Walking In Washington N. Seattle

**Scubagear** · 07-05-2011, 12:31 AM

Starting a new thread, as I didn't want to hi-jack someone else's.

Okay, June 1 was my first non-payment in North Seattle (Sno Co). Getting cold feet, but I am so far under water it's not funny. My complex sold a unit last year for $13,764. Everyone says it's a fluke, but that's what it sold for in auction. It's now back on the market through a new auction and they are saying the highest bid is $57K, however all the bids on this auction site appear to start at 57K. I owe over 200K, was the last one to buy in the complex prior to market collapsing. (update, one appears to have sold for 85K a couple of weeks ago, still WAY underwater)

I have setup the Google Phone number and Google email and am directing my lender to those and the voice mails have started stacking up. Every day at 8AM, until this weekend.

I met with a lawyer and it was god awful expensive and not terribly helpful. I found out I make to much to short sell and that my unit is deeply underwater, oh joy, like I couldn't figure that out on my own???

Some questions I have that I am hoping for responses too:
1) What do I tell the bank when they call? The truth? Do I just hang up? How do I handle this?
2) Does anyone know where to get a cease and desist letter specifically for foreclosure? (Found)
3) What are the tax implications if I foreclose?
4) Does anyone have pointers about or to the 1 year safety net if the bank does go judicial?
5) Has anyone moved out and started renting and if so how tough was it to get into a place with your wrecked credit score?
6) I bought my home prior to getting married, does this mean my husband is not impacted credit score wise?

I am sure I will have more questions, but that's it for now. I appreciate any help I can get and I am happy to let folks know how it's going for me.

**thomaspaine** · 07-05-2011, 08:01 AM

Hi scubagear -

Dealing with some of the same issues. Proper, compensated legal advice is always important - it is your future that you are playing with, but this is what I have learned in my journey.

"1) What do I tell the bank when they call? The truth? Do I just hang up? How do I handle this?"

If you are walking away from your condo - with the intent to let it foreclose there is nothing to say to the lender. With that in mind you also have to remember that protecting your self is key. Exposing info about assets is to your determent, and their benefit. If you want to play the hampsterwheel game there is another thread on it - but it requires some cat and mouse games with the lender. Doing so will delay the foreclosure. What is the goal - over and done or drag it out?

"3) What are the tax implications if I foreclose?"

According to the IRS website a non-recourse loan cannot be treated as income. Even if it could be a foreclosure on your primary residence before the end of tax year 2012 should be covered by the Mortgage debt forgiveness Act. You should talk to a CPA for more info.

"4) Does anyone have pointers about or to the 1 year safety net if the bank does go judicial?"

I spoke to two lawyers and they said that 99.9% of the time small residential loans are foreclosed on via Trustee Sale. A judicial foreclosure costs more money (lawyers, time, another year of a non-performing asset etc) and the lender would need to believe there was a reason they could recover costs . Your loan is already a lost cause - why take more risks with (from the lenders view) Are you bank accounts with the same company? If so move them.

If they were to win a judgment they are at risk of you filing a Bankruptcy - this goes back to protecting your info. Civil suits are a risk/reward decision for the lender. What are the risking chasing a bad loan and what is the likelihood of a reward.

"6) I bought my home prior to getting married, does this mean my husband is not impacted credit score wise?"

Only the person on the deed of trust / promissory note can would be affected. Is he on either? Did you have a lawyer file the paperwork to add him to the Deed with the county?

**Scubagear** · 07-05-2011, 09:37 AM

Hi There,

Wowie, thanks for all the great information! I agree having all my ducks in a row and knowing what I am doing is very important to me.

I have heard that having a hardship letter can improve how the lender and the credit rating agencies view you when it's all said and done? Any agreement there?

My lender and my home loans are in seperate institutions, so I am okay there. And I really don't have anything to go after unless they want a used car, lol. My lawyer let me know they could not access my 401K, which is really the only other asset that I have.

Sadly we did have my spouse put on the deed, but not via a lawyer, via an escrow company, but he is not on any of the loan doc's. Our lawyer said he would not be impacted because he isn't on the loan doc's, but neither of us felt confident about that.

The real reason we want to move is because my job. I was just laid off, but in Sept when I am able to go back to work (MS 100 day lay off), I will be back to a 2-3 hour commute one way and it's killing me. Of course the banks don't care enough about me and my family to understand what that is doing to my personal life and the level of stress that is putting me under.

