About Me

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My husband and I are both 35. We have two small children, ages 5 & 2. We are a military family in the midst of the foreclosure process.

Our Story:

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 no choice put to walk-away.

We have tried 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:)

Thursday, February 11, 2010

"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.
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2 comments:

  1. DeanFebruary 13, 2010 at 1:14 PM

    I've been this path and I'm in the military also. I'm 13 months ahead of you in the short sale foreclosure process.

    ReplyDelete
  2. AnonymousFebruary 14, 2010 at 7:48 PM

    Just wanted to let u know that I follow your story through LOANSAFE. Stay strong and do what is best for your family. You're not alone.

    ReplyDelete

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