my first blog-ever!

I think I'll call it: More than I EVER wanted to know about living in an upside down house.

No kidding. As much as I love to talk and to write, I've never "blogged" before. And lucky (or unlucky) for you, I've decided I had something to finally tell the world. Maybe the world will even find a way to provide some answers! Who knows...I just know that unloading this weight has got to be educational for someone out there, maybe you?

I figured I'd start with my current torment-living in my house while it goes to foreclosure. Where do I even begin to tell you about the amazing things that have happened to me in this process? Not sure people would EVEN begin to believe it all--I know I wouldn't have!

Don't get me wrong! I DON'T want to live here anymore-lol! I want OUT!

I decided when I built this home just over 7 years ago by myself (while working 3 jobs no less) that at the 5 yr. mark, I would "sell" it if I was still living alone, and I was.

Enter a guy who's name I forget, who offers me the tennant option to buy (where someone moves in and cont's payments before refinancing in his own name-about a year later). I gladly took it! I wasn't greedy-I just wanted to be able to walk away...

Except that this was supposed to take place in the Spring that year when I was ready to move out. Guess what ELSE came along that Winter? Yup! The Crappy Economy!

So...the broker/investor was out of the deal when I called to check in, because my property was now "overvalued".

Now what?

I called the Bank (Countrywide at that time) to see if I qualified for any breaks! Ha! Not if you were still "on time with your payments"! Well...I figured I could help with that-lol!

So I did what a lot of others did, and stopped paying for a few months. By that time, I had also decided I wanted to travel with a good paying job. So I applied to the Army medical corps under an age waiver for medical personnel. Two Weeks before I was to be sworn in as a 1st lieutenant (and having left my job already) I was rejected under a medical waiver for a surgery I had had 6 years earlier!

Unbelievable...could I go back to my job? Probably, but they were going thru a huge transition and had a hiring freeze going on until they settled down and until (pending) new legislation was passed-A huge insurance company.

So instead, I chose to re-evaluate what I was going to do. I took a few online courses and filed bankrupsy to cover me. Luckily, I had no family to consider in doing this-just me.

Fast forward almost three years now, and I'm still in this home, and still haven't paid a mortgage payment! Pretty amazing, huh? (can't say I feel too badly considering that my mortgage payment was "interest only" and pure profit for the bank).

I was due to foreclose this last January, but dreaded having to move in the middle of this winter (to where-I still don't know)! So when I got the 40th "you don't have to go thru foreclosure by yourself" letter in the mail, I actually answered it and found a realtor on the other end.

He advised me to call BAC to see if I'd qualify for HAFA. When I called BAC, they put me on hold while they checked with their attorney's office to see "if" I had a court date. IMAGINE my amazement when not only one, but two, separate BAC employees "verified" that I indeed did NOT have a court date filed with the BAC lawyers office or the county court house!

I was holding the actual summons in my hand (that was delivered by the sheriff himself) during these calls and told them that this was not possible! Instead, I was told that: "you know...if you DID have a court date, you would not be eligigble for HAFA", right?

Now would you like to proceed?

Heck yes! (you KNOW what they did, right?)

That was last January. I fully expected to be out within a month or two with my $3000 relocation fee since I did not need the "forgiveness" part of the deal. (I had already taken care of that via the harry-carry style bankrupcy I inflicted upon myself)

The journey thru that gigantic maze of confusion is a separate entry for someday, but believe me when I tell you that even "I" could tell when I was being stalled AND taken advantage of!

Sure, I may be living here rent free in the meantime, but there ARE costs incurred by me for doing so. Starting with one of the most expensive HOA fees in the state, utilities, lawncare, and upkeep for "showings" just to name a few, so that everyone can make money on this deal!

Don't think the bank doesn't appreciate someone living in here-they do! It's to their benefit in several important ways.

After 3 tedious attempts to qualify for HAFA (with 3 separate entities who evaluate you based on whether you have an offer/don't have an offer/ have FM or FM as your investor OR NOT, among other incredible things)

I was encouraged to go with a "traditional" short sale.