I just want out so we can move closer to work so that I can have a life again!

Again thank you so much for all your thoughtful words and sharing how things have gone with you. I will keep this up to date as I go through the process.

**Cat Damiano** · 07-05-2011, 01:10 PM

Hi Scubagear,

Here is the thread referrenced above, it has alot of great information if you did want to live payment free for a while:

http://www.loansafe.org/forum/chase-...heel-game.html

**Scubagear** · 07-05-2011, 04:48 PM

Thanks Cat Damiano! That's not really my bag o'tricks, but do apprecaite the link!

**Cat Damiano** · 07-05-2011, 04:53 PM

Well best of luck in whichever route you take. Keep us posted on how it goes.

**thomaspaine** · 07-05-2011, 06:21 PM

If your spouse is on the Deed, but not the loan documents he will be exposed to the negative public records portion of the credit report - but the 30/60/90/120 day late marks should not show up and I would expect the damage to the credit score to be less, but damaged none the less. Either way - your credit score can and will recover. TransUnion has released some interesting data latley on this issue. Additionally the Foreclosure can be removed from the credit report 7 years after the trustee sale - though you may have to send a letter to get it done. To me the answer is simple - is a credit score with the next 15 or 20 years of your life..... Most people have no credit when they graduate from college.... Immigrant who move here have no credit..... Moral of the story is many people have limited, bad, or no credit - and the go to the grocery store, the cinema, out to dinner, and work, just like people with good credit.

**Scubagear** · 07-05-2011, 10:21 PM

A credit score is not a measure of a man (or a woman!).

What matters to me is that I get my life back. I want quality time with my family again, not the craziness of sitting in traffic for hours. I thought and thought about how I could possible resolve this in any other way and it's just not going to happen.

Renting is not an option because the back half of our complex are apartments that are identical to our condo's and they rent for about 800 dollars less than I am paying for my mortgage, so no one would ever consider renting at this much higher rate.

**Boogey** · 07-05-2011, 10:50 PM

Hi Scubagear,

Thanks fo the thread! It is comforting to have other Washington folks on this site. My wife and I have started our walk the same time as you. It was hard missing that first payment. It gets easier as you go. We are similar, she is not on the loan or deed in our case. I purchased the house before we were married. We are over a $100K upside down and it continues to fall. We have a 1st and a 2nd that I took out about 10K for another bill several years back. The few things that really concern me about the process is how long we will have before the foreclosure? Also, if the 2nd will come after me after the foreclosure? I guess we will worry about that when the time comes. I know that this decision is the best thing for our long-term financial future. I have not decided if I am going to play on the Hampster Wheel or not? I do not want to give the bank any financial info if I do not have to!

Please keep up your thread, It is nice to have this information to share with others! Good Luck with your walk!!!

**Scubagear** · 07-05-2011, 11:14 PM

Hi Boogey,

It's cool to know that at least one other person locally is going through the same stuff at the same time. Thanks for sharing. Yeah missing that first payment, had me in tears/panic a couple of times, I have had it ingrained in me that we MUST make our payments and that we are morally obligated to pay our mortgage or else. Every time I went into shock, my spouse reminded me of the fact that JP Morgan defaulted on a 1 Trillion dollar mortgage last year without batting an eyelash.

I also have had it pushed down my throat about how important it is to keep your credit score up, doing crazy stuff to move it up and make it higher, I am feeling a lot of relief at letting go of those old belief systems and moving into a space of acceptance and a kind of detachement from it all.

On Zillow my place is listed at 138K. However the latest data from the 85K sale is not showing, so I expect it to drop further soon.

I lost my ATM Card well on vacation, the bank is sending me a new "gold card". I hope I get it soon, before my credit starts falling like rocks!

**Scubagear** · 07-08-2011, 01:19 PM

Did a quick check of my credit score today, kind of a teaser if you will. 777 & 782 I have missed my second payment.

**Scubagear** · 07-15-2011, 03:15 PM

Had to make my missed payments and I will need to start over, dog gone it. Hubby needed my good credit to clear one last thing, so we are starting over... can't quite believe it...

**Scubagear** · 07-28-2011, 11:28 PM

Okay, we stepped back to make sure we are doing the right thing and talked to a second lawyer, Lee Brettin, and thank god we did. It turns out that if you move out of your home to early and the IRS decides that the home you are foreclosing on is NOT your primary residence, guess what? You have to pay the taxes on the amount that you owe and as you can imagine that can be a MIGHTY Big tax bill.

