Upcoming Foreclosures

House foreclosure (CountryWide) question? My husband has a foreclosure on a house from 2003. But he was told that on his credit history that the foreclosure still shows that it is "open". If he received a 1099-C in 2003, doesn't this mean that the loan was closed because the house was sold and he had to take the hit to his taxes that year? I thought if you had a foreclosure that part of the process was done, and how can it still show open if the physical house has been sold and someone else now owns it? I'm SOOOO confused!

Please look at my deed in lieu of foreclosure process advice? I met with a financial counselor through the state of MI to discuss whether foreclosure or keeping my house would be best. I had it on the market for nearly a year - nothing is selling here. I have no interest in keeping my house. The adjusting ARM is adjusting for a 2nd time and I can't afford it along with the repairs, my loss of income and lets not ever start about how bad the neighborhood has gotten. The advice she gave me was to wait til I was 3 months delinquent on my house pay and then to contact the Loss Mitigation dept for Countrywide. She said a DIL is always a bad idea for the borrower unless you negotiate. I can ask them too -cancel any deficiencies and fees - eliminate negative credit refs -allow extra time in the house -pay moving expenses ($2000-$3500) If I can get them to agree to DIL my only worry is the defiency judgement. I'm hoping to be able to get out of this without doing BK so if all goes well I can. Thoughts and advice are appreciated. My next concern if I do get a DIL accepted is that the infamous 1099 form. Its disgusting to me that you will be taxed after losing your home. Is it an obnoxious amount? I'd have to clam BK anyhow -- and since DIL is only slightly better than foreclosure maybe I'd be better doing the foreclosure process, thus avoiding the defiency judgement and the 1099 form and banking my money for the 8 months til I leave? This issue keeps me up at night so TIA for the help everyone.

How do I get the bank to process the foreclosure on a home that was given back to the bank during a bankruptcy? We declared bankruptcy over 2 years ago and included the home under the BK (I had to go on disability and couldn't afford the mortgage). A judge processed and approved this action and gave the bank back the home. The loan was originally with Countrywide Mortgage and when Bank of America bought Countrywide, BofA then was transferred all the paperwork for the BK. We receive monthly statements from BofA stating that they know we have filed bankruptcy but are required to send the statements. I have spoken to BofA every three weeks and they acknowledge that the home was approved under BK but yet I am told different things about the foreclosure. "it's stuck in the bankruptcy department, they don't know why it hasn't gone into foreclosure, that California is really hard to have foreclosures go through because a judge has to approve them. I can't get a straight or definite answer. Since the title is still in our name we are required to pay the homeowners association fees as well as maintaining the front yard. The bank is paying all property taxed etc. for this home but we would like to get off the deed and have the bank take it completely over. There are now squatters in the house which I have informed the bank about. Explaining that we don't know if there is any damage or drugs inside the home but that they have had parties etc. Hopefully they will realize the liability for their bank. Not sure where to go from this point. Any ideas?

How long until foreclosure after default in CA? There has not been a payment on my mortgage since February (7 months). How long does it take Countrywide to take my condo, or at least require it to be vacant? Is there any way to speed up the process. I've been calling them asking to foreclose, but keep getting dumb clueless c.s. agents. This case is quite complicated and foreclosure is the only way out of this mess, please don't judge. complicated = I was scamed and forclosure is the only way out

Scared of foreclosure? I am behind 2 payments with countrywide home loans. My payments a month are $2060. I received a certified letter "notice of intent to accelerate" on oct 6th 2008.. but i sent a payment $2060 the day before which ended up posting on the 7th of november. Then a few days later i received a regular statement from them. Then on Nov 6th 2008 I received another certified letter "notice of intent to accelerate" but i had sent another payment the day before which posted on Nov 7th as well. I just made a payment of 2060 which will post tomorrow Dec 5th. My question is how long will it allow me to get by with just making these payment of 2060 instead of the 6000 that i owe? Or does anyone know the process that countrywide goes to before they start foreclosure. I'm in Cali.. thanks. my payments are 2060 but times 3 its 6000 something..

Foreclosure what happens to second buyers credit? I bought my home with a family member and we lived together for 4 years. We took out equity in the home and had a second mortgage. I consolidated both loans under my name only. He moved out and signed the deed over to me. I am the only one on the loan and deed. I have Countrywide and was in the process of a modification. Now because of their lies, I had no idea I was in foreclosure. Will my family member's credit be effected negatively or show foreclosure on their credit? If so what can do about it?

