The HAMPster Wheel Game

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razmik

LoanSafe Member
May 6, 2012
241
8
18
California
Hello All, I am still here and see some of familiar names, still. My 10 years are passed already, wow,,,after postponing I don;t know how many hundred times we have another sale date on this Wednesday. ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW...
Any of you been there. What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure. Please let me know what you think...
 

wanda robo

LoanSafe Member
Sep 29, 2012
3,951
640
113
NJ
Hello All, I am still here and see some of familiar names, still. My 10 years are passed already, wow,,,after postponing I don;t know how many hundred times we have another sale date on this Wednesday. ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW...
Any of you been there. What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure. Please let me know what you think...


My friend, please sign & share my latest petition.

That being said, you always have to lose what's yours before being able to sue. I'm sorry, but it's the sad truth. You must suffer an injury before you can sue. That being said, it's not has hard as it seems. When you lose what's yours, you become closer, you focus, you still do what needs to be done to protect you & yours, like a roof over your head, food, etc. But it's different. If you're up for it, it's completely different. Warning, you get a lot angrier. I know you don't think it's possible, but that's what happens. Anger at every turn because they took from you what wasn't theirs.
Or you give up & move on.
The choice will be yours. Entirely yours and I wish you many blessings, whichever path you choose.
 

OneHugeMess

LoanSafe Member
May 30, 2016
597
53
28
Hello All, I am still here and see some of familiar names, still. My 10 years are passed already, wow,,,after postponing I don;t know how many hundred times we have another sale date on this Wednesday. ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW...
Any of you been there. What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure. Please let me know what you think...
On what grounds would there be a wrongful foreclosure claim? Did they do something in particular, wrong that could be used in your favor? The one thing I'll say is, previously, you were offered a trial mod, and only made 2 of the 3 trial payments. If you had made the 3rd Payment, they would have released the NOD and would have had to start the entire foreclosure process from scratch. Is it too late to make the trial payment? That would be your best route.
 

razmik

LoanSafe Member
May 6, 2012
241
8
18
California
Thanks for the answer but as I mentioned the amount of the payments were very high and they made 2 big mistakes on calculating property tax and insurance. I sent them both documents and told them to correct it then I will pay. This was done through my lawyer.
About the wrongful foreclosure I have thousands of pages of facts and evidences from Countrywide, MERS, Bank of America, SLS all the way to Nationstar and MR. Cooper now. Everything they did ti the NOTE (I have 2 notes. fabricated) all transfers and all assignments. As you know in California they don't look at these stuff because it is a non judital state and there is a chance they listen to me when its foreclosed. For now the sale date is postponed again because we filed a TRO and thanks again for your thoughts and I welcome new ideas.
 

OneHugeMess

LoanSafe Member
May 30, 2016
597
53
28
Thanks for the answer but as I mentioned the amount of the payments were very high and they made 2 big mistakes on calculating property tax and insurance. I sent them both documents and told them to correct it then I will pay. This was done through my lawyer.
About the wrongful foreclosure I have thousands of pages of facts and evidences from Countrywide, MERS, Bank of America, SLS all the way to Nationstar and MR. Cooper now. Everything they did ti the NOTE (I have 2 notes. fabricated) all transfers and all assignments. As you know in California they don't look at these stuff because it is a non judital state and there is a chance they listen to me when its foreclosed. For now the sale date is postponed again because we filed a TRO and thanks again for your thoughts and I welcome new ideas.
Razmik, if you can go back with copies of receipts for when you paid for homeowners insurance, they will wipe out the amounts from your delinquent escrow account. Ocwen was fined some big time $$$$ from the CFPB over this, and a lot of servicers do not want the same fate.

Gather up all the documents, put together detailed notes, and send a little package to your servicer. I would also make a phone call, so there are detailed notes on the account. If they don't fix it, file a complaint with the CFPB, and send a upload copies of the supporting documentation to them.

You can also change out the policy they have purchased for you. Get a quote from Travelers or Progressive for homeowners insurance, and when they ask for payment, just tell them your account is escrowed. They will bill the mortgage servicer, and it will get taken care of.

Anything, to do with Property Tax -- you'll likely have to take care of yourself. You will need to get documentation together, and go to the county. Dispute it, and they'll probably issue you a check directly - instead of your servicer.


In all honesty, I think a Loan Modification is your best route. I really do. Can you even rent a similar home, for less than what the purposed payment was? Can you rent out the current house, for more than the Modified Payment?
 

outsicktoday

LoanSafe Member
May 28, 2011
200
1
18
I just (late last year) did a cash out refinance on my current home and used that money to put down on another. The new house is closing this month. I think I will be able to sell the current house (going to list shortly) for a descent price and get a little equity still out of it. Lets say I CANT sell the house because demand dries up, which I don't think it will.
Let's say I have to let the current house go for whatever reason. My understanding is that the same process applies as any other loan, except I took cash out, so the lender COULD file the foreclosure as a judicial and seek a deficiency judgment. However, that is unlikely given that most are non-judicial foreclosures and the lender would therefore not be able to seek anything after that. Does that make sense?
Yes I am having that last minute anxiety about buying, this current environment certainly is to blame. Thoughts?
Editing to add this is CALIFORNIA
 

bigfrog

LoanSafe Member
Aug 31, 2011
359
44
28
55
I think it is a great time to buy.. Rush out there and buy like there is no more house to buy. Just like in 2007.

