Are you 60 or older

Moving On

LoanSafe Member
Jul 15, 2010
38
0
0
Indiana
Ugh! It's SO frustrating to get different responses from different reps and inconsistent "service" from the "advocacy" agencies. We tried two HUD counselors, one by phone (Greenpath), and the other in person; phone counselor was better but over months, different situations we faced, and different reps they seemed less able to help. With the HOPE hotline some reps seemed to be more interested in staying friendly with the bank reps than helping. Deeply frustrating and stressful for sure.

I have thought about TV and news sources especially the investigative reporters. Are you going to try that? I think there've been posts on this site where doing a bit of "whistle blowing" brings about a sudden and more positive solution. Can't say for sure though due to stress-induced memory issues!

So sad to hear deep, deep trouble and BOA not offering help..... Good energy and strength to you today!
 

Angels

LoanSafe Member
Sep 28, 2009
428
1
18
Destruction of wealth. That is what the financial institutions have done to America. I am not in my 60’s, but thankfully younger and still have a minor amount of time to prepare for retirement as long as nothing drastic changes.</SPAN>

I feel really bad for the retired people to be in this situation. My mom who is a retired teacher and has a very low fixed income is getting to the age that she cannot maintain her home. She wants to sell it and move into an apartment so she does not have to worry about maintenance but as you all know real-estate is not easily moving.</SPAN>


When I think about it I become somewhat depressed about the situation. It’s not going to get any better…not for many years. It baffles me on how they have gotten away with what they have done, and how they still conduct business to rip America off (on the edge of the law of course). They fight any reform out there that would protect us, pay their lobbyists tons of money to keep their way of doing business.</SPAN></SPAN>
 

dumbbunny

LoanSafe Member
Sep 8, 2011
6
0
0
I am in Maryland. I am 64 and my husband is 63. He has cataracts and can't work and needs operations but we have no health insurance. The construction company I worked for went bankrupt a year and half ago and then no one would hire me after that because of my age. In one day, I went from being a productive, highly qualified member of the workforce to an over-the-hill old woman that had no value to anyone. I was forced to sign up for SS and the unemployment helped keep everything paid until last month when UE stopped. I can pay the BOA and Citibank mortgages, but will have nothing left to live on and I have a lot of credit card debt that I can't pay that was created since buying the house. I was debt-free when I moved in in Oct. 2005. Now, the bank gets the house, my $30K deposit, 6 years of payments, the new $7400 septic system I put in, the new $1100 well pump I paid for last summer, the new $800 hot water heater I bought a few months ago, the $1200 gutters, the $2200 driveway repave, the new exterior doors, the new kitchen, the new $1400 garage door, the $3,000 exterior paint job, appliances, etc. and I get to be homeless with no benefit from any of it. So boohoo for them. I don't feel bad if they think they are losing anything because they're not. I would have been better off renting. At least you are free to move when you want. I wouldn't buy another house if somebody gave it to me. It's nothing but a trap you can't get out of, can't sell, can't afford, can't maintain and then you're thrown out onto the street and they want to sue you for "deficiencies" and hit you with a big tax bill. You never really own it anyway. The taxes and insurance kill you, not to mention the millions of constant maintenance issues that require the power-gouging service people to come in and charge you almost what it would cost to buy a new one to make repairs. It's an effing joke and although I am not behind on anything yet and just starting this journey today when I drag my mountains of paperwork to a meeting with my bankruptcy attorney, I will be so glad to be rid of this pig when it's all over. I don't even want to keep it. It's going to need a new roof in very quick order. Where will I get $8 to $12K for that? I am so over this house and home ownership. It's a load of crap. My only concern now is where am I going to live with very little money and two little dogs?
 

norcalstuck

LoanSafe Member
Aug 10, 2011
122
0
16
East Bay CA
We are also in the over 60 club on mostly fixed income. We are 65 and 68. We are both doing some consulting just to keep up with the bills. I started a thread on Lao safe called " strategic default first and second with chase in calif". We will miss both payments in Sept. Are trying for hamp mod but think we won't qualify. We have sunk about 250 k in cash in this house between large down payment and many lovely improvements. I can't take much of it with me but by golly the bank will not get my beUtiful light fixtures! I will leave light bulbs in the ceilings, but that is it. LOLAnd yes, those of us over 60 don't have years left to recoup from this mess. Tough times indeed. I am posting on the thread I started what happens to us as we move through the default in case our eerience helps others.
 
