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WA walker chronicle - began Nov 2012

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by bythebay, Feb 21, 2013.

  1. bythebay

    bythebay LoanSafe Member

    I'm chronicling our walk in case others might find it helpful. Since we are defaulting on a second mortgage, we are risking a lawsuit. So other folks contemplating a walk like this might want to follow along to see if that happens or if we are simply able to settle.

    Details:
    We have 2 mortgages on our Poulsbo, WA home.

    Both mortgages are serviced by PHH Mortgage
    The home was purchased for $341,000 in 2007.
    First: 30 yr fixed rate at 6.101%: principal balance is roughly $251,000
    Second (purchase money): balloon at 8.75%: principal balance is roughly $50,000
    We have never refinanced.
    The home is currently valued at $217,000 on Zillow
    We have excellent credit, always pay off our card and have little other debt.
    We are not paying either mortgage as per strategy.

    The Walk:
    Last payment made Oct. 2012
    Daily robo-calls throughout the month of December, stopping in January
    Strange VM message "let us help you" in middle of night without identifying info about who was calling - but same number region as PHH - 1/30/13
    NOI received 1/15/13
    Help (HAMP) packet arrives 1/31/13
    Meditation packet arrives (must respond in 30 days) 2/6/13
    VM message let by first actual person - case manager assigned to us 2/8/13





  2. BustedBrokeBeaten

    BustedBrokeBeaten LoanSafe Member

    Welcome and thanks for putting a link to your thread on the "Are You A Washington Walker - Meet Here" thread! It's unfortunate that we are all having to deal with this but fortunate that we have other Washingtonians here willing to share their knowledge and experience. I just wanted to say welcome and good luck on your journey! ~ BBB
  3. bythebay

    bythebay LoanSafe Member

    Thanks BBB - it's great to have this community. I don't think there is anywhere else on the interwebs welcoming of strategic defaulters.
  4. makingmyownbailout

    makingmyownbailout LoanSafe Member

  5. bythebay

    bythebay LoanSafe Member

    Started getting almost daily robocalls from "Resolve on behalf of Fannie May". Anybody else get these? I find it funny that they give you a "3-second pause" to hang up if you aren't the person.
  6. bythebay

    bythebay LoanSafe Member

    This week we have had 2 visits to the house to place orange doorknob hanger with request to contact PHH and a phone number.
  7. StuckInSeattle

    StuckInSeattle LoanSafe Member

    Did you respond to the "important rights for homeowners" letter? This is the one that says you have 30 days to respond.
  8. bythebay

    bythebay LoanSafe Member

    Yes I did. I figured the extra 2 guaranteed saved mortgage payments (60 day delay) would be a good idea for our strategy.
    We are of socking away the money we would have spent on the mortgage payment each month in preparation to settle the 2nd when the time comes. Although in December I just had a baby so the resulting higher than average medical bills have cut into that slightly.

    By my calculations, using this excellent timeline of the WA foreclosure process, the earliest possible we will vacate the house is mid-September 2013.
  9. bythebay

    bythebay LoanSafe Member

    Got another "Important Rights for Home Owners" packet today - for the exact same loan. Weird since I sent in the certified mail reply for the first one. Is this strategy or are they just dumb? Also, I'm not sure whether I want to reply to this one too. Will it give me another 60 days after this 60 days? Or do we even want the extra time? I am thinking I won't reply just to see if they send the NOD within the timeline they aren't supposed to from the first response. It will be interesting to see.
  10. StuckInSeattle

    StuckInSeattle LoanSafe Member


    I'd go with dumb, lol.

    With that being said, you should consider responding since you already responded to the first; worst case scenario is the NOD is sent on schedule with the 1st notice & response, but best case scenario is you get an additional 60 days before your NOD. I don't see anyway you really lose here. Plus, I'd be willing to guess a different department of the bank sent the 2nd, you can play them against each other and add a little confusion.
  11. bythebay

    bythebay LoanSafe Member

    It has hit my credit this month. Excellent to Poor. wooppeee!
  12. bythebay

    bythebay LoanSafe Member

    WA Walk chronicle started Nov 2012

    I'm posting a new thread (moving an old one in "Foreclosures") over here because this seems to be where all the walkers are - so maybe it will get more exposure.


