Washington state - First day past grace period is today

[Modsnrockers]

Our house is currently about $225k underwater. 1st with Wells Fargo, Heloc with PNC. I consulted with a real estate attorney in Kirkland to discuss options last month. As of today we are officially late with the April payment with WF. I have reviewed many other threads from Washington state walkers and wanted to document our experience as it progresses.The attorney did suggest we consider a short sale if we think we may want to purchase another home sooner rather than later. He did not see much risk as far as disclosing our financial details since we would be a poor choice to pursue through a deficiency judgement. Will provide more details as things progress or if anyone has questions.

[Cat Damiano]

Hi Modsnrockers,


Just an FYI, WA walkers are hosting another lunch meeting if you are located nearby;

**Calling all Washington Walkers- Next Lunch Sat April 28th- RSVP Here**

[Modsnrockers]

April 25th first phone call (@work) received from Wells Fargo. 10 days after 15 day grace period ended for first missed payment. No, I didn't take the call!

[Cat Damiano]

If you are unable to or do not wish that they call you at work, you can send them a cease and desist letter demanding that they stop;

Fair Debt Collection Practices Act (FDCPA) - Federal Law

15 USC 1692c
§ 805. Communication in connection with debt collection

(a) COMMUNICATION WITH THE CONSUMER GENERALLY.
Without the prior consent of the consumer given
directly to the debt collector or the express permission of
a court of competent jurisdiction, a debt collector may not
communicate with a consumer in connection with the collection
of any debt;

(1) at any unusual time or place or a time or place known
or which should be known to be inconvenient to the
consumer. In the absence of knowledge of circumstances
to the contrary, a debt collector shall assume that the
convenient time for communicating with a consumer
is after 8 o’clock antimeridian and before 9 o’clock
postmeridian, local time at the consumer’s location;

(3) at the consumer’s place of employment if the debt collector
knows or has reason to know that the consumer’s
employer prohibits the consumer from receiving such
communication.


Sample Debt Collection Cease and Desist Letter



Today's Date
Your Name
Your Address
You Loan Number

Collector's Name
Collector's Address



Dear Debt Collector, (Insert Name)


I am writing to request that you cease your communication with me. The Fair Debt Collection Practices Act specifically states in Section 805(c), referencing ceasing communication that you must cease all communication with me after being notified in writing that I no longer wish to communicate with you.


Therefore, I require that you stop calling me at work. In addition, do not call or communicate with any third party acquaintance of mine per section 805(b)2 of the Fair Debt Collection Practices Act.


According to the FDCPA’s federal guidelines, I understand that once you receive this letter, you may only contact me to inform me that you:

• are terminating further collection efforts
• are invoking specified remedies that are ordinarily invoked by you or your company
• intend to invoke a specified remedy.

Be advised that I am aware of my rights, and that I am keeping records of all correspondence and communication from you and your company, including tape recording all phone calls. If you continue calling me, I will pursue all available legal actions to stop you from harassing me and my family.


Signature
Your Printed Name

[Modsnrockers]

Our Heloc with PNC was due on the 25th. They left a message on our voicemail today. No contact from WF since last week. No remarks on our FICO monitoring service to any mortgage related accounts yet. Our second missed payment with WF was yesterday but there is a 15 day grace period. Will keep the updates coming as they happen.

[Modsnrockers]

Received 2 copies by first class mail today from WF. "Subject: Notice Required by the State of Washington" States that if we respond within 30 days we have an additional 60 days to meet with the lender before a notice of default may be issued.

Mediation nly be requested on your behalf by a housing counselor or an attorney.

You have a right to request a meeting with a representative of WF. If you wish to do so, you (or a housing counselor or attorney on your behalf) must request a meeting with a representative of WF by either responding in writing (address given) or by calling (800 number).

Later on in the notice it mentions that this is a "Notice of Pre-Foreclosure Options"

As I stated in a previous post our attorney did not think we are much of a financial target since most of our assets are in protected retirement accounts so any financial disclosure forms would not be a problem for us to provide.

Not really any suprises here. Date of the notice is May 3rd. Our first missed payment was for April (Due April 1, with 15 day grace period.)

