Trying to Settle 2nd with SLS

bigfrog

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Aug 31, 2011
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Same here.. 7years.. we should have a list.. see how long each of us last before things resolve in our favor or not.. Woooohoooo.. 7years baby... I was aiming for 10years.. getting close.. It'll be great if I can go for 30years.. at that point, it would probably be worth it to pay them 50%. "NOT"... the house wouldn't worth much then. Took the life out of the fixtures and woods.
 

bigfrog

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Aug 31, 2011
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Wooowoohoooo.. dam.. Check out the hard working people being homeless, or cant afford to buy a home.

People are going mobilehome... woowoooohooo..




All sign pointing to a BURST... SELL and/or SAVE!!!!
 

Wisconsin guy

LoanSafe Member
Dec 3, 2009
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Great White North
I haven't heard a word since Jan. '18 then today received two of the same old letter to discuss loss mitigation options, identical letters.
Thinking about copying the letter with a settlement offer, I will politely remind them of my current situation, that I will not provide financials, might include a couple of recently sold comps. I'm still underwater but real close to actually having some equity, albeit small but a settlement would increase that. Think I have a chance?
 

bigfrog

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Aug 31, 2011
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Wisconsin, this is my opinion. I wouldn't bother to talk to them now. Just not the time. They probably laugh at you. But again, it wouldn't hurt to try.

dam, CA house prices are so inflated, I have over 200k in equity, they confirmed it, using their in-house AVM. Which they used to demand for financial information, so that they can help me get zero interest on the principal and the arrears. I told them to foreclose, and hung up. I am ready to pack my things and go motor-home. They've chicken out or something. I haven't heard from them for months.

Couple of things can happen. The bubble burst, like what everyone is expecting, similar in 1990, 1997(DotCom) & 2007. Or inflation, print more money, keep the house prices high, and bringing everything else up along with them. Or instead of a rapid burst, a slow bubble leak; this is more complicate and creative, but just math, combination of inflations and deflations at various times. Of course, these tactics only can be invoked by the government. Or let it be, eventually, no one will buy high, prices will gradually be corrected. This is true only if the bankers/lenders are conservative! The last time, they gave mortgages/loans to anyone who can sign. Again, only the government can ensure this doesn't happen.

https://en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble
 

bigfrog

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Aug 31, 2011
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buahaha.. anyone receiving offers from SLS or other lenders?? looks like they stop sending me settlement offers, since they know that my house has over $200k in equity. I am still waiting for them to foreclose. boneheads working at SCS..
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
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Washington
buahaha.. anyone receiving offers from SLS or other lenders?? looks like they stop sending me settlement offers, since they know that my house has over $200k in equity. I am still waiting for them to foreclose. boneheads working at SCS..
Nope. Perhaps they will send a offer around the holidays but no offers just stupid statements.
I heard of people actually challenging the note and winning as the reason they haven’t pursued foreclosures on prior countrywide loans is because you can demand to have them present actual and physical signed note they claim you signed and they don’t have it is my guess. These were Mers electronic filing loan docs and who knows if they even have original note so that would be my angle. Present the note saying I agreed to pay, not a copy but the actual signed note. They can’t and they know it.
 

bigfrog

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Aug 31, 2011
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Last I remember, things were going well for MERS. They won all the court cases. Supreme Courts were all in favor of MERS.

And now, NYSE: ICE acquired MERS. https://www.mersinc.org/mediaroom/press-releases

I think they are just waiting to pull the rug under all of the mortgage defaulters. I am not sticking around for that to happen. I am going to take a leap and stop making payment on the first. 7Years; it has been long enough for me. The market is high enough for the second to have their part. This Settlement Strategy isn't going to work for everyone and plus we are now in a total different circumstance.

CA is planning to do away with Prop 13, and jack up all the taxes they can. Not counting the pension crisis that is getting worse day by day. Good reason to pack my things and go.
 

bigfrog

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Aug 31, 2011
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ok.. I think its working for me. after I pulled the plug. I getting tons of calls. I am not sure why the calls, but whatever. Today, I just got a notice from SLS stating that my 2nd is sold to Towd Point Master Funding Trust 2018 and that SLS is still remain as the servicer. I am not sure what difference it makes. Almost sounded like "Lord of the Rings, Twin Towers".. One thing for sure, the previous lender figured out that they aren't going to see money from me.

