Home Loans and Support

Jan 2014 walkers

Discussion in 'Foreclosures' started by Hollow, Jan 14, 2014.

  1. Hollow

    Hollow LoanSafe Member

    I thought I would start a general thread for all that maybe starting their walk this month. The wife and I have been thinking about this for a few years now. And it seems this is the time to start. On my street alone there are presently 6 homes in a some sort of foreclosure status. We are strategically defaulting because we are still underwater after 10 years. We will be relocating out of state by the end of this year.

    So here we go. Details listed below:

    State Delaware (Judicial State)

    1st: Ocwen Servicing (owe:92K)(Chapter 7 discharged 2006 Did not reaffirm)

    2nd: Greentree Financial (owe:28K)(Chapter 7 discharged 2006 Did not reaffirm last payment made 10/2005)

    1st missed payment: January 2014 (1st)
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    Hollow

    Thanks for your post.

    What's the current value of your property?

    You might consider the following moves:

    1) Execute a "buy 'n bail." To effectuate that you'll need to stay current on your payments until you close on your new home (the buy leg). Then simply stop making payments on your current property and go to FC (the bail leg)

    2) In conjunction with the above, I recommend you rent out your property when you relocate. By doing so you'll realize immediate positive cash flow rental income and will likely continue to enjoy that recurring revenue stream for many months until the lender finally gets around to FCing.
  3. Hollow

    Hollow LoanSafe Member

    Thanks for the reply Tom.

    Zillow and Trulia has my home valued from 97K to 114K. We don't have the credit for a buy & bail, unfortunately. We will be renting for a few years after we relocate.

    Renting out the property would hassle since we will be out of state. Plus the neighborhood is getting really bad and the house is just to small.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hello Hollow,

    Keep in mind that some mortgage programs (such as FHA) allow financing with a minimum credit score of 580. Yes some lenders require 620+ for FHA, but I've seen many people purchase with 580 (or below) as long as you meet all other qualifying factors. In any case you'll be able to purchase a new home three years post foreclosure through FHA or seven years conventional.
  5. ForsakenIllinois

    ForsakenIllinois LoanSafe Member

    Checking in as a 2014 walker. Set things in motion already but haven't walked yet. I will update and provide some details next month once the walk takes place.
  6. Hollow

    Hollow LoanSafe Member

    ***Update***

    I have a Google Voice phone number set up for just this. Haven't check it so I'm not sure if they have called. Anyway going on my 3rd missed payment as of March 1. NO NOI or even a statement from them. The wife did say someone drove by yesterday and took a picture of the house. We are still occupying the house until the sale date.
  7. ForsakenIllinois

    ForsakenIllinois LoanSafe Member

    Update: we purchased our dream home and are slowly moving stuff. Plan is to finish the school year at the current house and then sever the cord. First missed payment on old house will be this month.
  8. ForsakenIllinois

    ForsakenIllinois LoanSafe Member

    Update: we purchased our dream home and are slowly moving stuff. Plan is to finish the school year at the current house and then sever the cord. First missed payment on old house will be this month.
  9. RustyShackleford

    RustyShackleford LoanSafe Member

    Does anyone know what happens to your renters after you walk. I have just signed a new one year lease with them and this is my first month missing my payment. I have a propert management company who has no idea i am doing this. At what point is the management company going to find out that I am not paying?
  10. RustyShackleford

    RustyShackleford LoanSafe Member

    Does anyone know what happens to your renters after you walk. I have just signed a new one year lease with them and this is my first month missing my payment. I have a propert management company who has no idea i am doing this. At what point is the management company going to find out that I am not paying?
  11. RustyShackleford

    RustyShackleford LoanSafe Member

    Does anyone know what happens to your renters after you walk. I have just signed a new one year lease with them and this is my first month missing my payment. I have a propert management company who has no idea i am doing this. At what point is the management company going to find out that I am not paying?
  12. bigfrog

    bigfrog LoanSafe Member

    the new owner will send your renters a 30day notice to clean up their mess and leave the premise. then the management company will get scream at by the renters.

    The management company has to be paying you monthly?
  13. RustyShackleford

    RustyShackleford LoanSafe Member

    Isn't the bank obligated to honor the lease. I pay the property management company to collect rent, coordinate rrpairs, etc.
  14. Hollow

    Hollow LoanSafe Member

    Update.

    Only received 2 letters from Ocwen saying they can help. Ignored of course. Still occupying home. 4 missed payments and counting.

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