Still no change in FICO scores as a result of mortgage accounts. Will keep posting as things develop.

[StrategicDefaultInWA]

Hey Modsnrockers, good to hear an update from you. I had forgot that you and I are on about the same schedule (missed our April 1st pmt and now our May pmt). It sounds like yours is moving quicker since you've received a mediation offer. It's been eerily quiet with BOA (no calls yet) and I'm about to be late on 2nd tomorrow.

[Modsnrockers]

A little background:

Knowing my credit score is going to tank from missed mortgage payments we went ahead and traded in our oldest vehicle for a new one. Since I seem to always be getting new credit card offers I went ahead and opened a couple that had 0% intro rates for transfers and new purchases.

Sure enough about a day after I got the new cards approved WF info gets to equifax and my FICO score takes a hit. I am on the equifax monitoring plan so I get updates whenever any credit report/score changes occur. About the time of multiple credit inquiries for the auto loan my score was lowered to 737 from 777 on April 7. The WF late mortgage payment hits on May 11 and it goes down 60 more points to 677. No credit reports from PNC are evident yet.

Have been putting the $4000/month we aren't paying in mortgage into savings.

Lots more phone calls from PNC than from WF. Have a receptionist at my office, caller ID at home so hasn't been an issue. If the work calls get too frequent then will send cease and desist letter perhaps. Will be sending reply to meet and greet letter before June 3 deadline. Noticed that the WF May 3 notice wasn't mailed until 4 days later - guess the mailroom at WF is backed up a little.

Zillow has been reinforcing our decision as of late, down more than $40K in the last 30 days. That makes us about $269k underwater. Zillow isn't always right of course but it can be amusing at times.

Thats if for now folks, more to come!

[Modsnrockers]

Letter received from WF last week, lists amount to bring acct current, states payment help available, lists options including short sale and Deed in lieu with contact info. Letter dated the 13th, received on the 17th, says the overdue amount must be received by May 18. Guess we are in trouble now!

Another letter received yesterday. Dated May 16 it states that if acct not brought current by June 19, it will become necessary to require immediate payment in full (also called acceleration) and pursue the remedies provided for in your Mortgage or Deed of Trust, which include foreclosure.

Nothing changed on our current plans, will request meeting prior to June 3 to add another 60 days to the timeline.

[Modsnrockers]

Received a "door hanager" today. Plain white envelope with large red lettering: "CONFIDENTIAL"

Inside is a half page size, poorly copied note, one side english, the other spanish. Just a fill in the blank form with yesterdays date and an urgent notice to call my mortgage servicer immediately. The mortgage servicer is not mentioned by name but I googled the number and it is apparently a Wells Fargo number.

Nothing unusual except for the low budget copy job on the fill in the blank form. I don't know if they knocked on the door or anything when it was delivered, I wasn't home at the time.

No other news, still plan on sending request to have the meeting (not the formal mediation) to see what WF may offer as options as well as to draw out the process. Can use the formal mediation request after that if I need to continue the delay process.

Recap: First missed payment April 1, 2012. 58 days of carefree rent free living, $8476 of missed 1st/HELOC payments.

[Amethyst WA]

Modsnrockers. Wow! I am amazed that they'd come out to the house after such a short time, on a holiday weekend even! I have been walking since 2/2011 and it seems that I have had no visitors except for the notice of default put on the house. Amethyst.

[roxygirl]

Washington is catching up with foreclosures. They are not taking as long as they did a year or two ago. ---I'm about 8 months out myself, had a door tag with phone number, nothing else so far. I want to make it to October

[Modsnrockers]

WF has been calling to schedule the meeting I requested. Even though in my written request I stated I would be represented by an attorney and giving his contact infomation as far as I know they did not contact him. Anyway I get home today and find an overnight fedex envelope from WF. They took the liberty of scheduling a meeting in downtown Seattle one month from now.

I will contact my attorney tomorrow and fill him in. I don't plan to attend myself unless my attorney recommends it.

I'm glad we went ahead and replaced our oldest vehicle and accessed some new credit before the late payments started showing up on our credit reports. In March I had a Fico score of 777, it is now 566. My wife's has gone from 780 to 608.

