All Forum Posts by: Lee Marshall

Message for Mr Bill... i appreciate your response, and would like to talk to you further. It looks as though my short sale is going to fall through... and my co buyer is ready to stop paying... i've been thinking about quit claiming her now, and trying to do this on my own. with just one income, i may be in better position hammer out loan mods or whatever else. I'm dealing with countrywide (1st) and wells fargo (2nd). let me know if we can talk further.

My gosh jake... sounds to me like you're doing this ss yourself. I almost wonder if i should have been doing the same. i'm in the same situation you are, but my agent is handling everything. Much respect on your ability to dog these bastards into working with you.
I have been battling with countrywide and wells fargo. I have great credit, no default and because of that country wants me to take a 15k promisory note. They told me that because my credit score is so hi, I must not be in that bad of shape, so they want some extra to do the deal. i tried to call there bluff (they did this to a friend of mine, but he got out of it), but they came back and said they'd rather foreclose... i was kinda shocked they'd rather go throught he expense of foreclosure than take a deal that they really won't loose much money on at all. The whole thing feels criminal to me. The fact that they're getting my tax dollars for bailout and yet they want way more from me just makes me want to never owe on a mortgage again..
I've heard the your credit score will loose about 150 from the ss, but the other numbers i've seen here have been more encouraging. good luck bro lets keep in touch!! Lee

the property is in california.
a quit claim and taking a tenant is not an option. the property value is about 200k upside down right now.
to be honest, the main reason i want to sell is to unconnect myself from my co-buyer. she has become a big risk to my credit and has become very financially unstable since the home was purchased.
due to rent prices in this area we could not rent the house and get what we owe each month. the difference would be close to 800.00 per month. couldn't afford that now either on my own.

Ok , check this out... 4 years ago i co-bought a house with a friend of mine (both of us are nurses). To cut out a lot of boring details, we are now trying to short sale the house.Because we were not in default and i don't have a bad credit score, the deal is not looking good however at this point and neither of us think it's going to be approved. My co-buyer is now telling me that if the sale doesn't go, she's just going to stop paying. MY QUESTION IS.. what are my rights in this matter. I would like to protect my credit as much as possible and avoid a foreclosure. What would my rights be in a deficiancy judgment if i tried to keep paying. Are there any protections for the partner that doesn't abandon. any help you could offer would be great, Thanks, Lee

Hey Dave thanks for your comment as well, very good insight for me. My agent said that wells was hinting that they wanted way more than 3K, but i agree with you that this first no is more a bluff.... I will persist. I do believe my agent knows what she's doing, and after having these conversations with you I feel like I have some way to gague that now. Thanks again.

Shari Posey, you are awesome!! you had me at hello.... haha. Thanks for the info on wells and the loan mod. I know patience is key here as well... we'll see how this goes. thanks again for the extremely valuable response.

Oh and by the way Krzy... that is a five string bass that i do solo instrumental stuff on. I have a few buddies that play Chapman.. what a cool instrument.

Yeah Jon, my place is about 200k in the hole. good to know i'll always be stuck!! Think i'll go drink some hemlock... just kidding, anyway..
in this situation where i'm not in default, and my mortgage doesn't adjust until 2010, do i have any leverage to try a loan mod to get out of the interest only aspect of my loan.. i'm getting the impression that these lenders will only deal if your in some stage of default.

Hi Shari, thanks for the response. I really appreciate the short sale info.... my primary is through countrywide and my second is through wells fargo. so far (and we're only three weeks into this) wells fargo has already gotten back to my agent and said they won't accept if they cannot get countrywide to offer them some money. my agent is doutful that countrywide will want to offer wells fargo anything. so i'm fearing being stuck. maybe my agent should do as you suggest and see if the actual investor will play nicely with wells fargo.
I appreciate the tip on renting the house, i'm also trying to separate myself from my co-buyer. since we bought the house, she has become financially unreliable and deceptive at times when dealing with finances. I'd really love to just wash my hands of it all. I don't see myself buying anything any time soon after this whole experience. the thought of dealing with lenders again makes my stomach turn. thanks again for the good advice.

Hey everyone, thanks for the feedback. Yeah, I was striaght and legit on all my loan apps. everything was above board.
Thank youTaz and David for the clear thinking.. who actually does the forensic audit.... Courts or lenders?