We're moving again....

After being here only a year - we just got orders to move this summer to Virginia.  I am really looking forward to this move.  It will put us really close to the grandparents and our girls will LOVE that. I am hoping that by the time we leave VA this will be behind us.

Also, we had no problems renting a home - FYI - We had printed up our credit reports prior to our credit getting hit - I think that helped - I would recommend that if you plan on walking from your home.

A couple of updates -
1.  2 out of our 3 credit cards dropped our limit down to $500.00.  The last one, which is American Express, still has our limit at $2000.00.  I am sure it is just a matter of time that it will be dropped.
2.  We continue to recieve multiple copies of the same letter stating that our title was hit  - I think we are at 15 - AMAZING
3.  We have a couple of notices from the post office stating we have certified mail - I'm not going to waste any gas miles going to retrive them - I have a good idea as to what they are:)

The weather is getting warmer - We have a beautiful home in VA that we will be moving too - the process is moving along - For now.....THINGS ARE GOOD!!!

They're Killing a Ton of Trees on Us....

We have been getting a ton of certified letters from the bank this week. At times, we have gotten 3 of the exact same letter each day. One letter stated we had to make our payment in full by 4/5/10 or they are going to proceed with the foreclosure.  We think this letter was the Notice of Default.  We are still trying to figure out all of this paperwork.  I guess I was expecting a letter that said "NOTICE OF DEDAULT".  Either way, I am happy the process is moving along. 

We checked our title this week and noticed that Trustee Corp filed a "Notice of Breach and Default and Election to cause Sale of Real Property Under Deed of Trust"n 3/29/10.  Don't worry, after we checked our title we also received 4 certified letters (all the exact same) telling us they did that.

On another note....I ran across this article today....It talks about Foreclosures Rising and that this is "only the beginning".  I can't say I know how to fix this problem BUT I do know that many GOOD people are become a statistic in this horrible crisis.  The programs that are avaliable today are a joke - IMHO

A couple of updates....

1.  Two of our credit card companies slashed our limits from 20,000 to $500.00.  We knew this was coming so we were well prepared.  Can't say we really need a credit card except to book flights, hotels, etc.  So, we will just pay them off immediately and $500.00 should be just fine:)

2.  We recieved a letter from Wells Fargo stating that our loan file has been referred to their attorney to begin foreclosure proceedings.  I hope this means the process is continuing to move forward.

We are anticipating our Notice of Default in the next couple of weeks.  My understanding is that we will receive it once we are 90+ days late.  I will keep you posted.

Wish there was something to report.....60+ days late....

Same story......different day.  The banks keeps calling.  I answer the phone once a week (kinda hoping for a miracle).  I tell them our story and it is the same answer " Sorry, there isn't much more we can do!!!"  REALLY????  I kinda feel bad for the people I talk too as they are just the puppets of these big banks.  BUT, I also know that they are eager to get some type of $$$ from me (I read somewhere that they get a bonus/commission is they can get us to pay something - don't quote me on that).

Thanks to those of you out there following our story.....I hope our story can help in some way. 

I feel like we still have a long way to go....I wish it could be over tomorrow but that is just not the case.  We still know that we have made the right decision for our family (was there really another decision anyway??). 

Healthy kids, happy family, hope for the future - it can't be that bad, right???

Not much to report......

The banks calls are happening just about everyday now.  It is funny, I went a week with no calls and now they are calling everyday again.  I answered the phones a couple times last week.  I told each representative our situation.  Each time they told us sorry and there was nothing more they could offer.  I'm not sure why they are still calling......Do we need to be 90 days late for them to accept a DIL?????

I answered the phone. Now 60 days late.

Lately, the calls haven’t been from robo Jessica. So, I decided to answer the phone. I kept telling myself “be nice” before I picked up the phone. On the other end was “Monica”. She stated she was calling because we were eligible for the HAMP program and she “wanted to help”. At that point, I explained everything to her. We had been denied HAMP already. We were denied 3x modifications AND just recently denied a DIL. I also explained how we are military, our house is in Vegas, renters bailed, we can’t avoid the house payments,etc. I also explained that we called over 1 month ago and offered our keys for a clean house with all appliances, etc. and we were even denied that too.