Lee was a life saver and knows the law so well, it was a wonderful appointment and I can highly recommend him. He steered us clear of several things that could have cropped up and caused us long term pain.

Starting over August 1. But from a much better place for having talked to him and using his services.

**thomaspaine** · 07-29-2011, 03:58 PM

Originally Posted by Scubagear

Okay, we stepped back to make sure we are doing the right thing and talked to a second lawyer, Lee Brettin, and thank god we did. It turns out that if you move out of your home to early and the IRS decides that the home you are foreclosing on is NOT your primary residence, guess what? You have to pay the taxes on the amount that you owe and as you can imagine that can be a MIGHTY Big tax bill.

Lee was a life saver and knows the law so well, it was a wonderful appointment and I can highly recommend him. He steered us clear of several things that could have cropped up and caused us long term pain.

Starting over August 1. But from a much better place for having talked to him and using his services.

Not an Attorney or Accountant - but here is the info on Cancellation of Debt Income--- Link at the end.

According to this IRS link a foreclosure on a NON-RECOURSE loan (Trustee Sale in WA) does not produce Canceled debt income. It may produce a capitol gain - but if you do the math and the home is underwater that is nearly impossible (See section 3).

-----Excerpt from the link (I recommend you read the full page)------------------

2. Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you.You are insolvent when your total debts are more than the fair market value of your total assets.Insolvency can be fairly complex to determine and the assistance of a tax professional is recommended if you believe you qualify for this exception.
Certain farm debts:If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.The rules applicable to farmers are complex and the assistance of a tax professional is recommended if you believe you qualify for this exception.
Non-recourse loans:A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral.That is, the lender cannot pursue you personally in case of default.Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income.However, it may result in other tax consequences, as discussed in Question 3 below.

3. I lost my home through foreclosure. Are there tax consequences?
There are two possible consequences you must consider:

Taxable cancellation of debt income.(Note: As stated above, cancellation of debt income is not taxable in the case of non-recourse loans.)
A reportable gain from the disposition of the home (because foreclosures are treated like sales for tax purposes).(Note: Often some or all of the gain from the sale of a personal residence qualifies for exclusion from income.)

Use the following steps to compute the income to be reported from a foreclosure:

Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.)

1. Enter the total amount of the debt immediately prior to the foreclosure.___________
2. Enter the fair market value of the property from Form 1099-C, box 7. ___________
3. Subtract line 2 from line 1.If less than zero, enter zero.___________

The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040.

Step 2 – Figuring Gain from Foreclosure
4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure ________
5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ____________
6. Subtract line 5 from line 4. If less than zero, enter zero.

The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.

------------End Excerpt-------------------

Home Foreclosure and Debt Cancellation

**Scubagear** · 07-29-2011, 09:53 PM

HI There,

Thanks for this tidbit, always good to get the bottom line from the IRS. Great link and great information, thank you!

Scubagear

**Scubagear** · 08-20-2011, 11:57 AM

So we started over August 1 and are just now at the 20 day late. Got my first call on the 18th, it was a robo call. My bank seems to be paying close attention, unlike many other banks, which gives me hope that this will go as quickly as possible.

I called the bank and told them I was not working, my husband just had major surgery and we have no income, all true for this moment sad to say. They demanded to know how much savings I had, I laughed and said, none, after all I had been laid off less than two years ago and we went through that when I wasn't working the first time... they kept trying to transfer me to their "lawyer" and I kept saying no thank you. I have told you what's going on and there is NOTHING I can do... and eventually when they transfered me they dropped the call, LOL. How ironic.

In another piece of the puzzle, another condo sold in our place, it went for a whooping 50K. Last one went for 85K, so they continue to drop in value apparently by the month. I know we are doing the right thing at this point. Bad Bad BAD investment. Who would have known, after all I didn't pay that much more than the fellow that bought just before me, so he is really upside down too....

**Scubagear** · 10-18-2011, 10:31 AM

So a couple of things have happened in my situation. I got a letter saying we need you to call this number just to tell us that you are currently still living there and they wanted us to call some other company to let them know, I didn't.

My credit scored dropped from 758 to 682 in just three months...

Also I sent via certified letter that they should not contact me accept by mail and they still continue to call my google number every day, so I don't think that really works, because if it did, then they would stop calling.