I was searching for Towd Point Trust, appears they are buying all the messed up loans since 2014. Probably bought these at a high discount. It didn't list the sold price, but the originate loan amount. They are buying more bad loans, they must be making money. Lets if they would be buying again, when the market flatten out or even sliding down.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
ok.. I think its working for me. after I pulled the plug. I getting tons of calls. I am not sure why the calls, but whatever. Today, I just got a notice from SLS stating that my 2nd is sold to Towd Point Master Funding Trust 2018 and that SLS is still remain as the servicer. I am not sure what difference it makes. Almost sounded like "Lord of the Rings, Twin Towers".. One thing for sure, the previous lender figured out that they aren't going to see money from me.

I was searching for Towd Point Trust, appears they are buying all the messed up loans since 2014. Probably bought these at a high discount. It didn't list the sold price, but the originate loan amount. They are buying more bad loans, they must be making money. Lets if they would be buying again, when the market flatten out or even sliding down.
Thanks for sharing. Perhaps I will see the same. They finally acknowledged my cease and desist request and all routine calls have stopped but still get a monthly statement in the mail. With the economy and so much worldwide impacts that could affect the market and US economic outlook who knows, we may see another downturn in housing again. They will be scrambling for any amounts then I’d expect - typical cycle.
 

bigfrog

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Aug 31, 2011
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This must be one of the most boring day of my life or something.. SLS stopped calling me for months, today, I started calling them. They didn't sound active or want to talk. It was like whatever, so I hanged up.

I see house prices dropping in other States.. but for whatever reason, CA still has increases but slow. I hope this sign of increase would get them thinking of foreclosing on me.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
This must be one of the most boring day of my life or something.. SLS stopped calling me for months, today, I started calling them. They didn't sound active or want to talk. It was like whatever, so I hanged up.

I see house prices dropping in other States.. but for whatever reason, CA still has increases but slow. I hope this sign of increase would get them thinking of foreclosing on me.
Strange. I haven’t chosen to call them but do hope that perhaps they will send a settlement offer in mail - typically seem to see one around tax deadline time in hopes I guess that people have refunds and may be in position to offer something but with market like it is now who knows and also who knows what their strategy is on their end. I’ve already talked with a BK attorney and was advised to just sit it out as a foreclosure attempt wouldn’t be in their cards and if so, I would have a use of a statute of limitations defense to prevent a foreclosure as a option and would force mediation if I chose to not sale the house so they would have to wait forever to get anything from me. Too much going on in the world right now - greed continues and the housing market could see another major impact so I’ll continue to wait it out for now. At least my payment on first with taxes and HOA fees is still cheaper than rent :)
 
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UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
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Washington
This must be one of the most boring day of my life or something.. SLS stopped calling me for months, today, I started calling them. They didn't sound active or want to talk. It was like whatever, so I hanged up.

I see house prices dropping in other States.. but for whatever reason, CA still has increases but slow. I hope this sign of increase would get them thinking of foreclosing on me.
BigFrog you still around? Whats your current situation with SLS? Would like to converse with you more outside of forum if we can arrange as I think we are both in the same boat with them
 

OneHugeMess

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May 30, 2016
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SLS and practically any other servicer will notate any call made to them. The more you call in, the more desperate you will look. Keep calls minimal if attempting to negotiate a payoff or settlement.
 
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bigfrog

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I called SLS last week.. was bored again. same old lame argument. this time, they pretended that I have never paid since they received the loan. Playing dumb with me. anyways.. they tried to threaten to foreclose, which I said I was glad if they had done that. Told them that I have been waiting for them to foreclose since day one. I told them that since it has been 10years without paying, it is obvious to me that they can't foreclose or do anything to me. Then they went on asking how much I still owe on my first, and I responded that I will not release any of those information; since I don't know how it will be used against me. They were upset and said that is public record, and they know. I said that it is great, and questioned so why are you asking me? They said that things changed on their end, and are re-reviewing, and will be sending me some thing in the mail. Still nothing in the mail. Asked them what is there to review?? The house market is up, no one is underwater, if they don't foreclose now, then there is no point foreclosing when the market is down. They asked the usual questions, like if they can call me with my cell number.. told them that they are welcome to contact me at any time, and that I recommend them to call. They asked me if I want them to send me the payoff amount. I asked,"Why? you just told me what I owe in principal and interest&fees. And why there are interests and fees when this account charged-off?" They explained that charge-off is not like write-off; bottom line is that this account is active and is accruing interest and fee for the last 10years.. I told them it doesn't make a different, as I am not planning to pay anything and let it accrue all they want. then they said bye...

