We are sellers and really need some advice!!
Hi all! So happy to have found this site as I am literally lost at this point!
Long story short: My husband was told over the summer that he could either lose his job or relocate with the company. After much discussion about our current options, we have decided we would move with his company. This is his third job in two years. We live in a very economically depressed town and we cant start over again with his pay being as low as 9.00 per hour, which is what companies here are offering. There are no other jobs in his trade here either.
We have owned our home (own, HA, paying mtg) for the past nine years. Paid 288,000. It's a first/second refi because we had to change the loan two years after having it to a fixed from adjustable. The homes in our neighborhood are selling for 180,000 - 190,000 approx. We have a realtor who was very adamant that we could qualify for the HAFA program, no problem and got it on the market last month. Within five days we had an offer. A cash offer for $220,000! Obviously lower than what we owe, but higher than what is selling and cash! Agent submitted our package with the hardship being job relo and no jobs in area (we even supplied lists of jobs in this area and the pay rates). We move in November (next month) and will be paying rent. We cannot afford to carry mtg and rent a place.
Got a denial letter within a week that we do not qualify because we are current on our mtg. Of course, I know that a SS will do some damage and I have a 870 fico score so was trying to preserve our credit as much as possible. IndyMac is our servicer and with a private investor, who I cannot find out who it is. Ok, so I assume we must miss November's payment in order to qualify for the SS. I get a letter yesterday stating (from IndyMac) that they do not suggest we miss our next mtg because there is no guarantee that we will qualify for the SS even if delinquent as they have so many factors.
I called MHA, HAMP and HAFA as well as our local Congressman's office. Nobody seems to think we can get around the guidelines of the investor, stating in writing that they cannot approve, or will not, a SS unless the seller is delinquent. They do not consider us having a hardship because we are current, but we will be next month! I am nervous about starting to miss payments and am absolutely dumbfounded that we are in this position when it seems pretty straightforward why we need to sell and move! Not because we want to, like some do in an upside down loan, but because we have to move for work!!! Never thought I would be in this situation and we are trying to do everything to be good, honest people! I guess that doesn't always matter.
ANY comments, suggestions, help would be greatly appreciated. I also contacted a lawyer but have not heard back....
Vicki
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Vicki,
I'm sorry to hear about your unfortunate situation. It really depends on who the investor is on if they will allow a borrower to participate in a short sale when they are not delinquent. Have you been able to find out exactly who the investor on your loan is? Have you reached out to the executive office at IndyMac?
Brett@ishortsalenow.com310-564-6389
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Permalink Reply by Vicki Cade on
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No, I keep calling the gal on our letter but she never returns my calls. All the numbers I have for Indymac goes directly to the generic customer service line. I just hate being in this situation! I really feel like our hands are tied!
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Permalink Reply by Laura Rivera on
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Hello Vicki,
Please visit the Federal Housing Finance Agency link below. The guidelines which go in effect Nov.1, 2012, will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage.....
http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf
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Our loan is not either Freddie Mac or Fannie Mae, so we dont qualify for a lot of the programs out there.
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I just got this letter today. It's a foreign language to me, but maybe somebody with brains (not me at this point ha!) could explain this to me...
"I would like to explain that your loan has been securitized, meaning it has been pooled with other similar loans in a mortgage-backed security (MBS). Deutsche Bank is the trustee for the MBS, and IndyMac Mortgage Services is the servicer. The serving agreement between IndyMac and Deutsche Bank identifies our responsibilities as including, but not limited to, the collection of payments from each of the mortgages within the pool, initiating the foreclosure process for loans that are in default, processing loan modification and short sale requests, and responding to customers' inquiries. Our records confirm we received your HAFA application on 09/14/2012. We mailed you the enclosed denial letter because the MBS does not allow us to review loans that are not seriously for a short sale (I think they left out delinquent??). Currently the loan is due for 11/1/2012 payment. We encourage you to make timely payments. There is no assurance that your loan would qualify for a short sale if the loan became seriously delinquent, as we consider additional factors when qualifying a loan for short sale"....
So, in other words?! Is Deutsche Bank the investor?? Does this make sense to anyone
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I called the manager at the bank, we'll see what happens! So irritating! AAAAHHHH
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Permalink Reply by Jeff Payne on
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Vicki, try jigsaw.com for contacts
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