Posted on: 14th Aug, 2009 08:00 am
Short sale due to job transfer and husband being laid off.
We paid as long as we could. I had already relocated to the new job location while he was to keep working until the house sold or he found a new job in the new location. Well the layoff occurred. Missed 2 payments on the loan. He was laid off in October. He paid Oct. and Nov. We fell short for December and January
House had been on the market since August. The Bank took until February to close on the property. First buyer walked. The 2nd buyer threatened to walk and the bank dragged it out.
So my company reimburses me most of the loss. I took that money and paid off all revolving credit cards and debt. The loan that the bank forced me to sign (or no short sale would be granted) does not appear on my credit report AND they are still getting their money from me. When I called the same bank for a new loan, that loan officer said he wouldn't pay them the money. In addition, he said something about this is hokey because that loan to the PMI company does not appear on your credit report. I only owe about 4 to 500 on one card and I am stretching payments out to show good credit history. We need something to write off for taxes.
We paid as long as we could. I had already relocated to the new job location while he was to keep working until the house sold or he found a new job in the new location. Well the layoff occurred. Missed 2 payments on the loan. He was laid off in October. He paid Oct. and Nov. We fell short for December and January
House had been on the market since August. The Bank took until February to close on the property. First buyer walked. The 2nd buyer threatened to walk and the bank dragged it out.
So my company reimburses me most of the loss. I took that money and paid off all revolving credit cards and debt. The loan that the bank forced me to sign (or no short sale would be granted) does not appear on my credit report AND they are still getting their money from me. When I called the same bank for a new loan, that loan officer said he wouldn't pay them the money. In addition, he said something about this is hokey because that loan to the PMI company does not appear on your credit report. I only owe about 4 to 500 on one card and I am stretching payments out to show good credit history. We need something to write off for taxes.
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not quite sure i can get this....your company reimbursed you for most of your loss? where were they when you were going through the delinquency? it's got to be highly unusual for them to step in after the fact but not assist you during your difficult period...just weird to me, i suppose.
i love your last sentence: we need something to write off for taxes."
boy, if that doesn't speak to the whole homeownership part of life, i don't know what does. this is apparently what we as a nation have come to. it's not our home that matters, it's the money. it's the loan that the bank forced you to sign. of course, you really didn't need to take that loan. all that would resulted is that the bank wouldn't approve the short sale. it was a bargaining chip they used, and you bought into it. spilt milk, it looks like.
believe me, i know you went through some miserable times in not being able to pay the payments due to the layoff, but you end up looking not so special with what appears to be a whiny post here. i'm sorry you lost your home, so to speak, but then again it doesn't appear to have been so much a home as a tax deduction.
start a home-based business if you're just looking for tax writeoffs. you can make no money and claim plenty of deductions for that.
and, no, i don't think i am "holier than thou." i just don't choose to share all the mistakes, misjudgments and outrages in my life - i've learned from them (most of them anyway) and feel it appropriate to comment in an effort to show others the way not to go.
i love your last sentence: we need something to write off for taxes."
boy, if that doesn't speak to the whole homeownership part of life, i don't know what does. this is apparently what we as a nation have come to. it's not our home that matters, it's the money. it's the loan that the bank forced you to sign. of course, you really didn't need to take that loan. all that would resulted is that the bank wouldn't approve the short sale. it was a bargaining chip they used, and you bought into it. spilt milk, it looks like.
believe me, i know you went through some miserable times in not being able to pay the payments due to the layoff, but you end up looking not so special with what appears to be a whiny post here. i'm sorry you lost your home, so to speak, but then again it doesn't appear to have been so much a home as a tax deduction.
start a home-based business if you're just looking for tax writeoffs. you can make no money and claim plenty of deductions for that.
and, no, i don't think i am "holier than thou." i just don't choose to share all the mistakes, misjudgments and outrages in my life - i've learned from them (most of them anyway) and feel it appropriate to comment in an effort to show others the way not to go.
My company was there through our relocation specialist assisting me to sell the home, paying closing costs, and paying the realtor. It is the company's policy that after the loss, they will reimburse so as to prevent people from dumping homes on a company that is far from being in the "real estate" business. My company was also there offering a guranteed buyout to which Russell Carlo at Bank of America took his sweet time responding. The result of which was my company extending the offer beyond the initial 60 days to give the bank time to respond since they said they could not handle the overload of people in housing trouble. Again Russell let their offer expire. So I was lucky enough to get a couple who had relocated from Iowa to Alabama and loved our home. They almost walked because the bank took to so long...from September to February when it finally closed!
We only missed 2 payments on the house. We requested the short sale due to in the middle of the relocation and house for sale, my husband lost his job. Otherwise, we wanted to pay it until it sold or pay it and wait for a better time in the market.
As far as being "forced" to take the loan. It was an ultimatum. Since I didn't have your knowledge, I didn't know I could have not signed it. Then they would have foreclosed on the home.
i don't think you are holier than thou. That is not the issue nor the point of my post Sir. Maybe I am a whiner. Get over it. I am asking for advice on a home, and your calling me a whiner is of no consequence. So what? I am whining.
Yes it was a home to our family, but we were relocating. Its a material posession, something I do not worship. It is where we lived and enjoyed life but when it is time to move on, I do. That does not make it less of a home to me.
I don't care if you don't post your mistakes. This was about my mistake. I posted it for advice as well as to maybe help someone else not make my mistake. I realize people can make whatever comments possible, but when you respond to someone in the future, keep that in mind and not whether you are holier. You're still an a-s-s!
We only missed 2 payments on the house. We requested the short sale due to in the middle of the relocation and house for sale, my husband lost his job. Otherwise, we wanted to pay it until it sold or pay it and wait for a better time in the market.
As far as being "forced" to take the loan. It was an ultimatum. Since I didn't have your knowledge, I didn't know I could have not signed it. Then they would have foreclosed on the home.
i don't think you are holier than thou. That is not the issue nor the point of my post Sir. Maybe I am a whiner. Get over it. I am asking for advice on a home, and your calling me a whiner is of no consequence. So what? I am whining.
Yes it was a home to our family, but we were relocating. Its a material posession, something I do not worship. It is where we lived and enjoyed life but when it is time to move on, I do. That does not make it less of a home to me.
I don't care if you don't post your mistakes. This was about my mistake. I posted it for advice as well as to maybe help someone else not make my mistake. I realize people can make whatever comments possible, but when you respond to someone in the future, keep that in mind and not whether you are holier. You're still an a-s-s!
well up to the point of the last sentence, there was an air of cordiality to your response.
i guess being forced to sign something is the way we feel...my stance, there, apart from any particular expertise, is that force is an awfully strong word, and we are a people who've been given free will. my point about my not posting the mistakes i've made was simply to demonstrate that i've certainly made my share and that i don't make mention of them might make others think i consider myself faultless. that's not the deal.
nevertheless, name-calling is an utter waste of time for me, so i cannot respond in kind.
i hope you next homebuying/homeowning experience will be a pleasant one and that you'll not suffer from economic pressures in the future.
i guess being forced to sign something is the way we feel...my stance, there, apart from any particular expertise, is that force is an awfully strong word, and we are a people who've been given free will. my point about my not posting the mistakes i've made was simply to demonstrate that i've certainly made my share and that i don't make mention of them might make others think i consider myself faultless. that's not the deal.
nevertheless, name-calling is an utter waste of time for me, so i cannot respond in kind.
i hope you next homebuying/homeowning experience will be a pleasant one and that you'll not suffer from economic pressures in the future.