Monica was VERY nice and said how sorry she was to hear all of that. I said the only thing that we would be willing to do at this point is a DIL. She said she would talk to her manager and call me back. She called back within 10 minutes (surprisingly quick). She stated she talked to her manager and HE “underwriters” The way she talked she kept referring to the “underwriters right next to her”????

Here is what she said: The underwriters want a 10 minute interview and us to fax in our financials and then they would tell us what we would be eligible for. After about 15 minutes talking to Monica I flat out said NO. (I actually debated the idea for a couple of minutes). They absolutely have everything!!! I told her if that I could not emotionally go through this process for the 5th time and be denied. I told her to tell her “underwriters” that they have EVERYTHING in their files. Take time to look at it!!!! Not to mention, they only thing they could possibly offer is a DIL (I didn’t even tell her that we wouldn’t except it unless it released all obligation of the debt – that is something we will deal with if we even get a DIL).

At the end of the conversation, I had her note that we would like to a request a DIL. She said she noted that. She was very pleasant and SEEMED sincere…..not sure what that is worth.

A couple of things I noted from this conversation:

1. She was very persistent in wanting to get an interview – not sure why but kept pushing to do a 10-minute financial interview.
2. She was from the Loss Mitigation department (Wells Fargo)
3. She kept saying her “Manager” and “Underwriters” throughout the conversation and stated they were in the officer right next to her – interesting!!!
4. She asked if I would like to be removed from their call list – I said yes. She did say; however, that she can’t remove us from the collection call list.
5. At one point, she really tried to say how bad a foreclosure is and how it is going to impact my credit – I told her that is not an issue since it has already been hit

I don’t expect another call back from her or her “underwriters”.

DIL = Denied!!!

I knew our chances were slim-to-none to get a DIL but I thought I would try. We have our first and second loan through Wells Fargo. We are approximately 60 days late. I called our 1st loan and they stated that we had to get the 2nd loan to release (or settle) their portion of the loan in order for them to consider a DIL.

This led me to a conversation with "Christopher", a gentleman who works with the 2nd loan. This was after many phones calls trying to get the right department, etc. I told him we were requesting a DIL. He stated that he would look into it - whatever that meant (I gave him no financials, etc.). After 2 weeks, he called back today to state that we have been denied; However, he stated that I could send a letter (to a fax number he provided) for a settlement offer - SERIOUSLY????

Well, I can now officially say that we have tried everything and have been denied at every step along the way. Let the journey continue....

Our credit got hit

Our credit score got hit this week. We are not quite 60 days late yet. It went from 787 to 692. We are now considered medium risk. The phone calls have started back up again. Still no call from “Christopher”. I will probably give him a call next week. He promised to call me in a week (ha – it is now two weeks since we talked).

A couple of letters

We received quite a few letters the last couple of days from our bank.

1. A letter of acceleration. Basically saying we need to bring our loan current or they are going to accelerate the process to foreclosure. My understanding is that this letter is computer generated at 45/60 days late.

2. “Helping you stay in your home”. This has a “Making Homes Affordable” stamp on the outside of the envelope. The letter says that help is available, etc. I think this is also generated when you are late on your mortgage. We have already been denied by HAMP.

3. “Get help now”. This letter/brochure gives us a number to call for “customers just like you, who have both a first mortgage and a home equity with Wells Fargo”. I think this is their way of trying to squeeze some more money from us.

We are not going to call. There is nothing they can tell us or offer us that will help (other than decreasing our principal by 200k – which is never going to happen). We are still waiting for “Christopher” to call to found out if we can do a DIL.

Still no calls…….very strange…..

Eerily quiet

No calls this week – Not one!!!! Not sure what that is all about – Are the banks swamped??? Are they considering our DIL?? Hmmmmm……Not complaining – just curious.


President Obama is to speak in Las Vegas today re: a new plan to help the housing crisis. I hope it is not more empty promises. It is so sad to see the amount of money the NV homeowners have lost in their homes. Not expecting any help from him or his peers in Congress, since everything else has been a complete joke so far (IMHO).

