When I sold my house in San Jose back in August of 2005 and bought a PUD down here Grover Beach, I never thought I'd be facing a situation like I'm facing today. Besides learning about foreclosures while studying for my real estate exam, I barely knew what it really meant. It wasn't a subject that many people spoke about at the peak of the market. Everything was going great and people were making lot's of money in real estate. I too caught the "real estate" bug and extended my credit and bought investment properties that were part of my demise.
Today I now know what foreclosure means on a personal level. It means that on any given day, all I've ever worked for in life can be taken from me at the county court steps if the bank so desires. It means the $65K I put down on my home will be gone like the wind and the bank will lose over $130K because of the 47% drop in value that has occurred since I bought in 2005. It means selling my beloved Charger, filing bankruptcy and attempting to do a "loan modification" that according to the press is nearly impossible. It means life ain't easy!!
On the bright side, whether I get a loan modification or I lose my home to foreclosure, it will at least end a two year battle with stress, anxiety, mild depression and all the other things that go with the thought of losing everything. My battle starts today when I FedEx my loan mod docs back to BofA and see if they will have mercy and give me a 2nd chance. That's all I want! I'm not asking to lower my interest rate, lower my loan balance (paid $319k in 2005 and now worth $170k) or even forgive any of my missed payments. I just want a 2nd chance to make things right and get on with my life with a fresh start with my payments.
So come on BofA, prove that these load mods can work and give me a 2nd chance.
To Be Continued........
Erich Salas
Positive thoughts being sent your way...if anyone can pull this off it is you...Best of luck to you getting a 2nd chance and a fresh start!!
ReplyDeleteAnna D.
Hey Erich,
ReplyDeleteI can relate! I had to go into Bankruptcy to try and keep my property here in Nevada City and Wachovia has just requested a "relief from stay" which means that they want to take my property before the Bankruptcy has ended. I have to go to court again on March 7th to oppose the relief from stay and if I lose they can start foreclosure within 3 days of the hearing ..... what a journey!
I have learned a lot about delaying foreclosure during this time and there are a couple of good sites on the web that can help you understand the whole process.
http://www.thehomeownersrevolt.com/
http://www.bankclassactions.com/
Good luck brother!
Tony