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Daysi2

Guest
I'm 73, in a Recourse state, and just missed my first payment. I can't really afford to get a lawyer, but down the road I will if I have to. I need a car more than I need a lawyer. I'm not sure what a Deficiency Judgment will mean to me. I know it means I didn't pay up the difference between the mortgage and what the house will sell for, but apart from affecting my credit rating...I don't have any assets to seize. I wish I could get back the money I had loaned to various people over time though. Water under the bridge. I guess I will learn by doing. I hope to move soon and let them try to find me. Although if they don't I won't know about a Deficiency Judgment. Oops!
 

dumbbunny

LoanSafe Member
Sep 8, 2011
6
0
0
I'm not sure about this, but if you file BK they ultimately get a judgment, can't they attach a portion of your monthly social security if they do pursue the deficiency? If they can find your SS, that is. This may mean that if you don't have it in a checking account, they can't attach it. And I've heard there are tax implications as well. Not sure about this, but for me, I don't think I can afford not to have a lawyer. It gives me great peace of mind to know that someone who know what the hell is going on is guiding me and when it's all said and done, no one can come after me for anything (not that I will have anything).

If you look around, you can find attorneys that will take your case relatively inexpensively and you can make payments. Since it's long drawn-out process, you have time to come up with the money in installments, but they will still work on your case, they just won't file a bankruptcy filing until final payment is made. Mine is doing a chapter 7 for $1K and left the payment schedule up to me. Since I'm not making mortgage payments anymore, I've got a little spare cash for him. Worth it to me and I'm generally not a big fan of lawyers.
 
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Daysi2

Guest
Dumbbunny, I really don't have any money except my fixed income which includes an annuity. That runs out in about 4 years and then I will have only SS. So I cannot continue to pay the mortgage or I will only be delaying my departure from this house. It's better to do a Strategic Default now than be thrown out involuntarily in four years. There was a death in the family which caused me financial difficulties for travel expenses. I may get this money back from the government where the death occurred, but I am not counting on it.

I borrowed some more money recently to run up my debt before my credit rating drops. I plan to use my eldest son to be a Straw Man in buying a house with a REC and a low down payment so I have somewhere to go. And one hopes they cannot seize that house if it's in his name.

I sold my car to defray expenses, and do not manage too well without one as I had a serious accident and broke my ankle.

At the moment I am not doing too well. My son came home for Labor weekend. He is currently working 500 miles away and I don't expect to see him till Thanksgiving. I cry a lot. I get out of bed in the morning because I need to care for my little dogs.
 

pollyanna

LoanSafe Member
Sep 8, 2011
69
0
0
Maryland
I'm not sure about this, but if you file BK they ultimately get a judgment, can't they attach a portion of your monthly social security if they do pursue the deficiency? If they can find your SS, that is. This may mean that if you don't have it in a checking account, they can't attach it. <snip>
ALL Social Security benefits are exempt from attachment. Do not commingle Social Security benefits with other funds. Set up a separate bank account for Social Security benefits and no creditor can attach it. One doesn't need to file for bankruptcy to obtain this protection. (Note: I am not advising you to NOT file bankruptcy as I don't know all of the particulars of your finances and I'm not a bankruptcy attorney.)
 

pollyanna

LoanSafe Member
Sep 8, 2011
69
0
0
Maryland
Almost 60

I am five months shy of 60. I purchased my home in 2007 with a full 20% down payment. I also spent approximately $100,000 renovating the home in 2008. Oops! The house still needs additional repairs.

In 2008 I "retired" from a full time position, became self employed and also enjoyed a short stint working at a government agency. My self employment income has dropped dramatically and I can no longer afford to keep the home unless I drain my retirement accounts. I am not willing to do this.

Here are my thoughts: I live in Maryland, a recourse state. All of my funds are in retirement accounts and are considered exempt. I would consider a modification if Fannie Mae would offer a 2% 40 year loan. I don't see that happening. The next option I would consider is a deed-in-lieu, but only if Fannie agrees to waiving the deficiency (if any.) Unlike many others, I have the option of moving "up north" into a separate residence owned by family. However, because the residence is "up north" I am also considering purchasing a small home "down south" that provide me some relief during the cold, winter months. I am not planning on applying for a mortgage to pay for the home; rather, I'd use less than 25% of my IRAs. (I would consider renting if I did not have two small yappy dogs.)

