Been a long struggle with my house...finally got a buyer, and we close on the 10th. We picked up the keys to the new place Monday.
Long story short, we got pretty fucked on our house. Right after I got laid off in '08 we called the bank that holds our mortgage...at the time it was Mid-America...in a month they were bought out by National City. National City was really overloaded, but was working with us - Slowly. We had to do a hardship letter, and worked out a reduced payment plan for a 6 month period, to be re-reviewed after the 6 month period. During the time the underwriter was reviewing our agreement, our mortage payments were put on hold via the bank.
This was a blessing, since in the 6 month period after the lay-off, I didn't recieve any benefits, and we ran through all our savings. Fast forward until the fall of '09. We had kept all payments up to date, and were awaiting our 2nd review period. We heard nothing until December (about when Nat'l City was bought by PNC), then found out they sold our loan to Wells Fargo.
Wells Fargo wouldn't recognize ANY payment made since September '08, and immediately killed our credit score in the process. They were also unwilling to accept any type of reduced payment plan through them. They wanted ALL payments up to date in one lump sum (which with their added fees, and increased our loan rate from 4.25 to 14%) would have been over $20K. So, give us 20K or get the fuck out.
I finally landed a job, but had to switch careers to do it...and although the pay is generous, it's MUCH less than I've been accustomed to making and a struggle to support our family.
Anyway, we have been playing the "game" with the mortage company to string them along until the house sold...and it worked. We finally got a buyer for a short sale and it'll clear up any responsibility towards the house to avoid a foreclosure.
The thing that gets me is the bank's stupidity on this. If they would have accepted a reduced payment agreement, they would have still been able to bring the mortage to full maturity and make money off it. Instead, they gave us a bunch of hastle and BS, then sold the house on short sale for a mere $135K! After the laywer, the 2nd morgage, the association, the realitor gets their cut...they may get $80-90K? Woo-hoo; no wonder the banks needed a bailout!
Sorry for the rant, but after the past two years it's going to be nice to move past all of this BS, and just be a lowly renter again for a while!
The new place is actually nicer than the old place in many ways too!
Long story short, we got pretty fucked on our house. Right after I got laid off in '08 we called the bank that holds our mortgage...at the time it was Mid-America...in a month they were bought out by National City. National City was really overloaded, but was working with us - Slowly. We had to do a hardship letter, and worked out a reduced payment plan for a 6 month period, to be re-reviewed after the 6 month period. During the time the underwriter was reviewing our agreement, our mortage payments were put on hold via the bank.
This was a blessing, since in the 6 month period after the lay-off, I didn't recieve any benefits, and we ran through all our savings. Fast forward until the fall of '09. We had kept all payments up to date, and were awaiting our 2nd review period. We heard nothing until December (about when Nat'l City was bought by PNC), then found out they sold our loan to Wells Fargo.
Wells Fargo wouldn't recognize ANY payment made since September '08, and immediately killed our credit score in the process. They were also unwilling to accept any type of reduced payment plan through them. They wanted ALL payments up to date in one lump sum (which with their added fees, and increased our loan rate from 4.25 to 14%) would have been over $20K. So, give us 20K or get the fuck out.
I finally landed a job, but had to switch careers to do it...and although the pay is generous, it's MUCH less than I've been accustomed to making and a struggle to support our family.
Anyway, we have been playing the "game" with the mortage company to string them along until the house sold...and it worked. We finally got a buyer for a short sale and it'll clear up any responsibility towards the house to avoid a foreclosure.
The thing that gets me is the bank's stupidity on this. If they would have accepted a reduced payment agreement, they would have still been able to bring the mortage to full maturity and make money off it. Instead, they gave us a bunch of hastle and BS, then sold the house on short sale for a mere $135K! After the laywer, the 2nd morgage, the association, the realitor gets their cut...they may get $80-90K? Woo-hoo; no wonder the banks needed a bailout!
Sorry for the rant, but after the past two years it's going to be nice to move past all of this BS, and just be a lowly renter again for a while!
The new place is actually nicer than the old place in many ways too!
