Two Homes With CW - Has Countrywide Ever Come After For Fees? - Loan Modification Forum

NewLurker · 03-12-2009, 07:51 AM

I'm new on the forum and I just have a couple questions.

1) Has anyone had CW come after them for money/the loss once they have been foreclosed on? I know the laws are different depending on state and what type of loan it was etc. I simply want to know if CW has actually done this or if they don't even bother due to cost involved etc.

2) For those who own/owned multiple properties, and had loans through CW and one or some of the properties were foreclosed on, did CW tack the loss amount on to one of the other loans? I know that they can, it's in the loan docs. But again, do they actually do it?

We own two homes (live in one, other is rental - loss), both CW loans. And just trying to keep it together! Any advice would be great, thank you!

Dan Bailey · 03-12-2009, 07:55 AM

New lurker,

If you look in the "deed in lieu/walking away" section of the forum, Prof. Shays has some info on that in the "will they garnish my wages" thread (at top right now)

Dan Bailey · 03-12-2009, 07:57 AM

Link: Wage Garnisments

Evan Bedard · 06-03-2009, 05:44 PM

Hi Newlurker how are things working out with CW?

NewLurker · 06-05-2009, 09:55 AM

My question was just a general question - we have not walked.

Right now we are just trying to look at it from a business stand point.

We are upside down on our rental by 200k. It's in CA, non-recourse, so we can walk. We've talked to our attorney, he suggested working with CW/BofA to see if they even want to try to do anything or to see if we can short sell. Whatever, either way. All I know is that my credit score being screwed for 7 years isn't worth 200k. And to re-coup 200k in equity will easily take 15 years.

What I don't know is since it's non-recourse, do we still get a 1099 form? Again, it's a rental, so we won't qualify for the gov't bill that forgives debt.

But we need to talk to our CPA because I think we can be categorized as insolvent. Our debts WAY exceed our assets, which at this point is seriously a paid off vehicle. Considering we have the other house and 100k in student loans, we should be able to claim insolvency and be done.

03-12-2009, 07:51 AM	#1 (permalink)
NewLurker Junior Member Join Date: Mar 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Two Homes With CW - Has Countrywide Ever Come After For Fees? I'm new on the forum and I just have a couple questions. 1) Has anyone had CW come after them for money/the loss once they have been foreclosed on? I know the laws are different depending on state and what type of loan it was etc. I simply want to know if CW has actually done this or if they don't even bother due to cost involved etc. 2) For those who own/owned multiple properties, and had loans through CW and one or some of the properties were foreclosed on, did CW tack the loss amount on to one of the other loans? I know that they can, it's in the loan docs. But again, do they actually do it? We own two homes (live in one, other is rental - loss), both CW loans. And just trying to keep it together! Any advice would be great, thank you!

03-12-2009, 07:55 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Two Homes With CW - Has Countrywide Ever Come After For Fees? New lurker, If you look in the "deed in lieu/walking away" section of the forum, Prof. Shays has some info on that in the "will they garnish my wages" thread (at top right now) __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-12-2009, 07:57 AM	#3 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Two Homes With CW - Has Countrywide Ever Come After For Fees? Link: Wage Garnisments __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

06-03-2009, 05:44 PM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Two Homes With CW - Has Countrywide Ever Come After For Fees? Hi Newlurker how are things working out with CW? __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-05-2009, 09:55 AM	#5 (permalink)
NewLurker Junior Member Join Date: Mar 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Two Homes With CW - Has Countrywide Ever Come After For Fees? My question was just a general question - we have not walked. Right now we are just trying to look at it from a business stand point. We are upside down on our rental by 200k. It's in CA, non-recourse, so we can walk. We've talked to our attorney, he suggested working with CW/BofA to see if they even want to try to do anything or to see if we can short sell. Whatever, either way. All I know is that my credit score being screwed for 7 years isn't worth 200k. And to re-coup 200k in equity will easily take 15 years. What I don't know is since it's non-recourse, do we still get a 1099 form? Again, it's a rental, so we won't qualify for the gov't bill that forgives debt. But we need to talk to our CPA because I think we can be categorized as insolvent. Our debts WAY exceed our assets, which at this point is seriously a paid off vehicle. Considering we have the other house and 100k in student loans, we should be able to claim insolvency and be done.

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