A letter delivered from UPS

I was surprised to get something this soon from Wells Fargo delivered via UPS. When I opened the envelope, it was one piece of paper informing us about available credit counseling. It was signed from the CEO of Wells Fargo. It listed different numbers to call and it also expressed “their concern” about our financial situation. Ironically, at the very bottom of the page, in small print, it stated that each service could cost anywhere from 50-100/hour. UNBELIEVEABLE!!!
These banks are so out-of-touch with the consumer. Anyway to make a dollar, right?? I am sure that the cost of the UPS delivery will be added to our “bill”. We are still awaiting word back from “Christopher” on our DIL offer. We did however have a nice Valentine’s Day Weekend (despite my food poisoning :()

"Christopher" called

A little recap = Last week I requested a DIL. My first is 365k, my second is 40k (house is worth 195k, in Las Vegas)....both loans are with Wells Fargo. My first loan stated that I needed to call the second loan and ask for a release for them to even consider a DIL. Even though they are both with Wells Fargo....they are actually with two different companies. We stopped paying on January 1st.
I know that it will be next to impossible to get a release from the second but I figured at least I should try it. We no longer live in the house and have sinced moved for a military assignment. I got an answering machine last week and left a message at the DIL office.
Yesterday, I got a call from "Christopher", who is the one person working DIL on the second loan. Basically, he said he is "getting his info together" to see if they could possibly do a DIL or settlement. He stated he will get back with me in a week.
I have not given any financial info (although they probably have some on hand from previous hardship letters for loans mods - which we got denied). I do not plan on given any more info either. This morning, I woke up with an alert from freecreditreport alerting me to a Hard Hit on my credit. Wells Fargo did a Hard Hit searching my credit. I am not worried about my credit score as I know it will tank in this process, but I can see they are searching my credit/debt ratio.  Our credit score still remains in the high 700's.  It should be soon that it will starting taking a dive.
I will be very curious to see if they offer a settlement......I highly doubt it but I will keep you all posted....I refuse to consider anything more than 20% of the loan (and even hoping for less than that).....

The calls continue and we still don't answer them, except "Christopher" = His number comes up as a different number o nthe caller ID.

So, I called the bank....

Well, it has been over a month and I finally called the banks. I was thinking that IF we could get a deed-in-lieu (DIL), that it might be beneficial to our situation. We have been denied so many other things in the past, but I thought maybe now that we are late, they might consider a deed-in-lieu.

So, after getting a call through to the bank, I finally got a woman (name to be withheld, for now) on the line. This took several minutes and many transfers to actually get a real person. You would think that since we are so late that someone would be on the phone immediately wanting to talk to us = not the case. Needless to say, I talked to her about the DIL option. She stated that since we had a second loan I personally had to call the people of the second loan and ask them to "release the loan" before they would consider a DIL.....Are you kidding me?? O.K., at this point I knew it was a joke but I thought I would give it a try. I called the second loan people, after many transfers and time on the phone, I finally got the DIL office. Guess what, it was an answering machine. I left our info and still haven't gotten a call back from that department. I am happy to note that it was recorded in our “records” that I did request a DIL.

I am not even sure if a DIL is an option. My understanding is that they are very hard to come by. Also, the DIL that we would accept would have to forgive all deficiencies - not sure the banks would offer that.

The only thing that I learned from this experience is that it wasn't even worth my time to place these calls. Once again, the banks proved that they could give two craps about us or our situation.
On a happier note……Had a great day at the free Home Depot clinic with the girls

The pool, plants, etc....

It is still hard to accept the fact that we are foreclosing on our house BUT both Ryan and I know that it is the right decision at this time.  The other day we had to come to terms with the fact that our pool is going to get "destroyed" in this process.  We spent days/hours/weeks building that pool.  We were involved in every detail.  We know that it is going to turn green and nasty.
Now that our renters (who used our house as a dog kennel) are completely gone, we asked our friends to take some of the plants/foliage in the backyard.  I would rather know that some of these plants (that we spent years growing) were going to our good friends then dying in our backyard.  It is a loss but we are ready to get this behind us.
I recently told a friend (who is in a very similiar situation) that if you decide that foreclosure is right for your family, then make sure both you and your husband are on "the same page".  I am so grateful that Ryan and I are in this together and "on the same page".  It helps with the whole process.

30 days late.....

....and - Nothing!!!  Just a couple of calls each day from the bank.  I went to check our credit scores and surprisingly - they went up 15 points - go figure.  I know it is just a matter of time.  No hits on our credit card limits either.