I got a blast out of it.. will do some more of these calls.. I should do youtube videos, probably will get lots of likes.
 

bigfrog

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Aug 31, 2011
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Hey.. underwaterblues.. I tried to send you a message.. I think they don't allow private messages..

Anyways.. what do you want to talk about? There isn't much we can do now.. house market is great..They have data to back that up. either pay them what they want. else they'll get someone else to pay for it. OneHugeMess is right...

Right now, If you want to live in the house, try to ignore them. They will probably pick on people who communicate with them first. No point of making offers. They have some crazy math going on, that nails the actual value.

I think there is some politic going on.. that is why they can't foreclose on me. A foreclosure will impact values on all the surrounding houses. More forecloses will bring house market to its knees. So they are keeping foreclosures to some minimum, just my thinking though.
 
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UnderwaterBlues

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Aug 13, 2011
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Washington
Thanks BigFrog for the update and reply. Yes, with housing values at peak they seem to be bullying more while they can but who knows what will happen in near future. If housing begins to see a declining value trend if even a little, that is what I am hoping for as its all abou trends. Housing values are at near peak and are stabilized but I am seeking support now from HUD mortgage default couselor so SLS knows and has them on file that I am working with them and a HUD attorney but I feel that with market having been at all time high last year or so if they had their ducks in a row to be able to foreclose they would have already done so I would think. It would be nice to get this 8+ year old monkey off my back so I can at least begin to make rationalization to begin to put some much needed upkeep and maintenance into this home where at some point I could get out from underneath it wthout having to do a foreclosure but at same time, settling with what little I have - basically giving all my savings if they would even take it, would put me in same situation again if we see a down market in home values which I expect will happen soon. I work in a global company that survives in corporate, leisure and travel and for first time since recession we are expecting a decline in YOY revenue so I know a recession is looking very realistic in 2020.
 

UnderwaterBlues

LoanSafe Member
Aug 13, 2011
47
8
8
Washington
Hey.. underwaterblues.. I tried to send you a message.. I think they don't allow private messages..

Anyways.. what do you want to talk about? There isn't much we can do now.. house market is great..They have data to back that up. either pay them what they want. else they'll get someone else to pay for it. OneHugeMess is right...

Right now, If you want to live in the house, try to ignore them. They will probably pick on people who communicate with them first. No point of making offers. They have some crazy math going on, that nails the actual value.

I think there is some politic going on.. that is why they can't foreclose on me. A foreclosure will impact values on all the surrounding houses. More forecloses will bring house market to its knees. So they are keeping foreclosures to some minimum, just my thinking though.
Yes, seems no private message function on this forum site. Id leave my email or contact # but I dont think that is a good idea :) expect creditors are trolling this site or some debt settlement scammer organizations looking for prospects.
 

bigfrog

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Aug 31, 2011
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Thanks for 2020 insight, UnderwaterBlues. Most of us were expecting that the big collapse was going to happen in 2017. Ten year cycle, but Trump came in to office and did some funny business. At the time, the stock market was suppose to be on its way down, but as soon as Trump won the election, the stock market shot up. I remember that day, because I pulled out and after that waiting for an entry point but it never came back down. It even shot up more when the BreXit happened. The rich folks in Europe needed a place for their money, and US stock was the best place.

Looking at the big picture, this is all some sort of organized crime. Wonder why there werent any migrant carvans when Trump wasn't around? Pretty simple logic, wars need guns; illegal immigrants need wall. notice which stocks(building-material, constructions...) have gone up and are going up. Why even bother build a wall, just don't offer any benefits and no one will come. Currently, there are fences and they climbed, what is going to stop them from climbing walls? There are water, they can swim. When they die it is the US fault.

For sure 2020 is a bad year for computer industries, as they can't shrink part to be smaller than an atom. The current best way they know how to get more performance and productivity from a computer is to shrink the parts. This was known for a long time, and started hitting the computer industries for the past 8years.

Bottom-line, we will not know for sure what will happen, but the coming years don't seem promising. And even if a collapse does happen, will the lenders willing to settle for less? Even if they did, would it even make sense for us to even settle? The economy maybe so bad that we can't afford to pay the 1st lender. Or may just cant afford to live anywhere. Like the great depression, just work for food, need to eat.