Re: Problem with 2 loans with Countrywide

Posted by Eric on January 31, 2008 at 12:35:05:

In Reply to: Problem with 2 loans with Countrywide posted by Sonny on January 27, 2008 at 20:11:57:

CFC are Criminals. They will not work out anything with you. You are upside down. You need to rent your townhouse immediately, You then need STOP paying CFC. They are very busy, so it will take 4-6 months for them to Foreclose.
Be Prepared. A week before the Foreclosure Auction file for Bankruptcy. That buys you another 3-4 months.
Whatever you do DONT MOVE OUT. After CFC buys back the property they have to evict you. That process is 3-4 months too. Once you have been served your Notice to Quit and then the Summons and Complaint you can now bargain with the bank to pay you to move out.
3 months rent is reasonable. The entire process is 1 year, so with a tenant paying you and you saving the mortgage payment you no longer are making you will catch up fast to the loss of your down payment.
Good luck . I've been there, I know. I'm now an expert on Foreclosure and Bankruptcy.

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