Temecula CA - Everyone gets scared when they can't pay a debt. "Am I at risk of going to jail? Will my friends find out? Will the bank sue me and take everything I own? Will the they garnish my wages? Will they levy my bank account?"
Here is a real life example. She didn't have the money and stopped paying cold turkey.
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I know a person who stopped paying on a bunch of debts. We’ll call her Jill. Jill short sold her house over two and a half years ago.
Her loan was with Countrywide, now owned by Bank of America. The owner of the loan was a “sliced and diced” trust.
I’ve called these “zombie debt owners”, because they usually don’t chase you down after a short sale. The owner of the loan lost around $85,000.
Long story short, she hasn’t paid a dime on the short sale loss. She got letters and phone calls from Bank of America for about 6 months. After that, they calls stopped.
She hasn’t heard anything from them since then. And she doesn’t expect to hear anything more. The nice thing about the “sliced and diced” loans is there is no single owner.
There are probably 10,000 owners of her loan scattered around the world. None of the owners has time to collect from her and Bank of America is too busy with all the other loans on their books.
In addition to the short sale, she stopped paying on five different credit cards with over $15,000 owed. She lost her job and simply did not have the money to pay them.
She is still getting phone calls today. Sure, she could get them to stop calling by sending them a letter.
But, they don’t bother her enough to do that. So they just call. As of today, only one of those creditors has file a lawsuit. The funny thing is they filed the lawsuit and then just let it sit there.
They didn’t file anything else for another 18 months. As of today, the case is still sitting in limbo. More than likely, it will be dismissed for lack of activity.
Even if the credit card company does get a judgment, they still have to collect on it. The fact is, only 15% of all judgments are ever paid.
But, at the rate their lawyers are going on the lawsuit, they probably won’t ever get a judgment. As you can see, Jill was able to walk away from around $100,000 in debt and will probably never pay them a dime.
She could settle with the credit card companies in the future for fifteen cents on the dollar. If so, then it will be because she wants to, not because she is getting forced to do it.
Thinking about a Loan Modification?
Our Temecula loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail attom@homesbytom.us to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-506-5744
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Thanks for reading this, Tom Olsewski.
Tom is a Real Estate Agent at Keller Williams. Temecula Short Sales Realtor:
Phone: 951-506-5744. tom@homesbytom.us.
View My homes for sale at www.besttemeculahomes.com.
Tom Olsewski specializes in loan modification assistance and short sales in Temecula California. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Temecula CA Short Sales. Temecula Realtor.
Important Notice
Tom Olsewski, Keller Williams, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Tom's personal views and do not reflect the views of Keller Williams.
This information on Temecula Loan Mod: Short Sale Seller walked away from 100k in debt. Hasn't paid a dime is provided as a courtesy to our viewers to help them make informed decisions.
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