How Do You You (or Did) You Feel During And After Your Walk

eastsideguy88

LoanSafe Member
May 4, 2016
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I'm starting to feel worn down. I'm exhausted and anxious about all this. I realize that I'm making a choice here... No one is forcing my hand, but I can't afford my townhouse and I don't want it. It's double hard, because the boards are very quiet these days, which makes me feel like I'm one of few experiencing this right now.

There was a time when this was common and people were openly talking about much more. It really seems like things quieted down in 2013... To be going through this in 2016 after all the education we got about being aware of what we were getting into before buying (questions I ask myself... why did I get the mortgage myself?

why didn't I get a better inspection? why didn't I ask more questions about the mortgages in general? how could an FHA appraiser miss such serious issues with my townhouse? (FYI - I've got serious negative feelings about the FHA program the more I read about it..

I thought it used to be a program meant to HELP first time homeowners with strict inspections. Now they're no better than Fannie or Freddie.. cranking out mortgages as fast as they can.. but I digress...) It just sucks to be here now.

How did you all cope with the uncertainty of deficiencies, the unknown, the credit issues? It's draining. I feel 20 years older and I'm barely into my walk. I just want this mistake behind me so badly.
 
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wanda robo

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Sep 29, 2012
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I'm starting to feel worn down. I'm exhausted and anxious about all this. I realize that I'm making a choice here... No one is forcing my hand, but I can't afford my townhouse and I don't want it. It's double hard, because the boards are very quiet these days, which makes me feel like I'm one of few experiencing this right now.

There was a time when this was common and people were openly talking about much more. It really seems like things quieted down in 2013... To be going through this in 2016 after all the education we got about being aware of what we were getting into before buying (questions I ask myself... why did I get the mortgage myself?

why didn't I get a better inspection? why didn't I ask more questions about the mortgages in general? how could an FHA appraiser miss such serious issues with my townhouse? (FYI - I've got serious negative feelings about the FHA program the more I read about it..

I thought it used to be a program meant to HELP first time homeowners with strict inspections. Now they're no better than Fannie or Freddie.. cranking out mortgages as fast as they can.. but I digress...) It just sucks to be here now.

How did you all cope with the uncertainty of deficiencies, the unknown, the credit issues? It's draining. I feel 20 years older and I'm barely into my walk. I just want this mistake behind me so badly.[/QUOTE\\\


I f you are tired & worn down at the beginning of your journey, that's no good. Try to negotiate a DIL or Short Sale with them waiving a deficiency. If you are an east side guy,as in east side in NY, then you are in a judicial state. Filing for Chapter 7 isn't really the end of the world. It will be a good long while before they foreclose. The only way we cope, buddy, is with the help of others that post on the forums.

I wish you well.
 
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PatZZ

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Jan 30, 2011
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I'm starting to feel worn down. I'm exhausted and anxious about all this. I realize that I'm making a choice here... No one is forcing my hand, but I can't afford my townhouse and I don't want it. It's double hard, because the boards are very quiet these days, which makes me feel like I'm one of few experiencing this right now.

There was a time when this was common and people were openly talking about much more. It really seems like things quieted down in 2013... To be going through this in 2016 after all the education we got about being aware of what we were getting into before buying (questions I ask myself... why did I get the mortgage myself?

why didn't I get a better inspection? why didn't I ask more questions about the mortgages in general? how could an FHA appraiser miss such serious issues with my townhouse? (FYI - I've got serious negative feelings about the FHA program the more I read about it..

I thought it used to be a program meant to HELP first time homeowners with strict inspections. Now they're no better than Fannie or Freddie.. cranking out mortgages as fast as they can.. but I digress...) It just sucks to be here now.

How did you all cope with the uncertainty of deficiencies, the unknown, the credit issues? It's draining. I feel 20 years older and I'm barely into my walk. I just want this mistake behind me so badly.
And now it helps to get educated about all the things that can happen after a default. You will feel much better if you know precisely how the foreclosure process works. Everybody is afraid of the unknown.

FYI, a few years back, HUD changed FHA to lessen the inspection requirements after complaints from both lenders and borrowers. FHA inspections used to be so strict that it was tough to close loans sometimes. The appraisers job (if retained by the lender) is NOT to seek out issues with the condition of your home. His job is to appraise the value based on what he sees on the surface. The appraiser does not inspect. If he "sees" something that affects the value, then in all likelihood, you can see it too. Now, if "you" were to hire an appraiser, he might do a different type of appraisal for you. I did that once & the appraiser told me a lot of things. Every buyer must hire their own inspector to make certain things are right.

