then I have my mind made up to walk its the best and only real solution for my family.

I have a couple of questions. It is my understanding that in California they will do a non Jud Foreclosure, and that this will be the only action they can seek so no def -judgment. I assume I will still have to pay taxes on the forgiven part of the loan. Now the second I believe will become a unsecured debt and I will deal with as it comes. I have heard things about loans being the same lender makes the action on the first count as a action against the second but I don't know about that.

Also I have a time line question. If they start Foreclosure it starts with a NOD then 90 days before the set the sale ate and then about 30 days from then so a total of 120 days in California. Then of course after that is when the process of getting cash for keys starts. Do I have 4 more months ?

Anyway, Thanks for any answers I can get. Also feel free to ask me any questions about what I have exp. so far.

02-19-2009, 12:20 PM	#1 (permalink)
dedwards Senior Member Join Date: Jul 2008 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Walking in California Well I have not paid my first or second since 07/2008. My home I lived in for 12 years I have refied once, and at the same time took out a second for 37,500. My home is worth about 175,000 and the first loan is about 275,000. So far I have only got calls and collection attempts and I finally received a intent to accelerate stating that if not cured by FEB 17th they will start Foreclosure. I have talked to CW my lender on both the first and second and have got put into a processing for a workout program they say I qualify for that new plan they have that started DEC 1st.. I will play their games but unless they can reduce principal a lot then I have my mind made up to walk its the best and only real solution for my family. I have a couple of questions. It is my understanding that in California they will do a non Jud Foreclosure, and that this will be the only action they can seek so no def -judgment. I assume I will still have to pay taxes on the forgiven part of the loan. Now the second I believe will become a unsecured debt and I will deal with as it comes. I have heard things about loans being the same lender makes the action on the first count as a action against the second but I don't know about that. Also I have a time line question. If they start Foreclosure it starts with a NOD then 90 days before the set the sale ate and then about 30 days from then so a total of 120 days in California. Then of course after that is when the process of getting cash for keys starts. Do I have 4 more months ? Anyway, Thanks for any answers I can get. Also feel free to ask me any questions about what I have exp. so far.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode