Foreclosure...cash for keys!

  Gary, great website.  It is finally nice to hear that some people can understand what happened in the mortgage boom 3-4 years ago.  We were involved in a bait and switch which led to a 4 year federal court case we ended up losing to a mortgage lender.  My spouse also worked for the Big Three and took an educational buyout. He faced losing his job eventually because he did not have enough seniority.  Im very tired of judgemental people thinking how 100% of us were unresponsible and took on "too big of a loan" and should have known better.  I couldnt even get Countrywide to speak with me until I was deliquent for at least 2 months....What??  They told me to come back when my interest rate reaches 12-14%.  I am an educated professional with a great job in a major hospital.  I have always paid my bills and resent the fact these lenders act like they want to help, when they clearly do not.  I appreciate the information on your site, keep going as it looks like it will keep getting worse for michigan.  It is not just an individuals problem, it will end up costing all of us in the end..

I'm glad they're thinning the ranks at the the American automakers...they've been making junk for years!

I went through a foreclosure, sheriff's sale, and property redemption in North Dakota.  The mortgage company was Wells Fargo Bank, who purchased a ton of mortgages from Washington Mutual Bank.  I got behind in payments due to a plumbing problem due to the pipes installed in the early '80s.  After two payments where missed I was able to send the arrears amount that Wells Fargo agreed to take via their attorney.   The payment was returned by the attorney.  This went round and round with Wells Fargo, until I basically had ran out of time due to the customer service run around at Wells Fargo Bank.   The property was sold at sheriff's sale, but after learning more about the foreclosure process and law in ND, I was able to redeem my property even after it was sold to someone other than the bank.   I lost $12000 basically because the bid amount was more than what was due to Wells Fargo Bank.  But I own the property now and would have been willing to work with Wells Fargo to make amends, in the end I lost some money, but they lost alot more in interest payments.   I am know in the process of getting all information posted to my credit report by Wells Fargo Bank, removed which should be successful.   NO MATTER WHAT SITUATION GOT YOU THERE, MAKE SURE TO DETAIL AND RECORD ANY AND ALL DOCUMENTS WITH REGARD TO COMMUNICATION WITH YOUR LENDER, AND HIRE AN ATTORNEY WHEN YOU RECEIVE THE FIRST NOTICE OF A LATE PAYMENT, AND LEARN THE LAWS IN YOUR STATE REGARDING HOME OWNER FORECLOSURE RIGHTS.  IF YOU DO NOT DO THIS YOU WILL BE MISLED BY THE LENDER AND THERE ATTORNEY THAT THEY HIRE TO FILE THE FORECLOSURE.  If squatting for six months for free is an option use it.   The lenders will use every tactic possible so use what is available to you, even if you are going to walk away, if you are in that position already, your credit is already damaged, so staying and letting them go through the hoops to get you out is your option to stick it to the bank that would not work with you.

I moved into a house October 2009 with my husban daughter 2grands ages 3/4 and was told November 2009 they were selling the house, $7000 down the drain.  We got a leter the end of July saying we had to be out by the end of September, wou;d keys for cash help us considering we don't have the money for secutity and month's rent.  I am writing a letter in distress......Miriam Williams

Question:  what if the home has a tenant in it?  would the lender negotiate cash for keys with the owner or the tenant?

Cash for keys in Michigan the money goes to the occupant, not the owner.

We are 'Walking Away" from our home. We have attempted to work with Wells Fargo on 3 separate ocasions.

#1) We asked for a fixed rate...that's it!! We have NEVER been late or missed a payment. Their response "Sorry, you owe more than your house is worth right now, see us again in a couple of years"! We have had this mortgage for over 15 years and again, have excellent credit and never been late!

#2) Wife lost her $70k/yr job, Obama Plan came out, we applied as we had all 3 qualifications; lost job, have an ARM, owe more than the house is worth. Bam...spent 6 months 'jumping' thru Wells Fargo hoops only to receive a letter on the 7th month stating, AND I QUOTE "We are willing to lower your mortgage payment for 4 months by $300.00 per month. After these 4 months, we will review and determine if we will make this your new permanent payment. However, please be informed that you will still go into DEFAULT on your mortgage, the foreclosure process will be started, you will incurr additional interest, penalties, and legal fees, etc"....well wtf kind of deal is this we thought!! What a joke! We ignored it and continued making our payments ON TIME as usual.

#3) Another plan! We again jumped thru several months of Wells Fargo hoops only to learn that "We did not qualify for that plan as we were CURRENT on our payments"! I stated...."you've got to be kidding me....you mean to tell me you will NOT help us because we make our payments on time and you will only help us if we go into default??? The response was pretty much a 'yes'. Then the 'so-called' specialist at Wells Fargo stated, "but I do have another plan that might work".....so we proceeded to jump thru MORE hoops....to the point that they wanted to know what we spent $75.00 per month on for 'household incidentals'....I said "excuse me"?? You have our whole life and financial information and history and you want to know how much per month I spend on deodorant, tampons, butt wipe, etc?? The answer was "yes"!! Again, we were flabbergasted to say the least!

At that point, my husband and I looked at each other and thought "screw-you" Wells Fargo! I typed up a Cease and Desit Order and mailed it off to Wells Fargo and stated the only way they could contact us was via the USPS. We STOPPED making our house payments in May 2010, and have putting the $$ towards other debt. Two months later we received a letter from Wells Fargo stating that "since we did not give them the information required to process our SHORT SALE, the file has been closed!  WHAT SHORT SALE??? WE NEVER APPLIED FOR OR EVEN MENTIONED ANYTHING ABOUT A SHORT SALE!!!  How messed up is this bank anyways?

The Sheriff Sale is scheduled for Nov 10th, 2010 at which point, I don't care if they offer us $10k to move out early....we are staying the FULL 6 months that we are entitled to in the state of Minnesota, which will be May 10, 2011 at 11:59pm....who knows, we may even stay longer and make them incur extra expenses and attempt to evict us...that will give us an additional 2 to 3 months of 'free' living off those jerks! They have made MORE than enough interest off of us in the past 15 years...............and to think, all we wanted was a fixed rate!!!!

I cannot tell you the amount of posts that I have read that made no sense at all, but yours really did! Nice Job!

 

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Thank you for your comment left today, December 01, 2010 pertaining to my comment made on November 04, 2010 (comment #17)

Just wanted to update the status.......The Sheriff Sale was on November 10, 2010. We OWED on our existing mortgage $240,000.00.........remember from my previous post, the bank would not work with us......................Well............The BANK (Wells Fargo) purchased our home at the Sheriff Sale for $269,000.00!!!  That is $29,000.00 MORE than we owed on the home! What is up with that?

They are unwilling to help us out with ANY sort of assistance, including just a fixed rate as "we owed more than the home was worth"....yet they purchase the home for $ 29k more??