Callin' it quits!

[bayareamommy]

We decided that this loan modification issue is not a good choice for us, so we are not going to go ahead with it and just call it quits!

Why? Because we are so upside down nearly 200k! Even IF we were to get our B of A loan modified, we would still have the home equity line of credit to deal with and to TRY to get it modified. I talked to Suntrust and they told me that our loan may be refinanced...maybe. And that other than that, ther is nothing else they can do.

Thinking about our situation, we have came to the conclusion that, yes, we would like to keep our home BUT to what degree are we willingto "kill" ourselfs for it?

Not worth the stress of commuting nearly 4 hours a day, gas is not cheap, schools in the valley are not that great, more work/educational oppurtunities (for us and our children) in the bay area compared to the valley, the valley has a really high rate of meth use compared to the bay area... and so forth.

Since we alreay filed #7 BK, we plan to save, save, save and hope that one day, we can buy again. If not, that is ok, life keeps on going and not everyone was meant to be home owners.

Like they say and it is so darn true...LIFE IS TOO SHORT!

[B Stevens]

How far into the foreclosure process are you? How many payments have you missed?

[bayareamommy]

Originally Posted by B Stevens

How far into the foreclosure process are you? How many payments have you missed?

We have missed 9 months. We were told that this September 3rd was the official start of the forclosure process.

[Liza09]

I understand where you're coming from. We are upside-down about $200K also. Although we have requested a loan modification, short of reducing the principal (which they don't appear to be doing), I don't see where it will be in our benefit to stay. We too filed chapter 7 BK. We plan to stay in our home as long as we can without making a payment. I am in real estate and I see so many people abandon their homes before the foreclosure. They could of been living "rent free" for many months and saved money for the move.

Your lender may say they are starting the foreclosure process but it could still take quite a while to foreclose depending on your lender. Have you received a Notice of Default yet? Or, have you received a Notice of Sale?

[B Stevens]

So you have plenty of money saved up for a family member to put down on another home that is more affordable or at least a way to pay for first, last, and a security deposit on a rental right? You should have another 3 months until you have to get out. Not a bad trade off. Too bad you had to put up with the stress of trying to get the bank to work with you but hopefully you can benefit from it with the money you saved.