camarocasanova

still haven't heard back since the last time they said they were still investigating...

Yes, they will slash and burn as her score plummets from all the lates. I had IMB/OWB and they refused to work with me as well. IMB foreclosed upon my property as fast as legally possible-7 months and I was out (in California) Almost all my credit cards cut my limits, although none actually raised rates. Expect at least that. Also, after the foreclosure IMB kept reporting my account as "late"-4 months after they had foreclosed, and the house had a new owner even! I'm not sure I understand--what do you mean by "slash and burn"? You say your cards cut your limits, but that suggests that they didn't cancel your cards completely. What I mean is that more than likely all of her credit cards will begin to cut limits, raise rates, cancel her completely etc...My experience was lowered limits (see "balance chasing") on all but 1 card.

Yes, they will slash and burn as her score plummets from all the lates. I had IMB/OWB and they refused to work with me as well. IMB foreclosed upon my property as fast as legally possible-7 months and I was out (in California) Almost all my credit cards cut my limits, although none actually raised rates. Expect at least that. Also, after the foreclosure IMB kept reporting my account as "late"-4 months after they had foreclosed, and the house had a new owner even!

In California they can't come after me for the house-one action rule and they used it to foreclose they have no recourse, purchase money, 1 mortgage only. I am afraid if I do a BK they will make me do a CH13-I make too much money according to NOLO's calculator for a 4 person household. Although if they cut my overtime even more at work I might qualify, but have to wait 6 months after they cut it far enough to qualify. I guess it couldn't hurt to see a lawyer. I am not sure.

I have recently gone through a full blown over 180 day late foreclosure. Used to have scores in the mid 700's-haven't checked on it lately other than the free credit report that shows all of the lates from giving the house up. Bank didn't want to work with me and I was upside down over 200,000. So I threw in the towel. Anyhow, I have lots of credit card debt. I have had lots of cut backs at work and don't make as much money, and we are just plain struggling. I shed a $2700 a month house payment for $1100 a month, and now still have no money. So I am thinking of stopping paying on my credit cards. I have around 9k balances on Discover, Chase, and Citi each, (so 27k total) and some other random smaller ones I will just pay off. So if anything from my research I can stop paying them and wait to settle, hopefully before chargeoff. I'd like to settle around 30-40% if possible. Any thoughts?

Most banks won't touch it unless you've been late "you can obviously pay, so you need to keep doing so" Banks then will try to get you to sign a promissary note for some part of the deficiency more than likely. It is BS that your credit isn't hurt less by short sale or DIL-the damage is done by lates NOT the final act of foreclosure etc. The real consequence is the time it takes to get a new mortgage, which some government entities are trying (stupidly) to lengthen.

Agreed. Mayor I understand you defending your employer but you do have a conflict of interest.

The biggest thing is learn the laws of Maine. That empowers you. I have learned tons from www.loansafe.org. It is a good FREE resource I have learned a ton and it has empowered me in my walk in California from Evil IndyMac bank. Just make sure you educate yourself before making any decisions.

I know my loan is not fannie mae or freddie mac for sure, checked their websites and they don't own the paper. Don't know who the investor is though.

I am just over 30 days late. I know they want the house and are not interested in truly trying to work out something with me, a la their handshake deal with the FDIC. I am wondering just how long (how many months) before they send a NOD I am in California.

About to go 30 days late on house, strategically foreclosing, so I want to know how much time I have before it hits.

I am now beginning to default "strategic foreclosure" on my property which is around 50 % underwater. This is not a discussion of morals, just want some thoughts on what is going to happen to my credit cards. I will still pay everything else, all car/CC payments, but not the house. I live in a non-recourse state. My thoughts are the "big banks"-Chase, Citi, Discover, BOA will tear up my cards for me, either balance chasing them down to 0 or just closing the accounts entirely. But...Will my CU credit cards take a hit? It seems they don't snoop like the big banks do. Also, will it mess with my regular old Visa debit card with my credit union? Will it affect my ability to get a secured card, or do I just need to get one with a bank that does no credit check? Scores now in mid 700's I expect a 150-200 point drop.

I have several large purchases to make upcoming in the 10k range should I call ahead so they don't freak?

Interesting replies all. Not trying to start any controversy or anything like that. Just want to hear if anyone feels they are in the same situation or has already began this process. It is true, I am looking at my family's best interest here. I know Mayor works for OneWest and probably believes they are helping people. But honestly, I know there is no way they will reduce my payments enough to where I would feel comfortable to stay, or reduce the principal, for example. This will be interesting to see how it all plays out over time, but when you have 2 children, a severly type 1 diabetic wife who may never work, and your house is worth $5 but you owe $5 million on it, you get the picture.

Absolutely I do. Like I said there is a plan in place that does not involve me buying a house. A family member is going to help us out.