Hello Linda P:
Firstly I did not say I want the bank to eat it all, I said I want to negotiate something reasonable.
I rented an aprtment because the condo community where I own has turned into a motel, with most units on weekly and monthly rentals at low rents (owners bought pre-2006 at 1/4 of what the market was in 2006)- they are charging the lowest rents around and it has become a party spot and unliveable- I have had it on market for a long time and steadily decreased the asking price because the property values keep on falling- also I am on 3 meds now because living there and paying 1400 a month for a veritable motel room was making me emotionally ill
The highest rent I could get is 600 a month, a loss of 800 per,so if we do the math and say the market turns around in 3 years, I am in the hole 30K right there
Regarding my child's education, my divorce agreement mandates I pay child support through graduation- I added a few bucks to it to make it so she might be able to start life without a ton of debt, unlike me who paid student loans off for 10 years after graduating
You ask what do I think is a fair amount foer the bank to lose? Well let's see...since Countrywide was at the forefront of the scam they ran with the property appraisers and they also told me how to fudge my app so I would get the mortgage...I would think a fair sacrifice would be to see what the TRUE value of the property should have been when I bought, or maybe what it is worth now- yes shame on me for buying high, I am stupid. Me and a million other people.
I would think that if they deduct the 20% for PMI whaich I have paid for 2 1/2 years that would be a starting point. Oh and the interest they made over the rate they give out for the 2 1/2 years might be fair as well. I paid off $2,000 in principal while the property devalued by $100,000- they got their 25K in interest didn't they so far?
Perhaps you can send them the doctor's letters and a list of the meds I need and help them budge off their no deal position. I am asking them to come to a middle ground- I expect to pay a work-out for many years, I don't expect them to forgive the whole debt. But you are telling me that if you cannot peacefully live somewhere and would lose almost a thousand dollars a month to rent it, you have to just sit there and wait for the market to turn? I tried for 18 months to sell it, this is the first offer I ever got.
You know what the bank's loss mitigation department told me (from Bombay, India, where I finally got through after several months of trying?) They told me to try and do a short sale and if it is not accepted, do a deed-in-lieu. I am trying to be as fair as I can, and sorry you don't see that. I haven't even been late with a payment yet, this month will be the first one I missed.
Yep my mistake, you are right, ruin the rest of one's life over it. Got scammed- shame on me. Tried to work it out with Countrywide months ago, can't talk to anyone in the U.S. They won't talk about it until you are facing foreclosure, won't even DISCUSS it with me. Miss 3 payments and maybe we will talk with you. Sorry you are current. Won't even discuss a work-out, nothing.
So tell me Linda, if you overpaid by 200%, couldn't cover 1/2 your mortgage by renting, and had folks screaming and fighting all day and night outside your home, what would you do? Remember the bank won't even talk to you unless you are 3 months delinquent.
I am open to suggestions**************......
