I am hoping that there are others on this forum that are dealing with Select Portfolio Servicing on this matter. To make a very long story short I have one of the WORST mortgages out there my 1st is intrest only until next month and i have a 2nd that is fixed. Combined they total 202,000 and my house is worth 115,000. I got this loan 5 years ago and just to let you know when we closed on the note we didnt even know that we got this type of a mortgage (even my lawyer didnt know). The switched the paperwork around at close to make it look like we said yes to the terms. They the brokerage were the first to be shut down by the government.
Ok so as of next month we will be 2 months behind due to we now have to pay princple i have talked with SPS and they say we dont qualify for a mod because we make too much and we dont qualify for in house cause we dont make enough (i know messed up) so we are going to walk away.
As far as time lines go how long does it take them to forclose? Im going to put it up for a short sale before that but happens and would like to know how much time I have. Once in a short sale how long does it take them? They told me to do a deed in leiu WHAT!!! the guy said there insurance will cover the cost of our mortgage and that they really dont care anymore... Ok fine we will walk away and start all over. I want to stay in the house for as long as I can others have said 18 to 36 months if I play the same game they are playing with me. Any help would be greatly appreciated.