Letter from Mortgage/Bank RE: changing interest rates

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Replies

  • Lucky7Team2Lucky7Team2 Posts: 6,794 Officer
    RRR wrote: »
    be sure to do like my neighbors did when they
    abandoned their home following foreclosure...strip
    the place of all appliances, light fixtures, outside
    landscaping, etc. - anything that can be sold at
    a yard sale, flea-market, or on eBay

    Already on it :)
  • pupraiserpupraiser Posts: 10,261 AG
    RRR wrote: »
    be sure to do like my neighbors did when they
    abandoned their home following foreclosure...strip
    the place of all appliances, light fixtures, outside
    landscaping, etc. - anything that can be sold at
    a yard sale, flea-market, or on eBay

    Isn't that technically stealing?
  • Team SabatageTeam Sabatage Posts: 12,898 AG
    Not if it's done before forclosure. Up until the bank forcloses, the property and all contents are the property of the current owner to do as they please.

    Done after forclosure only the property that is not "fastened" can be removed.
    Appliances, yes, just unplug them.
    Light fixtures that are screwed into place are considered fastened.
    Landscaping is considered fastened.

    The forclosure agreement may have a provision written into it, if there is it must be followed.
    Strap me in, tie me down and roll me a bone, I'm getting on an airplane and I'm flying home...
  • got ants?got ants? Posts: 9,140 Officer
    I had a 2nd property (business address) and was in the same situation. When I asked the bank I was told the same thing, 90 days late before they will even talk with me. I had perfect credit and I didn't want to do that. I wanted to refi to a lower %. They said nope... 90 days before we talk. I pleaded with them for almost a year. they even offered to send the "package" to process the paperwork. So finally I gave in. After 3 months I inquired (after many threatening notices) about this "package" and was told..."its on the way" 90 more days, daily phone calls, nada. After 9 MONTHS I get up the ladder and was told "Sorry, we're gonna foreclose on you". I had a buyer willing to buy at double what they sold it at foreclosure, nope, won't do it.

    BTW, the creditor was also buying up all my other debt, which made no sense to me. My BP card went from 16% to 24%. My personal credit card went from 6.9% to 21%. Can you guess who that was?
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  • Lucky7Team2Lucky7Team2 Posts: 6,794 Officer
    got ants? wrote: »
    I had a 2nd property (business address) and was in the same situation. When I asked the bank I was told the same thing, 90 days late before they will even talk with me. I had perfect credit and I didn't want to do that. I wanted to refi to a lower %. They said nope... 90 days before we talk. I pleaded with them for almost a year. they even offered to send the "package" to process the paperwork. So finally I gave in. After 3 months I inquired (after many threatening notices) about this "package" and was told..."its on the way" 90 more days, daily phone calls, nada. After 9 MONTHS I get up the ladder and was told "Sorry, we're gonna foreclose on you". I had a buyer willing to buy at double what they sold it at foreclosure, nope, won't do it.

    BTW, the creditor was also buying up all my other debt, which made no sense to me. My BP card went from 16% to 24%. My personal credit card went from 6.9% to 21%. Can you guess who that was?

    Did you hire an attorney while trying to do this? You may have had success that way. Mine just got me a mediation meeting next month. It may not go well, but at least I have one...Fingers crossed.

    Edit: I need to read better. It was a second property not primary probably why...
  • got ants?got ants? Posts: 9,140 Officer
    BTW, AFTER the bank had possession of my property, the cut the grass and then one day I see the doors open. I pulled into the neighbors driveway, walked over, and peeked in from the sidewalk....all appliances GONE! I called the police and when the officer arrived, he laughed at me... not your property, not your problem. I asked him to right up a report, and state that in it TYVM (which he didn't).
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  • got ants?got ants? Posts: 9,140 Officer
    Lucky, attorneys wanted $5K down, and no guarantees, as there where no protocol in the place at the time. Also, after finally going the option of 90 days late, Obummer released his plan to those "current" with their mortgage, thereby screwing me.

    And Tater, as much as I despise Barry O, I truly believe this all started with GW. When gas went from $1.79 to $4.00, businesses took a big hit, jobs dropped, and the housing market crashed. I was in place to see folks with their lives going smooth having the rugs pulled out from underneath them. You talk deficit? Explain to me how we went from cash plus with Clinton to trillions of debt under Bush?
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  • got ants?got ants? Posts: 9,140 Officer
    So, if a business is failing (uh, Big Banks) the gubmint should do nothing, but if its your home you cannot afford, they should?

    BTW, I've lived in the same home for 22 yrs. Bought with 30% down, still in it. Only loans taken out on equity was to invest in business.
    tffflogocopy_zps48a02f99.jpg
  • SaltydawgSaltydawg Posts: 1,287 Officer
    Spinfisher wrote: »
    My CPA explained to me that if the Bank gives me a 1099 for $300k dues to the short-sale and my loss was 300k on the investment property that is 300 - 300 = 0. However, he also said that I may be taxed on the depreciation on the property..

    Correct, if you wrote off the depreciation over the years. But if you had any passive losses you can now use them as well.
  • SaltydawgSaltydawg Posts: 1,287 Officer
    got ants? wrote: »
    I had a 2nd property (business address) and was in the same situation. When I asked the bank I was told the same thing, 90 days late before they will even talk with me. I had perfect credit and I didn't want to do that. I wanted to refi to a lower %. They said nope... 90 days before we talk. I pleaded with them for almost a year. they even offered to send the "package" to process the paperwork. So finally I gave in. After 3 months I inquired (after many threatening notices) about this "package" and was told..."its on the way" 90 more days, daily phone calls, nada. After 9 MONTHS I get up the ladder and was told "Sorry, we're gonna foreclose on you". I had a buyer willing to buy at double what they sold it at foreclosure, nope, won't do it.

    BTW, the creditor was also buying up all my other debt, which made no sense to me. My BP card went from 16% to 24%. My personal credit card went from 6.9% to 21%. Can you guess who that was?

    You dropped the ball, I had the same situation on a second property and had the short sale docs and fought with them for over a year to accept an offer which they did and waive the deficiency judgement which is the only way I would agree to the deal. I did all of this on my own with the help of a real estate broker who had the house listed. They were trying to foreclose but they never did it. I had a near 800 credit score that got hit pretty good, but the only negative issue I had was Home Depot canceled my credit card. No other card even raised my rates. A year and a half later I have a 727 credit score.
  • RRRRRR Posts: 8,218 Officer
    pupraiser wrote: »
    Isn't that technically stealing?

    yeah, I think so
    I said what I said tongue in cheek

    these neighbors came last weekend with a u-haul
    trailer and removed the fountain from in front of their
    house leaving big ruts in the front yard from the trailer tires...
    [SIGPIC][/SIGPIC]
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