We let our neighbors know our intentions this week.  It is comforting to know that they will keep an eye on our house.  We definately don't want "squatters" to get in our house and make it their home.  It could really complicate the process.

I think this week we are going to pick up the phone and let the bank know our intentions and to proceed with the foreclosure process.  The quicker the better. 

A little update.....

28 days late today. Still haven't answered the phone.  We got our first email this week stating we needed to check our account online.  That is not going to happen.   I still have not answered the phones.  Maybe next month.
I am getting a little worried that the foreclosure process may take a very long time.  There is this rumor of a "shadow inventory" that the banks have.  Supposedly, they are holding onto many homes so that they don't lower the home values.Can the home values even get lower???  I saw this article this week.  Las Vegas home values have decrease 24.6% year-over-year, I didn't think they could keep falling.  Does anybody in Congress understand what this is doing to ALL of the Las Vegas homeowners.....Pathetic!!!

The calls continue....

This weekend was quiet.  No calls.  I was actually wondering what happened???  But, the calls have since picked back up this morning.  The bank has already called a couple of times this am.  They are not leaving any messages. 

Last night was hard for me.  I layed in bed thinking of all of the hard work we did on our house.  We spent hours making it our "home" i.e. custom office shelves, custom closets for the girls rooms, the whole back yard (we shoveled every last rock., built the plant shelves, etc.).  So much work.  I must remember that this is only a bump in the road and this too shall pass.  Somedays, the bump seems like a mountain.  Last night was one of those day.  However, this morning I feel better about our decision.  I know it is the right and only decision for us.  But, it is still hard to leave our "family home."

It's Official!!!

The calls have started.  They called our home phone Tuesday evening around 9pm.  And then I got another call this morning on my cell phone.  I was a little bummed because I didn't think they had my cell phone.  But, I don't answer any number I don't recognize, which is good.  It was the standard robo "Jessica" from Wells Fargo. 

I am sure they will pick up and be more frequent.  I still haven't decided if I am going to answer the calls.

Late Fee Assessed

I noticed our first late fee last night on our account. I guess this is a good thing?? It makes it that much more “official”. It was hard to see it because we have never been late on anything before.


I don’t think I am going to check my account again. I just wanted to make sure that my contact information only had our home telephone number. I really don’t want the banks to call us on our cell phones. I have since turned off the ringer on our home phone. Most of our friends and family call us on our cell phone anyway. Speaking of calls from the banks….still not one!!!!

I wonder if the banks are bombarded or my time is coming….either way…..the journey continues forward….no looking back now…..

Quiet Weekend

Nothing new to post here.....We had a great weekend.  We got to visit some friends that we were stationed with a while back.  They live in a beautiful 4000 sqft home.  They paid considerably less then what we paid for our house in Las Vegas.  It is hard for my husband and I to see these beautiful homes and know that we paid far more and for much less of a house.  It is definately a LOSS and I know it will take time to truly "move on" from this process.  However, I still am happy with our decision and knonw that we have made the right choice for our family.
Here is an article I came across this week.....very interesting.  Of particular note was the Nevada statistic  = 65% of homes are now underwater.  Is anyone in Washington paying attention to this???

Is this the answer???

Principle write-down???  Today, the numbers are in....Foreclosures are up again and, of course, Nevada leads the way.   I came across this article today. It talks about principle write-down. 

Why aren't the banks considering this??  This is about the only thing that would allow us to keep our home. If the bank offered us our house for what the current market value is (which is about 150k less than what we owe), we would gladly take the offer!!!  Instead, they are going to foreclosure on our house which is going to cost a ton of money.  My honest opinion is that the banks somehow make money off of our foreclosure.  It is better for them to foreclose on our house then write-down principle!!

Hey - Wells Fargo - Write-down our principle and we can afford our house!!!!

FYI - No phone calls yet from the bank.  Thinking tomorrow is the big day!!!

It's going to be a long road.....

It’s amazing how long it took us to make this decision. We agonized and dragged our feet for awhile. It wasn’t until our renters bailed on us, we moved away from the house, and realized that paying $3000/month was something we could not afford. However, now that we finally made this decision, we are eager to get this process over with. We are ready to move on.


Unfortunately, I know this process is going to take a long time…..anywhere from 6-12 months. I hope no longer than that. I wish there was a storefront where I could turn in my keys and they give me the bill or 1099 – either way….I wish I could fast forward this process!!!

