State: SC (judicial)
Foreclosure type: waive deficiency
last communicated foreclosure sale date: 16 days from today
Home purchase: 1999, right under $150k. I think it was originally a conventional loan, converted to FHA during one of the mods
second mortgage: none
last mortgage payment made: 6/2017
lender's appraisal: $162k
an informed/realistic appraisal: $143k
property liens: $3k civil judgement, $2500 HOA
reinstatement amount: $31k
Principal balance: $189k
payoff amount/accelerated amount due: $213k
My age: mid forties
This is my sixth foreclosure and I'm looking at trail period paperwork so the lender is prepared to make this my sixth modification. I don't see any terms of the mod in this phase but was told on the phone there would not be a principal reduction. (Never had one in prior mods...was just hoping for one). They have given no indication of any other loss mit options. There was a short sale period but no offers on their inflated appraisal/list price. Did not qualify for DIL due to property liens.
Whats different this time is I'm prepared to walk away. I assume the monthly payment will be close to the three trial payments. I won't bore you with my personal financial details but I consider the $1300ish per month payment a little too high for me, in this home. Obviously I don't deserve a conforming rate in these circumstances but I was hopeful they would come back with something lower. I am considering thanking them for another mod but declining and telling them I will move out by the sale date.
I just wanted to get the board's reaction as to what reaction they may have. I assume they will proceed with the sale but given the colorful history I have with my lender, would it be possible that they drop back and punt? First time I've ever considered declining a mod and I wonder how a loss mit department would react. Open to any other observations or advice.