Re: 2 Weeks Left


Posted by ALB on January 31, 2009 at 06:22:30:
In Reply to: Re: 2 Weeks Left
Posted by NJD on January 31, 2009 at 05:03:22:I don't want to actually file bankruptcy. I'd rather let the house go if that was my only option to stay in it.
The original loan was $400,000, 80/20 5 year ARM and the 20% is a HELOC also with CW. I paid my mortgage of $2500-$2700 - INTEREST ONLY - for 2 years. My payments have not gone up during this time, therefore CW says I don't qualify for any of their programs.
The house is now worth about $210,000. I have no intention of continuing to pay $400K for a house that's worth half of this. It makes no sense. The only money I have put into it is the initial loan costs of about $8k (other than the $60k in payments the last 2 years).
What also makes no sense is that they would rather pay foreclosure expenses and try to sell it at half price in a bad market, rather than adjust my balance to current market value and keep me in it. Because if I do surrender and move out, they will never recover the entire $400k. So why don't they wise up, save themselves some money & grief and work out a deal with me - the homeowner? I wasn't a deadbeat risk until the economy went in the toilet, and they sure didn't have a problem 2 years ago qualifying me for a loan that I wouldn't qualify for now. I just don't get it.
In any case, I can't really afford to (nor want to) keep paying $2500/month interest only for a house worth half of my current balance.
So what kind of "compelling proposal" do they want to see? And how can I be sure it gets to the right person at CW?
Thanks for your help.


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