Once the COVID19 finished damaging the stock market. Jobs would be next. Well, without jobs, defaults on loans come. Its going to be great.

Unless Mr. Prez creates some funny businesses with funny jobs, print funny money, and paying people with funny money. He will probably win the next election, if he did this. But after that, it'll be a bigger mess.
 

outsicktoday

LoanSafe Member
May 28, 2011
200
1
18
I
I think it is a great time to buy.. Rush out there and buy like there is no more house to buy. Just like in 2007.

Once the COVID19 finished damaging the stock market. Jobs would be next. Well, without jobs, defaults on loans come. Its going to be great.

Unless Mr. Prez creates some funny businesses with funny jobs, print funny money, and paying people with funny money. He will probably win the next election, if he did this. But after that, it'll be a bigger mess.
I bought the new house back in November and got offered a new job to relocate about the same time, took a cash out refi to have the down payment liquid and ready to go for approval. I close this month on the 26th and have put down 3k earnest money and another nearly 4k for upgrade down payment. On top of that I signed stacks of purchase agreements and so on not with any thoughts that I would ever have to reconsider. This mess blew up and I am about to list my current house as I near closing and will be between two so schools can finish for the year for kids, etc. So my plan was tight before all this. I'm in too deep both work and contract wise to back out. And plus if the RE market crashes I would rather be stuck in the new location with a little cushion than the old location underwater and basically back where I was in 2010 when I left a house to buy another and let the first go after renting it a bit. So yeah, not what I planned for but you work with what's in front of you. Timing wasnt the best but you never know, I might be able to sell this current one before the cards tumble. I am thinking a few steps ahead to decisions that I hope never have to be made.
 

Jzone

LoanSafe Member
Jun 20, 2017
214
29
28
70
I just (late last year) did a cash out refinance on my current home and used that money to put down on another. The new house is closing this month. I think I will be able to sell the current house (going to list shortly) for a descent price and get a little equity still out of it. Lets say I CANT sell the house because demand dries up, which I don't think it will.
Let's say I have to let the current house go for whatever reason. My understanding is that the same process applies as any other loan, except I took cash out, so the lender COULD file the foreclosure as a judicial and seek a deficiency judgment. However, that is unlikely given that most are non-judicial foreclosures and the lender would therefore not be able to seek anything after that. Does that make sense?
Yes I am having that last minute anxiety about buying, this current environment certainly is to blame. Thoughts?
Editing to add this is CALIFORNIA
Im not sure if what you did makes any financial sense at all. You refied the old house but used the money to buy another house?

And you already went through the previous market collapse in 2008-2010 when you lost that house. You didnt learn from that?

I learned my lesson when I was in the same situation. Filed bankruptcy but stayed in my house with no intention of selling , refi or moving in the next 10 years at least.

Houses are a place to live, not an investment for most people. I hate to say this but the current environment is not to blame for your troubles. You created it yourself. Markets go up and down and we are just at the beginning of a down market in housing and stocks. California may be differant than other states, but you have to realize that from the previous down market and not repeat it.

Unless you absolutely can afford this new house and sell the old one, you should probably back out and take the limited losses now. The risk is too high that you could lose both houses.
 

outsicktoday

LoanSafe Member
May 28, 2011
200
1
18
That sermon was nice. However I am not interested in what you think I should do, or what lessons I should have learned. In fact, I think I did pretty good with the crash in 2008. I had a house that I was upside down in and I went and purchased another and rented the upside down house. It got wrecked and beat up and I collected rent and let it go. I purchased the new house in 2010 and made a lot off of it because it was purchased at a deep discount. So that equity I did not allow to just evaporate like I did before. I did a cash out refi and put the money in a savings account to use for the down payment on a new house. I still have equity left to sell and maybe have about 40 or 50k leeway. Maybe I have to drop the price, maybe it gets so bad I cant sell. I already got my money out of it, unlike last time when I lost all the money I put down. So I did learn lessons. My post was to perception check regarding cash out refinances and foreclosure. That is an absolute worst case scenario. Yes I can afford the new home, its more but affordable. So If I lost this one I would be out my remaining equity, but I got the majority out of it already. I started this in October and the market has been great. No one could have predicted this odd event, so sure I assumed the risk of something odd happening while I did this.
Houses are both places to live AND investments. They are not an either/or. If they are strictly places to live, then who cares what your rate is or what you pay? You care because that's actual money you are spending that could be used for other things. It is not ONLY an investment because yes you have to live somewhere, but we could easily live in apartments and never buy houses, we buy houses because ownership is said to have a financial benefit and stability.
If you read my post, it was not meant to spark a philosophical discussion about what someone SHOULD do, it asked perceptions about what someone COULD do. I am not looking for support or reassurance, I am looking for FACTS about what is possible.
I navigated a foreclosure before and can do it again if I have to.
 