On the plus side we have avoided over $12600 in mortgage and HELOC payments thus far.

Zillow pegs us at $270K underwater.

[MomoaGem]

Hi Modsnrockers-
Did you have the face to face meeting with WF yet? I'm interested to hear how you handled this situation, if you went, or if you cancelled.

I missed my first mortgage payment ever on 7/1, and am about 4 days shy of my grace period end date. At this point I'm trying to figure out which approach would be best for my family-completely ignoring B of A, or trying to incorporate some stall tactics to get a bit more time in my condo before FC.

[Evan Bedard]

I missed my first mortgage payment ever on 7/1, and am about 4 days shy of my grace period end date. At this point I'm trying to figure out which approach would be best for my family-completely ignoring B of A, or trying to incorporate some stall tactics to get a bit more time in my condo before FC.

Welcome and thanks for joining the community.

If you first payment missed was this month it will be quite some time before a foreclosure date is set and in WA this can easily be up to 8-12 months. Are you considering applying for a loan modification to help make your payments more affordable or are you simply looking to walk away from your property?

[MomoaGem]

Thanks Evan,
We're planning to walk from the property. We have a small one bedroom condo that we had only meant to stay in for a short time, but after a refi in 2007 we are now underwater and unable to get out. We now have a daughter and the place is way too small.

Our plan is to walk away, but we'd like to save up as much money as possible. I've considered submitting a loan modification request so that we have a bit more time, but I'm concerned about providing my financial status to BofA.

We actually have a consultation meeting set up with an attorney next week, so I'm gathering as much information as I can from LoanSafe so that I'm prepared to ask questions.

[roxygirl]

I just received my NOD yesterday. first missed payment was Oct. 2011. they taped it on the door. so when all is said and done, it will have been just over a year from start to finish. the one question i have is when does the 120 days begin? is it when i got the NOD? or when i get the NOS (in approx 30 days from now?) i would have to be out by november but would love to make it thru the end of year over holidays if possible.

[Modsnrockers]

NOD taped to our door on Wednesday, Nov 21. Kind of a "Happy Thanksgiving, Love, WF". Oh well, was hoping for a longer time of just ignoring phone calls, door hangers and enjoying nice housing with no rent or mortgage payments but lets see what happens. Already communicated with our attorney. Mediation is to be requested.

Got the first class mail copies on Friday or Saturday, still no certified mail copies. Just before going to work this morning the doorbell rings and it happens to be an "contractor" working for WF just checking to see if we are still living in the house. He explained he comes by once a month but I've never answered the door. Anyway I said we're here, thanked him and off he went. I wonder if he is the guy that leaves the door hangers?

Will keep everyone posted as things progress.

[Cat Damiano]

NOD taped to our door on Wednesday, Nov 21. Kind of a "Happy Thanksgiving, Love, WF". Oh well, was hoping for a longer time of just ignoring phone calls, door hangers and enjoying nice housing with no rent or mortgage payments but lets see what happens. Already communicated with our attorney. Mediation is to be requested.

Got the first class mail copies on Friday or Saturday, still no certified mail copies. Just before going to work this morning the doorbell rings and it happens to be an "contractor" working for WF just checking to see if we are still living in the house. He explained he comes by once a month but I've never answered the door. Anyway I said we're here, thanked him and off he went. I wonder if he is the guy that leaves the door hangers?

Will keep everyone posted as things progress.

Thank you for the update, so sorry that things are moving a bit quicker than you had hoped for. Maybe your attorney can drag out the timeframe longer. Please keep us posted on how it turns out.

[StuckInSeattle]

Modsnrockers - yes, please keep us updated I'm about 3 months into the process and very curious how things are working out. I've responded to the 'meet and confer' letter to buy some more time but I've heard absolutely nothing from our lender.

[StrategicDefaultInWA]

Hey Modsnrockers...are you still out there? I'm trying to follow-up with other fellow Washingtonian walkers that I haven't heard from in a while. I was curious how its going?

[BofA ThatDeluxeAptInSkyWA]

Earth to Modsnrockers, Come in Modsnrockers. ! Update please. I was going to start my walk this August but I've decided to move ahead and this month will likely be our last payment.