Home Foreclosure Story #2

[badass]

That's just nuts Snickford that a bank employee would tell you that. Did you confront them on the spot and ask them directly why they were asking you that suggestive question? They probably didn't hold the mortgage any longer

[Snickford]

No, I didn't confront them because I'm trying to get them to modify the loan, so I'm being very careful about what I say and how I say it (kissing-ass). They are a small local bank and they still hold the mortgage, fortunately. It's been a blessing dealing with the small local bank instead of the WAMU's of the world. I can actually get in my car and drive to their headquarters and I can call and talk to the same people all the time. That's one bright spot in this absurd mess.

[dude]

Hey, Snickford you kiss that butt as often as you need to. Any bank willing to help you out is awesome, because 98% of them won't

[Hambo]

Snickford, do you have a lawyer?

[Jones]

Yes I second that thought, as I know that is really hard to even know who holds your mortgage

[Snickford]

Yes I do have a lawyer, why do you ask? I don't think I need to call on him just yet...

[milkman]

it doesn't sound like you'll need a lawyer unless they reject you. I read an article in the WSJ claiming that banks are coming after strategic foreclosures hard.

[Snickford]

I'm not suprised to hear that. I have no desire to walk away. This home is all we have, it's all we've worked for our whole lives. We would lose everything if we had to leave. I'm in the process of selling everything we can to eliminate expenses. I'm gathering the money to purchase a used car in cash so that we can rid ourselves of a car payment because our mortgage is 70% of our net income. Shortly after we moved in, we both lost our jobs. We have good jobs now (thank God) but I had to take a 40% cut in pay. We can't refi because the LTV is too high. I want to hang on!! We love the house, we love the property and we'll stay here until we can't hang on any longer. Hopefully the bank will see that and help us. Then again, I'm not holding my breath.

[milkman]

Snickford, that's totally the right attitude. 40% paycut is steep. I would get rid of cable, get a prepaid cell and that's it, find wifi hotspots around town for Internet

[Snickford]

Ok, so we sold everything we could. Got rid of our camper, the truck that towed it, the four wheeler, my car (and bought one for cash so I don't have a payment) went with basic cable, cut the land line so no telephone bill. Both my husband and myself have been able to pick up side work to help our income. Our bank called us this past week and has offered to modify our payment terms which has reduced our monthly payment by $600! Yeah, after 15 years, we will owe the balance, but we can at least deal with that at a later date. This is coming with no costs and no impact to our credit. I can't believe they're doing this for us. I count my blessings that we financed with a small, local bank. What a difference that has made.