I got a letter that worried me with what it said and implied, we received your packet to try and make good and these documents are missing please send them. Either they are being fraudulent and saying I filed some paper work, or this is a fraudulent way of them lying to try and get me to respond.

I had some person assigned to my case directly and got a letter from her introducing herself and then in the same letter, we got some mildly threatening wording as well...

I am not sure that Metlife is opting to play by the rules and I am wondering if it's time for me to pony up and hire a lawyer to deal with them. I had two consultation before I started this to try and make sure I knew what to do, but they are still not playing by the rules that I am aware of. Thoughts anyone?

**Scubagear** · 11-06-2011, 12:31 AM

So we seemed to get a letter of acceleration and a certified letter from Metlife as well. It appears that they are on top of their foreclosures. I sure hope we can finish this ASAP. I started this process as a strategic default... now neither my husband nor myself have a job, how ironic...

**jbui1018** · 12-07-2011, 11:40 AM

Thanks for starting this thread. I like comparing other people who started their walk about the same time as I did. Good luck to you.

**Scubagear** · 12-07-2011, 09:56 PM

Hi Jbui, thanks I have been following the other threads as well. I am imagining that our NOD will come around Feb/March time frame. We continue to get snail mail after snail mail threating us foreclosure. Recently our case was moved to a "new" person to help us get on top of our situation... as if I want too... LOL.... I am holding my breath wondering what the next unit will sell for and worried it may go for less than the 50K of the last one... Ack... how's your process going?

**gigharbor** · 12-07-2011, 11:34 PM

Hello,

My wife and I are thinking about a strategic default. I've seen a timeline put together from a law firm in Olympia that residents in Wa have a minimum of 6 months before being evicted. When you met with the lawyers did they mention anything about that? Just trying to plan on how much time I'll have. Also did your bank ever mention a short sale? I'm curious if everbody gets offered those or only if you "qualify". Thanks

**izzle** · 12-08-2011, 09:15 AM

gigharbor,

Welcome to Loansafe. I just completed my strategic default in Washington state. I have documented the walk and my reasonings here. -> My Walk, Vancouver WA, Provident Funding 1st, BOA 2nd

**jbui1018** · 12-08-2011, 09:52 AM

Originally Posted by Scubagear

Hi Jbui, thanks I have been following the other threads as well. I am imagining that our NOD will come around Feb/March time frame. We continue to get snail mail after snail mail threating us foreclosure. Recently our case was moved to a "new" person to help us get on top of our situation... as if I want too... LOL.... I am holding my breath wondering what the next unit will sell for and worried it may go for less than the 50K of the last one... Ack... how's your process going?

Well, I haven't heard much from them cause I sent a cease and desist at the beginning of this process. Once in awhile I will get some mail offering loan mods or something to that extent. I'm hoping the NOD will come soon, but I'm willing to wait and enjoy the "free rent". We are both with Wells Fargo and you started just 1 month after I did, it will be interesting to see if our NOD's come one month after another.

**jbui1018** · 12-08-2011, 09:53 AM

Originally Posted by gigharbor

Hello,

My wife and I are thinking about a strategic default. I've seen a timeline put together from a law firm in Olympia that residents in Wa have a minimum of 6 months before being evicted. When you met with the lawyers did they mention anything about that? Just trying to plan on how much time I'll have. Also did your bank ever mention a short sale? I'm curious if everbody gets offered those or only if you "qualify". Thanks

6 months is probably minimum, but from what I understand, once you get a NOD, its another 4 months on top of that. I've been in this process for 7 months and I still haven't receive my NOD. Every bank is different though.

**Scubagear** · 12-08-2011, 10:06 PM

gigharbor,

I have read many sites and I expect it will take 7 to 8 months to get a NOD, and then it can take 90 days for the trustee sale at the "least"... I pulled this from a WA STATE website, but honestly don't know if it's true or not:

Existing law already provides that the foreclosure sale cannot occur less than 190 days from the date of default. . RCW 61.24.040(8)

Hope this helps. Nothing new here, other than my credit score is wiped out... just "waiting".

**Scubagear** · 12-08-2011, 10:08 PM

Hi Izzle,

I read through your posting, but really couldn't figure out how everything wrapped up... maybe I missed something. I saw it took about a year over all, but when did your NOD come? How long from the time you started? Did the trustee sale happen quickly? Did you get any kind of letter saying you are no longer responsible for your loan?