On another note, we should get our first call from the bank this week. I haven’t decided if I am going to answer it. And, if I do, what am I going to say….hmmm….

Searching, searching, searching.....

Everyday I find myself searching the internet for articles, people, anything to help guide us through this process. Mostly, I come across scams....I think they are pretty easy to detect. Especially when they start out by saying "We can HELP" Really??

At this point, and for the next couple of months, I just want to know if the banks will decide to file a deficiency judgement after the foreclosure is complete. I find that most of the information I read says "No". However, I am not niave and know that we could be the 1% that they do come after. Each night I pray that the banks end up sending us a 1099 form (which basically means they are not going to file a deficiency). Actually, maybe we will have a little party to celebrate our 1099, if we ever receive one.

For now, still waiting for the calls to start......

Here are some good links I have recently found (or that have been sent to me by my friends).....
Others on our journey - make sure you check out the self-help forum
The Evil Banks - Do they seek deficency??
What is a deficiency balance and what are my options? 
Paying A Deficiency Judgment From A Foreclosure Nevada 

Off to enjoy this Saturday with the family......Shrimp bisque on the menu for tonight!!!

The Irony

I just got done checking my email today and couldn't believe the email we received from Wells Fargo......

Happy anniversary!!!

This month marks your anniversary as a Wells Fargo Home Mortgage customer. Part of the enjoyment and satisfaction of being a home owner comes from making improvements that turn your house into a “home.” The right improvements can increase your home value and some may even reduce your living costs.

Seriously??? Does the bank even have a clue that we haven't made our payment this month? I am still very bitter towards our bank. I have probably called the bank well over 40 times this past year. Each time trying to plead for help, sometimes, many times, in tears. No one cared. Half the time they transferred me when I was in the middle of my story. I sometimes thought they had a "red flag" on my account that read "Hey it's the crazy lady calling again....beware - she might cry. Just play dumb and keep transferring her".

Again, I am very bitter towards the banks. I watched the news last week when the bank executives met with President Obama. From my understanding, the CEO's told the White House that the homeowners weren't complying with the paperwork required for the "making homes affordable" program which is why there were very little permanent adjustments. REALLY? That is total crap!!!! We filled out all of the paperwork, sent our "trial payment" in on time and was told that we were not eligible after only 2 weeks. WHY? Oh yeah, still can't get an answer from the banks on that one.
OK....I guess I could keep typing about how much the banks make my blood boil.....but today I will end with Happy Anniversary:)

 

So the Journey begins....

Our family has been facing the idea of foreclsoure for the last year, but it has now come to decison time....

Our brief story......My husband is currently on Active Duty in the Air Force. In June 2006 we were sent (called a PCS in the Air Force) to Las Vegas, NV. At that time, we purchased a house for 455,000. This was well in our means and affordable. Nothing large, 4 bedroom 3 bath. It was next to impossible to even get a house at that time. We put 10% down plus an additional 50,000 to finish the house (it was new construction and needed landscape, window treatments ,etc.). Now, 3 years later, our house is worth 212,000 - we have no choice but to "walk-away" from our dream home.

This past summer we once again moved for the military. This time to Kansas. We knew our future looked dismal. Fortunately, we were able to get renters in our house; however, they were paying less then what we owed our mortage company monthly. These renters have turned out to be bad news. They have been late on payments and are now leaving our house. Now, unable to get renters, plus knowing that we can not afford the additional payment of 3,000./month, we have decided to walk-away.

We have triend everything else we know of. Over the past year, we have sent several "hardship letters" to the bank. All of which have been denied. In addition, we even "qualified" for the "loan modification program" from the government. However, after two weeks in the program we were sent a letter stating we were denied for no reason. What a joke that was:)

This month we missed our first payment. The first time we have never not paid ANYTHING on time. I am told the banks give you a 15 day grace period. So, the waiting begins until the banks contact us for our default.

I hope that I am not judged on our decision; however, I hope this blog helps those that will someday enter this process. Everyday I look for others out there to find out what we can expect but I am coming up short.

Our motto - Each day I remind myself that we our healthy (my husband and two little girls,) we aren't going to jail, and we love each other. In life, these difficult times make us appreciate that!!

And so the journey begins......