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reduction offer

After reading other web-sites about principal reduction offers, mostly out of CA, wondering how many of us in Florida have been successful with this program?

The problem we are concerned about is, you pay three month trial, without knowing what the terms of this modification will be after the three months. We spoke with the bank, some person, who does not understand our concerns, about going into another loan with this bank.

In addition, in 2009, my co-owner filed chapter 7, now after runing his credit, along with mine, the amount they say we owe, is really not what we owe, since discharge went though in 2010. So, I won't allow him to even speak with the bank, and surely not sending three months payment in, and possible put him in another rotten situation, with possible putting the debt back on to him.

Furthermore, the reduction, leaves us still underwater, almost $100,000, with the current prices that are

in our area.

So, we would like to hear from everyone, and let us know what you think?

Thanks

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Comment by Phred Maldonaldo on July 21, 2012 at 4:29pm: half of mods default again within two years. Economy will take many more years than that to take your home above water again.

I have no clue about BK, but it seems the discharge of the debt by co-signer left entire debt on you, and yet he holds 1/2 interest interest in property. That is not a tenable situation for you. Since your credit is already ruined, FC will actually prove a blessing as you exercise a strategic default and dissolve the partnership at same time.

An alternative is to get a quit claim deed from him to eliminate his interest in the property, and hand him a rental agreement to sign for his 1/2 of the payments +. But then you have to deal with an over-priced property + maintenance, with no hope of positive equity before you sell or die. What's the point of that? You get something of a tax break for interest deductions, but when you isolate that and add it to your current payments, can you rent for less?

Old StarTrek episode summary line "... only a fool fights in a burning house...". In your case, only a fool fights for a sink hole.

Unless your leverage is title-affecting, the best you can get is moving expenses for FDCPA violations. If your legal expenses are greater than that, or you sue your mill and lose and have to pay your legal expenses as well as theirs, then you have overplayed your hand.

Comment by Kathy Utiss on July 20, 2012 at 3:32pm: Penni,

It just all depends on who you can get to help you...With the chp 7 bankruptcy did you do a reaffirmation of the mortgage? If not post chp 7 they can't ding you for the house on the cbr. Now fighting their fraud is really hard and u have to decide if its worth your time. And the money it could cost if you find an atty to help is outrageous. They do reductions have they made you an offer? Sounds like maybe they did...How did they arrive at this number? I don't blame you on the mod...I held money for a mod that they refused to acknowledge their fraud on they still do...I'm in another home it really sucks, not the house just the situation. Most have no clue just how deep the fraud goes. As it seems to have no end...

Its hard to recommend what to do as I've been fighting them 8 years--I was a beginning result of all of this ....they are corrupt to the core, so bad they've perpertrated a fraud upon every american for almost 70 years if not longer. Now we know why we've got the people we have in our history books. Regardless of your intent to do right they don't care. May just want to do the best you can to continue to go forward.

If he or both of you filled a reaffirmation agreement I'm not sure how to proceed. I'm not an atty but a well informed financial professional. The mods aren't worth much. Neither are the audits that most perform. There is a SEVERE CASE OF OBSTRUCTION IN THIS COUNTRY!

Anything you were ever taught or known in this crisis mainly has been a LIE! Outside of violence and keeping peace the best you can to avoid what they push upon us is the best I can recommend. Know there are people who have tried to STOP them. I've had some time traveling to do so to speak only to find out some very astounding things. They may not care BUT I DO!