Thanks for any more info you can provide..

**izzle** · 12-09-2011, 11:39 AM

Scubagear

Yes it took about 12 months from first missed payment to completing c4k.

My timeline

08/10: Stopped payments on first and second loans
09/10: Notice of Intent to Foreclose from BoA second (they were full of hot air)
12/10: Notice Of Default (From first)
04/11: Notice of Trustee Sale (Sales date in July)
07/11: Started moving out
07/11: Trustee sale, minimum bid by first lender of around 230k
07/11: 5 days after Trustee Sale, had note on my door to contact realtor for Cash 4 keys (C4K)
08/11: Completed Move out, $3k C4K
08/11: BOA second written off
12/11: Credit report still does not show foreclosure/ closed first mortgage
12/11: Contacted first mortgage holder requesting that they update my credit report to close the loan.

____________________________________
FICO:
7/10 = 824 | 8/10 = 802 | 9/10 = 789 | 10/10 = 718 | 11/10 = 637 | 12/10 = 625| 1/11 = 619
2/11 = 630 | 3/11 = 627 | 4/11 = 641 | 05/11 = 641 | 7/11 = 639 | 8/11 = 640 | 9/11 = 667 | 12/11 = 670

**sweetpea33** · 12-09-2011, 09:05 PM

Hi Gigharbor, I would say from start to finish the earliest you can be foreclosed upon in WA state is 7 month if you look at the process and the milestones and that is IF there are no delays I am just finishing up my walk it was a year and one month exactly. I did nothing to delay.A lot does depend on you bank and situation but I would say you have at least a year. My condo sold at auction for 1/3 what I bough it for.

**Scubagear** · 12-09-2011, 09:34 PM

Izzle,

Thanks so much for the time line, that is awesome. I am not sure if mine will go slower or faster. Mine's a crappy condo, LOL, and it may be cheaper to have me sit in it and not pay the mortgage (and I suppose take care of it) for a while at least... I will keep posting until it's all over and it ain't over till I sing!

Thanks,
Scubagear

**gigharbor** · 12-17-2011, 10:14 PM

Thanks for the information. I remember reading on msnbc that the percentage of people who walk is higher if they know others who have walked. The fear of missing the first payment is the banks greatest tool. This site helps people understand the process and what to expect. Looking to begin my walk very soon. Thanks again!

**Scubagear** · 12-28-2011, 10:30 PM

Sooo I didn't realize that I could get a NOD so early, I realized when I went back through my many letters from the bank, that one of them was certified and it was my NOD. They didn't post on our door and it was actually back in October. With that in hand my hubby and I are starting to look for places to rent. Wow, Seattle rent has gone up significantly since the last time I had to rent, LOL. More than my mortgage these days. Ouch.

**shingst** · 12-29-2011, 10:49 PM

After reading this thread, I feel more comfortable with beginning my walk starting with my first missed payment next month. I kick myself for not doing this earlier... but going forward it will be a benefit in the long run.

**Scubagear** · 12-31-2011, 09:51 AM

Hi Shingst,
Welcome and good for you! There is so much information in this forum, it's awesome.
Happy New Year!

**Scubagear** · 12-31-2011, 10:00 AM

It's been almost 6 months since we started our foreclosure and we did get our NOD in October. We finally decided to take the plunge and find a house that we can rent, this last week we finally found the one that we want.

We will be doubling our space and have a real fenced yard and although it's an older house, it is amazing! The family that owned it put a lot of love and attention into the house, so it's in great shape and I am so excited to be moving on. I am so tired of being jammed into such a tiny place, we will finally be able to have guests again too... I really would love to see our place get finalized in the process so we can start recovering.

It's interesting when we started looking I was so scared about trying to find a place to live and that because of our credit score we would not be able to find anyone to rent to us, but I have been brutally honest and I have found that most folks really could care less, as long as we will be good to thier property and pay our rent on time...

We will have an update on whether or not they will rent to us around Jan 7th. I am pretty sure this will happen baring any other issues that may arise... I even offered to show them my NOD.

**Scubagear** · 01-17-2012, 09:16 PM

Moving would be complete if this blasted snow storm would just move along, LOL. We are in our new place and very happy to be here, waiting to see what happens on the old place. Several folks have come to me, after me telling my story, asking for advice.