Jzone

LoanSafe Member
Jun 20, 2017
214
29
28
70
That sermon was nice. However I am not interested in what you think I should do, or what lessons I should have learned. In fact, I think I did pretty good with the crash in 2008. I had a house that I was upside down in and I went and purchased another and rented the upside down house. It got wrecked and beat up and I collected rent and let it go. I purchased the new house in 2010 and made a lot off of it because it was purchased at a deep discount. So that equity I did not allow to just evaporate like I did before. I did a cash out refi and put the money in a savings account to use for the down payment on a new house. I still have equity left to sell and maybe have about 40 or 50k leeway. Maybe I have to drop the price, maybe it gets so bad I cant sell. I already got my money out of it, unlike last time when I lost all the money I put down. So I did learn lessons. My post was to perception check regarding cash out refinances and foreclosure. That is an absolute worst case scenario. Yes I can afford the new home, its more but affordable. So If I lost this one I would be out my remaining equity, but I got the majority out of it already. I started this in October and the market has been great. No one could have predicted this odd event, so sure I assumed the risk of something odd happening while I did this.
Houses are both places to live AND investments. They are not an either/or. If they are strictly places to live, then who cares what your rate is or what you pay? You care because that's actual money you are spending that could be used for other things. It is not ONLY an investment because yes you have to live somewhere, but we could easily live in apartments and never buy houses, we buy houses because ownership is said to have a financial benefit and stability.
If you read my post, it was not meant to spark a philosophical discussion about what someone SHOULD do, it asked perceptions about what someone COULD do. I am not looking for support or reassurance, I am looking for FACTS about what is possible.
I navigated a foreclosure before and can do it again if I have to.
I did you facts, not a sermon. Most people, not everyone, buy a house as a place to live, not an investment. That is a fact.
You buy a house, raise a family and then downsize to a smaller house when you retire. A house will hopefully appreciate 2-3% a year and you do make a profit when you sell. "Invest" your money in the stock market, not in your house. And I agree with you that home ownership does give you financial benefits and stability that a rental apartment can not.

Everyone has a different level of risk tolerance. Your last sentence sums it up well for you and what you consider an acceptable level of risk: "I navigated a foreclosure before and can do it again if I have to". If you are comfortable facing another foreclosure, then that is an acceptable risk for you.

It sounds like we both made it through the 2008 crisis but in different ways. I certainly look at housing much different than I did back then and will even tell you that I thought exactly like you when I bought my first house almost 30 years ago. However, when you get older, risk tolerance changes and I could not go through it again.

Good luck to you and keep us posted.
 

bigfrog

LoanSafe Member
Aug 31, 2011
359
44
28
55
Jzone and OutsickToday.. Your posts are great. You brought out different views, very important ones. Jzone is more humble and conservative in future decisions. Where as, OutsickToday is seeking opportunities at a risk and actually took advantage of the previous situation.

But the bottomline is everyone background and situation are different. One may have family depending on them to have a shelter. Other may have rich relatives to retreat when all is gone. But high on the list, if it is true with what damage the Corona virus can do, we will all need to be humble and conservative.
 
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Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
I did you facts, not a sermon. Most people, not everyone, buy a house as a place to live, not an investment. That is a fact.
You buy a house, raise a family and then downsize to a smaller house when you retire. A house will hopefully appreciate 2-3% a year and you do make a profit when you sell. "Invest" your money in the stock market, not in your house. And I agree with you that home ownership does give you financial benefits and stability that a rental apartment can not.

Everyone has a different level of risk tolerance. Your last sentence sums it up well for you and what you consider an acceptable level of risk: "I navigated a foreclosure before and can do it again if I have to". If you are comfortable facing another foreclosure, then that is an acceptable risk for you.

It sounds like we both made it through the 2008 crisis but in different ways. I certainly look at housing much different than I did back then and will even tell you that I thought exactly like you when I bought my first house almost 30 years ago. However, when you get older, risk tolerance changes and I could not go through it again.

Good luck to you and keep us posted.
I have helped a lot of people on here in the past save their homes and I concur with you, about the house is a home. I will not help anyone who is trying to profit off advice here, for their investments and believe people like that should be banned from this site. I believe that is not what this site was intended for. Unless it has changed?
 

razmik

LoanSafe Member
May 6, 2012
241
8
18
California
On what grounds would there be a wrongful foreclosure claim? Did they do something in particular, wrong that could be used in your favor? The one thing I'll say is, previously, you were offered a trial mod, and only made 2 of the 3 trial payments. If you had made the 3rd Payment, they would have released the NOD and would have had to start the entire foreclosure process from scratch. Is it too late to make the trial payment? That would be your best route.
Hello again, I am still in my house. Going to 11th year. I used some people help from here and I appreciate it a lot. The latest, after years and months of fight, for second time, they gave me a modification but it is for about $8,400 a month which I can not afford. No principle reduction is involved. The rate is calculated for a 20 years amortization. they don't do 30 or 40 years or interest only. This is Mr. Cooper/Nationstar.
What is your opinion, should I pay for 3 months this time and then stop and go back to NOD and NOS. Thank you