investment property (ours) foreclosure

[Barbara Hutsell]

I'm new so maybe you just need to point me somewhere, but here's my question: How do you get the Lender to take the Property!! It's been 20 months since our previous renters left it needing extensive cosmetic repairs to rent; It's a beautiful refurbed 1925 bungalow with all new wiring, plumbing, etc. and an added bath. We were already losing up to $350 a month out of our dwindling retirement funds and were underwater. $280,00 loans....$169,000 new value. Stopped payments, May 2011. Lender declared Foreclosure implementation and Sale for March 2012. Delayed for short sale. Lender purchased insurance refused shortsale Decenber 2011. Been sitting ever since. Lender agent told me about 6 months ago it was sold. Not true. Trustee said that it was going to judicial foreclosure. No sign of action. About a month ago we got a letter from the mortgage servicer saying they were so glad that we were trying to save our home. We are so frustrated. Contemplating bankruptcy but we have other assets. We want them to just do their thing and get on with life! Any ideas? Oh we live in Multnomah Co. Oregon Can we sue the bank for driving us crazy?

[Jon Holdman]

Simon Campbell, that program applies only to homes the borrower is living in. And, as is often the case in short sales and deed-in-lieu situations, the borrower needs to show a hardship.