Those are my thoughts at the moment, no firm plans. The more I read this forum, the more I become convinced that "walking" is the best option.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi pollyanna, Welcome to the forum and thank you for joining............ Ultimately you have to do what is best for you. Walking away is a hard decision but you will find alot of support and guidance here. Best of luck whatever you decide.
 

ali-sama

LoanSafe Member
Nov 22, 2011
6
0
0
California
I am 35 my mother is 62(she will be on the 8th of December). This is also the date in which they wish to sell our house. Amazing birthday present from welsfargo.
 
Hi there: I think telling your story to AARP is an excellent idea, perhaps getting a big organization like that behind older folks who have been victimized by this mess, (my husband is 59 and I am 53), we lost our entire farm because of Loan Mod BS and we are still in litigation with the real possibility of being evicted very soon. We had never missed a mortgage payment in 30 years until we tried to get a loan mod and were told we had to be three months behind to qualify. After that, all was lost, and we have been battling uphill ever since. I can't tell you the heartache this has caused our family, we love our farm and would never leave unless forced out, but the bottom line is the lender stole our farm, through treachery, deceptive dealings, lies and outright fraud. Yet for all our litigation, filing a court case against the lender, we still have not had our day in court after a year. Why? Because the lender would rather spend all its money litigating us and running us out of money, rather than modify our loan to payments we can afford. Is this unbelievable or not? It's amazing to me that we cannot get judges to force these lenders to work with us, as a first measure rather than tying up the courts with case after case of litigation of people simply trying to save their homes. These lenders would rather fight homeowners instead of modifying loans, and litigation costs a lot of money! Getting AARP's attention would be a big step in helping older homeowners. In fact, I am going to contact them tonight and see what resources they are offering regarding foreclosures.
 
You are right Angel, not enough is being done now in this moment to stop this fraud upon us. Even though there are millions of us more and more each day who know what is and has happened, we all still feel powerless to do anything to change it. And that's unfortunate, because even though I have not been evicted from my farm yet, but will be soon, I know in my heart that as tired, disheartened, stressed, and emotionally beaten as I am, that once the ax falls and I am thrown out of my home of 30 years, I will rebound somewhere, never to be the same again, and never to forgive what was done to me and my family. I will spend the rest of my life lobbying to change the laws that protect lenders and allow consumers to be financially ruined. What has happened to homeowners across this country is despicable and wrong, and any person who works for a bank that tries to defend their behavior by the attitude of "oh well, they didn't make their mortgage payments" should be put in prison. There were hundreds if not thousands of individuals involved in this fraud and takeover of property in America, and each one of the scumbags needs to be identified and prosecuted for criminal mortgage fraud. If it takes the rest of my life, I know I will do it.
 

Angels

LoanSafe Member
Sep 28, 2009
428
1
18
You are right Angel, not enough is being done now in this moment to stop this fraud upon us. Even though there are millions of us more and more each day who know what is and has happened, we all still feel powerless to do anything to change it. And that's unfortunate, because even though I have not been evicted from my farm yet, but will be soon, I know in my heart that as tired, disheartened, stressed, and emotionally beaten as I am, that once the ax falls and I am thrown out of my home of 30 years, I will rebound somewhere, never to be the same again, and never to forgive what was done to me and my family. I will spend the rest of my life lobbying to change the laws that protect lenders and allow consumers to be financially ruined. What has happened to homeowners across this country is despicable and wrong, and any person who works for a bank that tries to defend their behavior by the attitude of "oh well, they didn't make their mortgage payments" should be put in prison. There were hundreds if not thousands of individuals involved in this fraud and takeover of property in America, and each one of the scumbags needs to be identified and prosecuted for criminal mortgage fraud. If it takes the rest of my life, I know I will do it.

good for you! as long as we all continue to NEVER support the banks that did this to us and fight for ours and others protection we are doing the right thing! helps me sleep at night...
 

DeterminedLady

LoanSafe Member
Jan 29, 2012
1
0
0
I am 7 months away from turning 65 . . . have been widowed 18 years (never remarried and don't plan to), have no siblings, children or grandchildren, and will continue working until June 2013 and retire at that time. Have NO assets = no money, low CC debt which I am paying off, car loan which I will continue to pay.

House is 100K underwater; mortgage taken out in 2005 when I moved here to take care of my mother, who died last spring. She left no estate whatsoever.

I am gathering information about strategic default, although I can pay my mortgage until I retire on a state pension and widow's benefits from Social Security.

I will try to sell my house first, although there are 7 other houses for sale in my neighborhood (2 are short sales). I'll list it June 1st . . . give it 3 - 6 months to sell. If it isn't sold by December 31, I'm going to walk away from the mortgage.