Funny that. What a difference some space makes, I can hardly believe it. It's going to be tough to be swinging both our old place and new place, dues, power, insurance, etc, but it is so nice to have a 30 minute commute instead of a 45- hour commute... what a difference it all makes. Happy times ahead!

**gjoru** · 02-04-2012, 11:16 AM

HI Scubagear,

I too is contemplating on strategically foreclosing on our home, it's underwater over $150K and seems to continue to drop. Our planned community has about 100 homes and the last I heard almost 50% was either in foreclosure, short sale, or auction. I was hoping to retire last year but with this housing bubble, it kind of threw me back. My question to you, when you visited Lee Brettin did you have your deed of trust (DoT) reviewed? I've seen a lot of comments in this forum that WA state foreclosure law could either be a judicial or non-judicial (non-recourse). Non-judicial only if your deed of trust has the power of sale clause. In my DoT, there's language under "Acceleration", that states in part "If the Lender invokes the power of sale, Lender shall give notice to Trustee of the occurrence of an event of default and of Lender's election to cause Property to be sold". I was wondering if anybody in the forum tell me whether this is the power of sale clause they were referring to? Also, a little confuse on the tax bill on thomaspaine's comment. Does this mean to say, that if you have no gains, then no tax would be owed under a non recourse foreclosure as long as you maintain the property as your primary residence?

**Scubagear** · 02-04-2012, 11:04 PM

Hi Gjuro,

I actually reviewed my paperwork with the first lawyer I saw and she said I had the "power of sale clause" but she didn't say where or what it was, which as you can imagine was NOT helpful, so I am not sure exactly how it was worded.

I am afraid I am not much help on any of the topic's because it's just my "basic understanding" and not "for sure" on the answers I can provide. I think that posting in Thomas's piece implied that if the place was your primary residence for the last 2 out of 5 years, you would not get stuck with a tax bill. But again that's my impression of what that means, perhaps someone with more expreince or understanding could chime in here.

An update on my bank: DOH! Wow, so I got the 4 or perhaps the 5th letter saying that this new person was in charge of helping recover my home and they would work with me to make sure I didn't foreclose. I have not responded to anything that they have sent to me and I got yet another letter saying that I didn't provide all the information that they needed to help me fix the loan... and another letter all in Spanish, LOL. I am kinda wishing we hadn't moved, cuz I am thinking that they may NEVER foreclose on me, because they are so incompetent.

With that said my hubby and I are supremely happy in our new rental. It's such a lovely old home with some much class and virve... we are loving it. For the first time in many years, yesterday I went out and worked on my yard, and wow what a yard it is... I couldn't go outside my condo at all because the traffic noise was brutal... the person I bought it from said they didn't hear it any more, that they had gotten use to it, but on our last night there, I was woken up several times by traffic... I haven't been woken up by traffic since I moved... I did wake up to silence one morning....

Gjuro, the hardest part is missing the first payment, gets easier every month after that.... that first one is really tough, because it's scary and probably out of character for you, but what your holding onto is a dead end that will likely never be worth what it once was, sadly... unless you want to stay there indefintely... I wish you the best of luck no matter what you decide!

**gjoru** · 02-05-2012, 09:49 AM

Thanks Scubagear .... Your absolutely right on missing the first payment is the hardest to do. Hoping to see more comments soon from more participants in the forum.

**gjoru** · 02-08-2012, 03:27 PM

Scubagear....how was it discussing your situation with the attorney? Do you mind telling me the kinds of question you've asked. I'm leaning on making an appointment with his office to get consultation, but not having experience dealing with this foreclosure situation, don't know where to start!! Help

**GreenerPastures** · 02-14-2012, 08:07 AM

Scubagear,

Good thread, it is encouraging reading other people's stories and even more encouraging hearing ones from local people. My wife and I are starting our walk next month, and like you've mentioned a few times missing that first payment is the hardest because it is so out of character.

Have you received any notice from the bank about when your place will be sold yet? One of the biggest dilemmas that we have is that we don't want to move too early and miss out on saving some extra cash, but at the same time a move closer to work would be nice. Was it this convenience that made you decide to move when you did, and if you could do it over (although I pray none of us ever have to do that!!) would you move as quickly again, or wait it out a little longer and save some more? I look forward to hearing about how yours wraps up and everything as I believe you mentioned you were with Wells Fargo too, and that might give us a little insight on how what to expect since we are too.