What do I do now?

Asked by Cavine, Bel Air, MD Mon Jan 28, 2013

Declared Chapter 7 in 2008. Home is listed as discharged Chapter 7 on my credit report. After notifying the bank I could no longer afford to stay there ( they screwed me on HAMP). The attorney I had at the time offered a Deed In Lieu but the bank never responded. I was served foreclosure papers, but they never followed through. A realtor friend suggested I list it as a Short Sale and suggested an attorney to represent me. 2 years and 7 contracts later, the house is still in my name, yet the bank makes no effort to foreclose. The last contract was killed by the potential buyer 1/14/13. He waited patiently for 8 months for the bank to make a decision. It was the bank who set the asking price and he came in at full price. Just as we thought we were ready to close, the bank decided to up the price $9,000. The buyer then killed the contract. Now I don't know if I should keep it on the market as a Short Sale or take it off the market.

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Ron Thomas, Agent, Fresno, CA
Mon Jan 28, 2013
Way above my pay grade!!!
Some would say UNBELIEVABLE!
We are hearing stories every day about the Banks sitting on Shortsales and REO's; The Banks are not supposed to own the houses, but they do. The Banks are supposed to help the Homeowners with MODIFICATIONS, but they don't. The Banks are supposed to facilitate the Shortsales, but they don't.
You can only go on with your life, enjoying free rent and your Credit Rating destroyed.

Good luck and may God bless
1 vote
Thank you, Ron, but if it were as easy as enjoying free rent, it would be no problem. Since I was 66 at the time, I was afraid to stay in the house for fear that the bank would put me out on the street, so I opted to let them know I was leaving and the date I would be vacating and found a rental I could afford. In name, I still own the house and the bank won't foreclose, nor will they allow a short sale since they've let so many slide by. I'm now almost 70 and would like to rent with the option to buy a mobile home nearby, but I'm afraid to do that. BTW, the bank is CitiMortgage. I even got my Congressman involved, to no avail, just to try to push the Short Sale along.
Flag Mon Jan 28, 2013
Annette Law…, Agent, Palm Harbor, FL
Mon Jan 28, 2013
The situation you describe is typical of a short sale and is predictable behavior of the big banks.
It is a miracle when a short sale ever closes. When they do, rarely does the home seller or buyer fully appreciate the intricacies of the choreography to bring these highly complex, convulsed messes to a closure. Tomorrow I close on one that was a reverse mortgage. Now that was a double dipped mess that has endured since 2 Feb 2012. This unfortunate widow had the good fortune of having a highly experienced consultant on her team who buffeted most of the insurance companies abuse away from her. Even then, she felt OVERWHELMED and responded as one who is overwhelmed might.
Hopefully you clearly see there is not a good faith partner on the other side (bank). You have sufficient experience through the endured abuse, to know the one and only thing for which you should be concerned is what will be most beneficial to you and those important to you. Not knowing your situation, actionable direction can not be provided. What you need to do is listen closely to what your consultants tell you they can't tell you to do. You need to make this situation work for you just as the owner of tomorrows closing was able to do. Make the hard decisions and do what is beneficial to you and those important to you.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes
Thank you, Annette. I've endured so much from all this, but the person you're representing is much worse off. One thing I forgot to mention is that the HOA has a lien on the property. For every month it's not sold, the amount goes up. That also frightens me. I thought that they amount they were granted in the judgment was it......nope, it goes up every month. So that's another worry.
Flag Mon Jan 28, 2013
Cavine, Home Buyer, Bel Air, MD
Mon Jan 28, 2013
BTW, I'm in NJ, not Bel Aire Md........I have no idea how that happened!
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Jan 28, 2013
Look at the bright side, you have had a home for 4 years at no cost to you at all. How many people out there can say that?
0 votes
Yes, I've had the home for 4 years at no cost to me financially, but emotionally it's drained me. The house has been sitting vacant for 2 years. I've been paying rent for over 2 years, and moved twice in 2 years. Hoping that a Short Sale would happen, the bank is just stringing me along.
Flag Mon Jan 28, 2013
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