You didn't mention where you are in the process and didn't mention if you have any defenses or claims, so I can't determine much. But, on the positive side, you mustn't forget that foreclosure can be a long process. The longer you can string it out with no mortgage payments, the more money you can save to get a new place. That could be umpteen thousands of dollars. That's a pretty good outcome in my opinion. How else could you live 2,3, 4, 5 or more years FREE? There is a bright side.

I can't figure why these boards are so quiet of recent. Foreclosures are still very active. Perhaps more people are getting modifications, or maybe they opted not to fight, or maybe they just haven't found this forum. I'm sure a lot of people visit and read everything, but don't comment. Many people visit the forum to ask questions and get whatever help/info they need & then they vanish - failing to realize or care that whatever they are experiencing could be of help to other people. Forums work best when it's a village.

Right now, a deficiency is the last thing on my mind. BK will take care of that.

.
 
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MovingMama

LoanSafe Member
Jul 4, 2013
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I am with you, eastsideguy88! Walked from our AZ house in Feb. due to a job transfer and didn't want to hand over our entire financial portfolio to the bank in hopes of a short sale.

Sometimes calls come daily (robot) and then there will be days in which I hear nothing. We get letters off and on asking that we contact US Bank to modify the loan or update them, but I'm never in the mood for a counseling or guilt session, so I've avoided all contact. Our credit scores went from 865 to 594 and I'm trying not to let that get to me mentally. I try to remind myself that ours was a conscious decision to walk away from a bad investment that we could not unload after several sale attempts. Renting the home out would not have brought us enough to cover the mortgage or a magical income, nor were we prepared to be long-distance landlords. We had invested so much in our home, making it comfortable and more updated than when we had bought it, and we were left with an investment that wouldn't sell without it leaving us financially stripped.

I am at the point in which I may mail a letter requesting the foreclosure to just happen already. I want it over with! So far, nothing has been affected other than our credit scores. But since the foreclosure process has yet to begin, I'm sure the wave of discomfort is to come. It is mentally exhausting, so I feel your pain! Just try to remind yourself that the process WILL eventually end and life can be rebuilt, slowly and potentially painfully. But it will rebuild!
 
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nymess

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Nov 9, 2008
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I agree that the whole thing is very draining. I just read somewhere ( on a Google search) that in 2012 forclosures in ny were averaging 1498 days... Does anyone here know the time frame now?
 

eastsideguy88

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May 4, 2016
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Thanks for the encouraging and pragmatic responses. I'm several months in now. Getting letters and notices and "Save Your Home" types of garbage. That's great... If I was interested in doing that. They can take the lemon back and do what they will with it.

NYMess - The timelines are tough. Even when you live in a primarily non-judicial state, I've found stories of it taking much longer than anticipated when compared to average timelines that are out there on the net. I think there are just so many variables that I'm not even trying to predict when everything will happen anymore. Also, something I wasn't aware of... The CFPB implemented a rule (or law??) in 2014 that requires that MOST mortgagors must be a minimum of 120 days late before they'll start the "first legal action." Foreclosures in my state used to take a bit less time before that. In short, I've literally had to adjust my thinking to say, "Whatever happens will just happen. I can't control what's going on at Bankster headquarters." This has helped ALOT in terms of well-being. Also, foreclosures are like a moving target. Just when you think you get it, something changes in terms of rules or regulations. I found myself running in circles and revisiting new and old info and trying to understand what applied. It was not helpful, so I stopped. If something weird comes up, I'll look into it then instead of "anticipating" it.

Hang in there. We'll all be okay, no matter what happens.
 
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MovingMama

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Jul 4, 2013
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Ok - 6 months have passed and we've been scheduled for auction in December. Just one official letter has come stating that the non-judicial foreclosure will be pursued and that's it. Will be interesting to see how long everything takes.
 
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eastsideguy88

LoanSafe Member
May 4, 2016
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Thank goodness you finally have some movement. I don't have US Bank as a lender, so I can't really speak to their timelines. I'm sure they stretched it out to the last minute before initiating first action (if it's GSE of FHA insured loan) in order to save a buck. I'm still waiting for my lender to get their act together. Not sure if they will go judicial or non-judicial with me, nor do I care at this point. I'll just wipe it out with BK after all is said and done, and they can kiss it.