We just walked from our home in AZ ... $200K upside down and non-recourse debt (80/20). We're about to miss our 3 payment.
Is there a away to get the foreclosure proceedings to begin sooner .... does mailing in the keys work??? We just want it over and done with.
Thanks for any advice on this!!!!
Good question, I want to call mine and discuss who to give the keys to. I want to turn it all over to them right now, I just missed 3rd month payment as well.
You would think that it would speed up the process, but that would suggest a level of competency that I'm unwilling to assume.
Daniel
I wanted the whole foreclosure process to speed up also. It is really a hassle to go and check on the house every week, and do the gardening until the the bank takes back the house. But the way I look at it, keeping the house in good shape is the least I can do since the bank will be losing around 300k due to this whole mess.
Re: Does mailing in the keys speed up the foreclosure process? well, we are walking away in CA too. we missed payments since October 2008. we got our NOD last month, but we already put in apps for a rental jus a few streets down from where we live. I hope we get it, that way...we plan on moving slowly and we'll still be able to access this place as much as we can.Originally Posted by abouttowalkaway
Professor: do u think we still can get cash for keys even if we're already moved out of the house by the time the sale date is here?...
We also moved out last month after missing 6 payments. We found a nice rental and put the application in. We are moving slowly and the house is almost empty. I go twice a week to pick the mail and check the place out. I want it to end as fast as possible but it looks like we still have 3 more months.
Is the Cash for Keys program only for a foreclosure ... not for a DIL?
I've been wondering about this too - once we're moved out, is there anyway to get them to assume control of it early? Or are we liable for anything that happens to it up until the sale date?
I moved out, mailed the keys via certified mail in Oct '08. It didn't do anything in my case (CitiMort) and my house will foreclose in April.
Turning in the keys can't slow it down any. I just called and let them know that I was vacating the property. I got a letter with the sale date a couple of weeks later. Don't know that it sped it up but it lets them know there is no reason to wait. Not that any mortgage company seems to be acting in a competent or logical manner.
You won't get any cash for keys this way (though not sure of the details of the relocation assistance in the new bailout). The cash is to save them the trouble of evicting you and if you've left already, there's no reason to pay you.
I still have the alarm system and utilies at the foreclosure house....it's a pain to have to pay double bills.....once we are completely out I'm shuting it all down...
Smart move AZChick ... I should have kept the water on .... I've had to fill up buckets to drive over and water the plants.
Main problem ... all 3 houses in a row next to me have all foreclosed and they have no water either for me to run a house from.
Well, I shouldn't say "problem" ... it's the least I can do while saving myself $200K
AZChick .. how have the phone calls been for you since we are at the same point?
My wife has been getting tons of phone calls .... but only about twice a week. She'll get 10 calls a day ... we have googled all the phone numbers and they are all from Countrywide.
It's nice to know they care about us ... LOL
I've read so many posts where no one hears a thing for months.
Funny too that they only call her number and none of our others ... we gave them all when applying ... guess it didn't transfer over when they took over our loan?
They still email me discount offers for being such a great client!!!!
Thanks for all your feedback .. guess we are stuck in this till the bitter long end.
I'm going to start mentally spending my $3,000 cash for keys from Countrywide!!!
3 plasma TVs
600 lunches at Subway
Wow ... 6 7-night cruises!!!
Oh wait, I'm going to have no credit ... better start putting it all away for 3-6 years paying cash for everything.
Mailing the keys in will not help move the process ahead. I sent them the keys and told them I left after the first missed payment in July 08. They came out that week and changed the lock. Then the paperwork starts, they to wait for 3 months and then send you a letter threatening Foreclosure. It then takes another 3 months to foreclose once they notify you of the sale. I finally foreclosed Jan20,09
abouttowalkaway, I have not gotten a single call this entire week and only got 1 last week....It was a real person who talked to my answering machine.........I don't know whether to be happy or scared......I keep checking for the NOD but nothing yet....Do they have to record that in AZ?
Turksteelman, did you have to keep utilities, insurance and such active after you moved out?
Civilguy, I asked this in my own thread but noone seems to be answering. Did you snail mail a notice to CW about the foreclosure or just call them? I'm just now starting this whole process and don't even know who to contact to tell them I'm leaving.
I turned everything off immediately after moving away. The utilities were transfered to this address and I stopped the phone and cable. I locked the house and bought some of the batt operated door alarms and charms. Unplugged everything either way and asked a neighbor to watch it over me. I called the lender and told them I would be leaving the house shortly and that I couldn't afford it anymore. I sent a certified letter with a copy of the keys to the front gate and no garage remotes since I don't have them. Just the keys and we locked the doors and windows.
I just called them - the main 800 number for customer service. I told them that I was vacating and the person put a note on the file. I turned off all utilities as soon as I left. Anybody in a cold climate may have problems getting the gas turned off - a house shouldn't be left without heat some places. I didn't even leave the keys - just locked up, I would think they would change the locks anyway. The insurance was escrow so the bank paid the insurance.
In the fine print of something they sent at 30 days late, it noted that I would be charged a fee for them to check for vacant houses. I figure if they're charging me for them to look after the house while I'm still there, they can look after it when I let them know I'm gone.
I didn't go out of my way to destroy anything - destruction just isn't my nature. But I don't see any reason to go out of your way to make taking your home a pleasant experience for the banks stealing our tax money.
OMG! The posts about going back to garden and water the flowers make me want to cry!! I don't know if there is a trick to speeding things along but there should be a sale date on the NOD that is 90 days from that date...in AZ at least. I wonder how long it would take for someone to actually come to the door if you were still living there?
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