    Our walk:
    Since we are defaulting on a second mortgage, we are risking a lawsuit. So other folks contemplating a walk like this might want to follow along to see if that happens or if we are simply able to settle.

    Details:
    We have 2 mortgages on our WA home.

    Both mortgages are serviced by PHH Mortgage
    The home was purchased for $341,000 in 2007.
    First: 30 yr fixed rate at 6.101%: principal balance is roughly $251,000
    Second (purchase money): balloon at 8.75%: principal balance is roughly $50,000
    We have never refinanced.
    The home is currently valued at $217,000 on Zillow
    We have excellent credit
    We are not paying either mortgage as per strategy.

    The Walk:Last payment made Oct. 2012
    Daily robo-calls throughout the month of December, stopping in January
    Strange VM message "let us help you" in middle of night without identifying info about who was calling - but same number region as PHH - 1/30/13
    NOI received 1/15/13
    Help (HAMP) packet arrives 1/31/13
    Meditation packet arrives (must respond in 30 days) 2/6/13
    Responded to the packet with certified letter to receive delay thinking it would give us another couple months savings
    VM message left by first actual person - case manager assigned to us 2/8/13

    A second mediation packet arrives in March 2013
    Did not respond to mediation since we want the process to just move forward
    Credit tanks in March 2013
    Robocalls continue from various numbers
    A THIRD mediation packet arrives in April 2013 for the same loan as the other two packets (what!? well, I guess we will be in this house for awhile. We won't be responding to this either.)
    Last edited by a moderator: Apr 26, 2013
  13. bythebay

    bythebay LoanSafe Member

    Just realized my threads got consolidated - thanks Cat!

    Nothing new to report since the third (unrequested) mediation packet. A few robocalls but nothing in the mail and no actual human contact. Looks like we might be one of those families riding this thing out for awhile. We are definitely not at the top of the processing list.
  14. bythebay

    bythebay LoanSafe Member

    OK guys we just got a FOURTH "Important Rights for Homeowners" packet. As a reminder we responded to the first one thinking it would buy us a little extra time but were done with that strategy and read to move on so haven't responded to the others that came. Has this happened to anyone else? WTH PHH??
  15. vantuckian

    vantuckian LoanSafe Member

    This seems standard nowadays to spam you with this stuff, as a lot of it is driven by recent legislation regarding foreclosure procedures. They want to make sure they don't get in trouble with the state AGs, so they make sure you get all the info they are supposed to disclose to you as mandated by law. You can ignore it, put it in the pile with all the other papers, burn it in the winter, etc.
  16. bythebay

    bythebay LoanSafe Member

    UPDATE - so it appears we are back on the radar screen with PHH. Just got a bizarre letter from an attorney representing PHH informing us that it has come to their attention that we have a shed that encroaches on the neighbors property and that we should remove it or receive an easement from the neighbor because it is decreasing our property value. The thing is that shed was removed several years before we bought the property. What a strange tactic. I'm not sure what to think they're up to. So weird.

    I'm wondering what is the best way to make contact with the lawyer to explain the shed has been removed - like what kind of proof are they going to need. Thoughts?
  17. bythebay

    bythebay LoanSafe Member

    By the way - the firm is RCO Legal, which seems to be a common foreclosure firm used by mortgage lenders so I'm assuming this is who will be handling our foreclosure. Glad to see it is finally to this stage. But it does make me nervous. Has anyone else dealt with RCO Legal? Anyone care to speculate why they would be concerned about the shed? Do you think they just want to try to get the highest price at the trustee sale for the property? What could be the motivation here?
  18. bythebay

    bythebay LoanSafe Member

    UPDATE - Not much activity to report for month 19 of the default. However, we have started to receive calls from Parkview Services - a WA non-profit being utilized by Fannie May to help homeowners behind on their mortgage. These calls come from a real person. I googled them and they are legitimately trying to help people. I wish they could tell the bank to foreclose already! That would help! Anyone else getting calls from these folks?
  19. bythebay

    bythebay LoanSafe Member

    By the way, we sent an email about the shed and nothing more came of it. That was a couple months ago.

    In case anyone is actually following any of this....
  20. vantuckian

    vantuckian LoanSafe Member

    Never got a call from Parkview during my walk. My foreclosure went through late summer last year, so this could be a recently new thing for WA.

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