[QUOTE=miked2023;87182]Hi there.
So, I'm 20 days late right now on my Countrywide/BOA Southern California home. It's upside down, needs work, an my wife makes 10% of what she used to.
We want to do a short sale as we will only be able to keep current for a few more months due to much lower income levels. So my question is...
Should I pay my mortgage this month? I have another week before I'm 30 days late but I'm not sure if
CW will accept the idea of a short sale if I'm current. Anyone have experience with this? I just don't know what to do because I could use that money for others debts if if
CW is just going to say no I'm current.
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miked2023,
I had a successful Short Sale with
CW thanks to this website most especially Moe, *** and Prof Shays. I was injured due to disability caused by uninsured driver, lost my job because of that car accident and my request for loan mod, refinance with
CW all denied. I stopped paying
CW as they required to be at least 90 days late before accepting a Short Sale. After I put my house in the market and hired a Real Estate agent who is patient with me and had experienced with Short Sale. I gave a letter to
CW authorizing my agent to talk to
CW Negotiator before they even talk to me or my agent, that's their requirements. You need to call
CW Negotiator, email him and the President, the Investor of
CW, CEO and beg them to approve the Short Sale before the buyers backout.
In my case, I moved out of the house after putting it in the market and looked for an apartment while my credit was still good. The first listing expired Jan 2008 and 6 buyers backout citing long responsed, couldn't wait. The 2nd listing I've signed with my agent on Feb 2 2008 and my agent kept showing my house to the buyers and kept accepting offers and there were 4 offers. The lowest offer we declined. The first offer backout couldn't wait, his wife was pregnant, the 2nd buyer made an offer $8000 more than the listing price asking that the $8,000 be applied to the buyer's closing costs. They waited because they loved the house plus I gave her the brand new washer and dryer, the refrigerator, the central vacuum, with security alarm and warranties. I gave incentives so they will hold on to the house and would not backout.
The process was long because
CW Negotiator wants me to sign a promissory note for the 2nd Mortgage because of the Private Mortgage Insurance. I did not know that
CW bought PMI insurance which is Old Repiublic Insurance for the 2nd mortgage for their protection. That was not disclosed in our contract and I told them that. I told them that I have 1st and 2nd mortgage with
CW and have purchase money mortgage and never refinanced..I told them I will not sign a promissory note and will not sign the escrow paper if they will not put in writing that the balance owed was forgiven. I said I will file for bankruptcy and I am qualified to file for bankruptcy.
After emailing, bugging all
CW management and employees, thanks to *** for providing the emails of the CEO 's and phone numbers of
CW, begging them to accept the Short Sale, they finally approved the Short Sale and escrow closed on 7/9/08.
CW paid 5% commission to both seller and buyers agents, no closing cost for me, the buyer already made an extra offer of $8,000 so their closing costs was covered.
The escrow papers showed a letter stating
CW, each investors and insurers accepted the Short Sale payoff and they will not pursue the deficiency judgment.
The title company mailed me the copy of the Seller Closing Statement which will be helpful later. They also sent me a Reconvelyance letter stating the the Deed of Trust was paid in full. The County Recorder's Office sent me also a Full Reconveyance Letter stating that the Deed of Trust was paid in full, with the loan numbers in it.
Wait, before signing the escrow, I emailed the negotiator and asked him about the 1099C and how much was the balance forgiven. He responded that the investor will send me the 1099C and told me the amt for two loans.
You will need all the Sellers Closing Statement, The Full Reconveyance Letters from the title company and the county recorders office and the letter from
CW Negotiator stating that they will not pursue any deficiency judgment and that Deed ofTrust was paid in full later when you check your crrdit report and when you file your income tax because the investor Fannie Mae and
CW never sent me the 1099C when I called them they told me to call
CW or call Fannie Mae.
When I fled my income tax this year, I completed the IRS form 982 and put the amt that the negotiator told me via email. I made copies of all the documents I've mentioned above, I also made an Statement of Assets and Liabilities to prove that I am insolvent. It showed how much my assets vs liabilities and wrote a letter to IRS told them that my attempt to get the 1099C all failed inspite of all my effots to get them. Both IRS and State accepted it and I got a refund from the State of $90.
I've sent all my copies to the credit bureuas and disputed all the reprots that
CW made in my credit report, they reported that the 2nd mortgage was still open and still owed money. I wrote them a letter and attached all my evidence and BAC, Bank of America for Countrywide sent me a letter stating that they have changed the report. What
CW is doing now is reporting and making inquiry to my credit file so that my credit score will go down. There's a Landsafe Credit asked for my credit, Landsafe is affiliated with
CW. I disputed that, I told the credit bureaus I did not know this company, then
CW reported I owed this and I owed that, and put the loan number for the 2nd mortgage. The first mortgage they reported paid off but the 2nd mortgage they have reported I owed, $88, I owed $91k, I owed 12k, I owed 11k and I owed 9k. I disputed all that and attached all my evidence. I told them that they are violating my rights according to Fair Credit Reporting and I will write a letter to my state attorney general, Federal Trade Commission or even contacting the media and even President Obama if they will not remove the bad report they made to my file. I said I only have one 2nd mortgage with
CW, loan number xyz , how is it that I owed that much money when there is only one loan number xyz for the 2nd mortgage and
CW reported I owed this much money 5 x for the same loan number. BAC responded and they changed it. I got a changed report from TransUnion and Equifax stating that the balance was paid as agreed, settled lass than full value. I am still waiting for the credit bureau to remove the other report from my file.
I just want to let you know that Short Sale is a very emotional, frustrating and draining process. It takes courage, strength, boldness, perseverance and a lot of PRAYERS to do Short Sale. I will not wish the experienced I've had with
CW happened to my worst enemy.
I hope this helps. God bless you. Again, thank God and thanks to Moe, *** and Prof Shays.
Faith
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