I fully expect a huge ding to my credit score (which is a high one at this point), but if I do a strategic default I'll stay in the house and pay myself the mortgage payments. Should be able to accrue somewhere between $20,000 - $24,000 if I can stay in the house 10 - 12 months from the first missed payment to the foreclosure sale of the house. That should enable me to move back to my home state, put a 3 - 4 month payment on a rental, and get some sleep after all this is over.

I looked up the foreclosure laws in my state (Alabama) . . . advertisement of foreclosure sale must be made for four weeks prior to the sale. After that, the redemption period is 12 months. Does that mean that I could remain in this house from first missed payment to foreclosure sale + 12 months after the sale????

I live in a recourse state, and I expect that the lender will come after me for a deficiency judgment. The mortgage lender can't get anything, since I will have no $$$$ (other than retirement funds) and anything I manage to save from not paying the mortgage will NOT show up in any bank account or credit union.

Have already opened a credit union account to shelter current small retirement benefit and future SS and pension funds. I know that SS and pension funds CANNOT be garnished or seized if NOT commingled with other funds.

I'm totally alone in this, but I've been alone almost all my life except for the 21 years I was married before my husband died at 46 years of age.

I'm intelligent, well-read, and afraid as heck, but I am NOT going to go quietly while the mortgage company siphons off my dignity, as well as my future retirement benefits.

This money pit is NOT my home; it's a house and a millstone dragging me down.
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
Dear Determine.

What a great post. I have all but stopped posting here or anywhere about the hamp nightmare (although I am still living it.). Your post somehow motivated me to give my 1 cent.

You sound level headed, knowledgable, and determined. I stopped paying in Oct 2010. I am still in the house, although truth be told, my patience is wearing thin. I know I should be thrilled to still be here, but I get no pleasure from this albatross. I still have breakdowns, although not as often, and I still long for a normal life, where I would not feel like a mouse scurrying away from the light; alas, the banks created the mess, and like it or not, we will be sweeping it up.

Check your state laws, but I think you may have even more time than you think. Plan ahead......think carefully, then move forward.

I know someone who turned down 10 grand from her bank (not a big 6er,) and this was after 3 years of no payments. After 4 years they did finally evict her, but she went for the ride.

Best of luck. Keep us posted.

In case they are reading this, dear boa, offer me 10 grand and the house is yours!




I am 7 months away from turning 65 . . . have been widowed 18 years (never remarried and don't plan to), have no siblings, children or grandchildren, and will continue working until June 2013 and retire at that time. Have NO assets = no money, low CC debt which I am paying off, car loan which I will continue to pay.

House is 100K underwater; mortgage taken out in 2005 when I moved here to take care of my mother, who died last spring. She left no estate whatsoever.

I am gathering information about strategic default, although I can pay my mortgage until I retire on a state pension and widow's benefits from Social Security.

I will try to sell my house first, although there are 7 other houses for sale in my neighborhood (2 are short sales). I'll list it June 1st . . . give it 3 - 6 months to sell. If it isn't sold by December 31, I'm going to walk away from the mortgage.

I fully expect a huge ding to my credit score (which is a high one at this point), but if I do a strategic default I'll stay in the house and pay myself the mortgage payments. Should be able to accrue somewhere between $20,000 - $24,000 if I can stay in the house 10 - 12 months from the first missed payment to the foreclosure sale of the house. That should enable me to move back to my home state, put a 3 - 4 month payment on a rental, and get some sleep after all this is over.

I looked up the foreclosure laws in my state (Alabama) . . . advertisement of foreclosure sale must be made for four weeks prior to the sale. After that, the redemption period is 12 months. Does that mean that I could remain in this house from first missed payment to foreclosure sale + 12 months after the sale????

I live in a recourse state, and I expect that the lender will come after me for a deficiency judgment. The mortgage lender can't get anything, since I will have no $$$$ (other than retirement funds) and anything I manage to save from not paying the mortgage will NOT show up in any bank account or credit union.

Have already opened a credit union account to shelter current small retirement benefit and future SS and pension funds. I know that SS and pension funds CANNOT be garnished or seized if NOT commingled with other funds.

I'm totally alone in this, but I've been alone almost all my life except for the 21 years I was married before my husband died at 46 years of age.

I'm intelligent, well-read, and afraid as heck, but I am NOT going to go quietly while the mortgage company siphons off my dignity, as well as my future retirement benefits.

This money pit is NOT my home; it's a house and a millstone dragging me down.