New Jersey - Now that I've been served and have 35 days to answer, I am debating whether I even spend the $150 to answer or should I fill out the form for foreclosure mediation? I owe 4.5 years worth of payments or $50k.. already did HAMP so thats out..
My goal is to delay foreclosure as long as possible OR if they were willing to negotiate it down to a $115k mortgage since the property's worth no more than that (appraised at 105k four years ago).. I would stay. But I'm not paying $50k in arrears and then another $150k over the next 30 years for a place worth $110k.. I'd rather walk away and they auction it off at sherrifs sale for $40 or 50k. Why wouldn't they rather have $115k?
I was thinking fill out the mediation form, see what happens there.. if not approved for mediation file some sort of answer in hopes to delay it a bit? I have until 5/15 to answer.
Any advice is appreciated.
P.S. see my other thread if interested about how I already lost the "inadvertent discharge" case..
My goal is to delay foreclosure as long as possible OR if they were willing to negotiate it down to a $115k mortgage since the property's worth no more than that (appraised at 105k four years ago).. I would stay. But I'm not paying $50k in arrears and then another $150k over the next 30 years for a place worth $110k.. I'd rather walk away and they auction it off at sherrifs sale for $40 or 50k. Why wouldn't they rather have $115k?
I was thinking fill out the mediation form, see what happens there.. if not approved for mediation file some sort of answer in hopes to delay it a bit? I have until 5/15 to answer.
Any advice is appreciated.
P.S. see my other thread if interested about how I already lost the "inadvertent discharge" case..