You KNOW what this means, right? It means that BAC comes out about $35,000 ahead by me NOT foreclosing; that the realtor gets their 6/7000 commission for their part (well earned btw); and the buyer I chose (from the two who submitted offers in just under 4 weeks) gets a great house for a super price!

Me? Not even the relo assist I was hoping for- considering that half of it will go to HOA fees that need to be paid in shortsale (or otherwise).

Hmmm, let's see. Can I move, store, and rent again on about 1,500? Probably. Do I want to? Not if I can help it.

My incentives?

Total POVERTY w/o ANY safety net for starters.

My credit report? Long gone, I'm sure (I haven't bothered to check-it can only be bad and getting worse).

Depending on which 'expert" you read up on-the difference between a shortsale and foreclosure on your CR, amounts to whether you want to buy another house in two years vs 10 years. (At this point, I don't care if I ever own another house or not).

Really. It's SO much responsibility and work! And I can't afford all that's involved in doing it well.

I have a great car, a secure career, and thank God, my health! But NOTHING to fall back on! One major auto repair ...and I'm totally wiped out.

So, do I want to fight with the bank for a measly $3000 (when I'm saving THEM so much?) Yup! I DO!

When the potential buyer on my house would not add an addendum to our PA that I asked him to at the end (requiring that closing is conditional upon my getting the standard relo fee) then I in turn, found a flaw within our PA that stated that the agreement was already null and void when I signed it-and it was.

Sad. I generously chose this buyer even though my realtor advised against it. His financing thru FHA was not as "solid" as the other buyer and he also wanted assist with his closing costs. I had to explain to my "business"-oriented realtor just "why" I chose this buyer when the other one was such a "sure deal".

My totally idealistic answer in Polyana-ish fashion, was that this buyer obviously was the one (between the two) who "needed" the help! Since "I" couldn't benefit from buying the house for what it was being ridiculously sold for, then I wanted it to go to someone else who needed the help and would appreciate the opportunity he was being given!

We were ALL going to WIN/WIN in one way or another!

But that was before I realized that I would be eventually squeezed out of the equasion at the last possible minute (for the most outrageous reasons imaginable too!) in an effort to save every last penny so that everyone ELSE still profitted! all I can say is: W O W...

Nope. I have too much self-respect to allow THAT to happen! I'm still the Captain of this ship-- even if it must go down. (You would think the bank would respect that, behave,and do what's "right" for a change instead of continually insulting me with their never-ending greed and disorganization). OOPs! There I go again being logical and idealsistic. When will I ever learn....

So now the buyer (who I had earnestly wanted to help) who was not willing to "risk" in kind, the same help I was asking of HIM now, is out of a great deal, and so is the bank, who as far as I am concerned, was too greedy to throw in a standard relo assist for someone who's bank account they reviewed monthly for 6 months, and who they know is far from swimming in money!

Do I make good money? It's decent-but I've made more.

Do I have money? If you want to call it that-and only until the 1st unplanned accident comes along!

While MANY can claim to be in this exact same unfortunate boat, I'm not gonna give in
to corporate pressure/greed so easily because of it!

While I was willing to do "the right thing" to help everyone out in what is an unfortunate scenario all the way around, I won't sell myself out or short of what was supposed to be a win/win situation for everyone involved.

I owe that to myself.

So here I am....still waiting to hear whether the bank will accept the idea (of a purchase agreement with a conditional relo clause thrown in) or not. The realtor says "her friend"-- a VP at BAC wants to review the case. Can't blame the realtor for trying...

The HOA, in the meantime, will not budge on the amount due and will not accept anything less for an all cash payout (of half of what I currently have saved in the bank).

The HOA office remains under the ridiculous impression that "the bank" will pay this at closing-even though I assured him that the realtor I've been working with since January tells me she's never seen the bank pay HOA throughout all the short sales she has done.

What a ride....Can U believe it?

Is there life during/after foreclosure? I guess we'll see..

My gut tells me I'm pretty sure that there are few more options out there for me, even though I don't know exactly what they are.

Yet, I still believe...Hey, it's America, right?

I'll let you know where I land...
ML