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Strategic Foreclosure
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2010 May 30, 3:35pm 24,331 views 54 comments
by jrc ➕follow (0) 💰tip ignore
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I am 64 yrs old and bought condo in CA 3 yrs ago. Was told my lender not to worry about large mortage as the property would be worth more than the mortage owed when I retired. Now I'm over $100,00 upside down and will have to foreclose anyway when I retire. I want to stay in my place as long as possible. I quit making payments in May. Chase keeps calling from an 800 # but Im not answering. How long can I wait to request a loan modification? How long does it take to get one? If I don't take the mod if approved, how long before they foreclose. Bottom line, I'd like not to have the physical and mental stress of moving until I retire in 2 years.
Anybody got any ideas?? Thanks.
Chapter2008, How much is your HOA? They probably will not want to foreclose on you since they'd have to pay the HOA.
If you have the resources, tell the lender that you temporarily cannot afford payments, but will be able to in say... 8 months. There's a term for it but you can stall your payments, and "pay" them additional interest later on when you start making payments again.
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I have lost $300,000 in 4 1/2 years since I bought my home. Wife and I held out hope until December 09. Bank refused to even talk with us in late 08 and twice in 09. Stopped paying mortgage in December. Put $191,000 down and took out a $400,000 loan. Home went from $618,000 to $225,ooo last April. Loan balance is $400,000. Simple math, major negative equity. Wells Fargo has been jerking me around, can never speak to anyone that has any decision making ability, its like a big secret. Last letter they sent, they want me to pay a "reduced" payment over the next 3 months totaling $4000.00. The letter stated even if I agree to make these payments there was no guarantee they would modify my loan. I told them the only way I agree to anything is if they modify my PRINCIPAL balance to CURRENT market value, otherwise no deal. Of course the people on the phone can't tell what kind of modification they would do if any.My question is this. I received my property tax bill last week. I was told by a couple of people, including a gentle from youwalkaway.com, that I DO NOT pay those taxes if I plan to foreclose. I was told the back taxes would be the responsibility of the bank or the new owner of the property whoever that may be. Does anyone have any factual knowledge of this or should I bite the bullet and pay the taxes even though I am not making mortgage payments? I just don't want anything coming back on me later on down the road. I live in California and I know its a non-recourse state. Any advice from people with specific knowledge would be great.Thanks
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