Made an offer on countrywide owned home, addendum says I waive the right to avoid sale due to condition, etc..? One part says I waive my right to avoid the sale of the home. Another part says I should get a home inspection done within 10 days and then have 5 days after showing to seller to revoke contract if I don't like it. I received this today (saturday) and the seller (countrywide) says I have to sign and return by Monday - the first business day I could possibly get a home inspection when the utilities won't even be turned on.... HELP! Does this addendum say what I think it says? btw, my financing was accepted as FHA Copy of addendum: BUYER (Initials)________________ - 1 - SELLER (Initials)_______________ Revised 3/06 REO #____________________ Countrywide Home Loans, Inc. REAL ESTATE PURCHASE ADDENDUM This Real Estate Purchase Addendum (“Addendum”) is to be made part of, and incorporated into, the Real Estate Purchase Contract dated ___________________________ ("Contract”) between ("Seller" and the term “Seller” shall also include Countrywide Home Loans, Inc.) and ("Buyer") for the property and improvements located at the following address: ("Property"). Buyer and Seller may each be referred to herein as a “Party” and collectively as the “Parties.” The Contract and this Addendum together constitute the “Agreement”. The Seller and the Buyer agree as follows: 1. LIMITATION OF SELLER’S LIABILITY AND BUYER’S WAIVER OF IMPORTANT RIGHTS: BUYER UNDERSTANDS AND ACKNOWLEDGES THAT SELLER HAS ACQUIRED THE PROPERTY THROUGH FORECLOSURE, DEED-IN-LIEU OF FORECLOSURE, OR SIMILAR PROCESS, SELLER HAS NEVER OCCUPIED THE PROPERTY, AND SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE ABOUT THE CONDITION OF THE PROPERTY. BUYER AGREES THAT BUYER IS BUYING THE PROPERTY “AS IS” (AS MORE FULLY SET FORTH IN SECTION 13 OF THIS ADDENDUM). NOTWITHSTANDING ANY PROVISION TO THE CONTRARY IN THE AGREEMENT, SELLER’S LIABILITY AND BUYER’S SOLE AND EXCLUSIVE REMEDY IN ALL CIRCUMSTANCES AND FOR ALL CLAIMS (AS THE TERM IS DEFINED IN SECTION 26 OF THIS ADDENDUM, AND ALL REFERENCES IN THIS ADDENDUM TO “CLAIMS,” “CLAIM,” “Claims,” or “Claim” SHALL HAVE SUCH MEANING) ARISING OUT OF OR RELATING IN ANY WAY TO THE AGREEMENT OR THE SALE OF THE PROPERTY TO BUYER INCLUDING, BUT NOT LIMITED TO, SELLER’S BREACH OR TERMINATION OF THE AGREEMENT, THE CONDITION OF THE PROPERTY, SELLER’S TITLE TO THE PROPERTY, THE OCCUPANCY STATUS OF THE PROPERTY, THE SIZE, SQUARE FOOTAGE, BOUNDARIES, OR LOCATION OF THE PROPERTY, ANY COST OR EXPENSE INCURRED BY BUYER IN SELLING A CURRENT OR PRIOR RESIDENCE OR TERMINATING A LEASE ON A CURRENT OR PRIOR RESIDENCE, OBTAINING OTHER LIVING ACCOMMODATIONS, MOVING, STORAGE OR RELOCATION EXPENSES, OR ANY OTHER COSTS OR EXPENSES INCURRED BY BUYER IN CONNECTION WITH THE AGREEMENT SHALL BE LIMITED TO NO MORE THAN: (A) A RETURN OF BUYER’S EARNEST MONEY DEPOSIT IF THE SALE TO BUYER DOES NOT CLOSE; AND (B) THE LESSER OF BUYER’S ACTUAL DAMAGES OR $5,000.00 IF THE SALE TO BUYER CLOSES. BUYER SHALL NOT BE ENTITLED TO A RETURN OF BUYER’S EARNEST MONEY DEPOSIT IF BUYER MATERIALLY BREACHES THE AGREEMENT. BUYER AGREES THAT SELLER SHALL NOT BE LIABLE TO BUYER UNDER ANY CIRCUMSTANCES FOR ANY SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES WHATSOEVER, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY), OR ANY OTHER LEGAL OR EQUITABLE PRINCIPLE, THEORY, OR CAUSE OF BUYER (Initials)________________ - 2 - SELLER (Initials)_______________ Revised 3/06 ACTION ARISING OUT OF OR RELATED IN ANY WAY TO ANY CLAIM, INCLUDING, BUT NOT LIMITED TO, THE AFOREMENTIONED CLAIMS. ANY REFERENCE TO A RETURN OF THE BUYER’S EARNEST MONEY DEPOSIT CONTAINED IN THE AGREEMENT SHALL MEAN A RETURN OF THE EARNEST MONEY DEPOSIT, LESS ANY ESCROW CANCELLATION FEES APPLICABLE TO THE BUYER UNDER THE AGREEMENT AND LESS FEES AND COSTS PAYABLE FOR SERVICES AND PRODUCTS PROVIDED DURING ESCROW AT THE BUYER’S REQUEST. TO THE FULLEST EXTENT PERMITTED BY LAW THE BUYER WAIVES ANY CLAIMS THAT THE PROPERTY IS UNIQUE AND THE BUYER ACKNOWLEDGES THAT A RETURN OF ITS EARNEST MONEY DEPOSIT CAN ADEQUATELY AND FAIRLY COMPENSATE THE BUYER FOR ALL CLAIMS. UPON RETURN OF THE EARNEST MONEY DEPOSIT TO THE BUYER, THE AGREEMENT SHALL BE TERMINATED, AND THE BUYER AND THE SELLER SHALL HAVE NO FURTHER LIABILITY, OBLIGATION, OR RESPONSIBILITY TO EACH OTHER IN CONNECTION WITH THE AGREEMENT. IF THE SALE TO BUYER CLOSES AND SELLER COMPENSATES BUYER AS PROVIDED ABOVE FOR BUYER’S ACTUAL DAMAGES, IF ANY, THEN THE BUYER AND THE SELLER SHALL HAVE NO FURTHER LIABILITY, OBLIGATION, OR RESPONSIBILITY TO EACH OTHER IN CONNECTION WITH THE AGREEMENT. SELLER’S LIMITATION OF LIABILITY AND BUYER’S WAIVERS PROVIDED IN THE AGREEMENT ARE A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER THE AGREEMENT AS NEGOTIATED AND AGREED TO BY THE BUYER AND THE SELLER. THE BUYER FURTHER WAIVES THE FOLLOWING, TO THE FULLEST EXTENT PERMITTED BY LAW: (A) ALL RIGHTS TO FILE AND MAINTAIN AN ACTION AGAINST THE SELLER FOR SPECIFIC PERFORMANCE; (B) RIGHT TO Looks just like this: http://www.placercountyhomesandland.net/files/countrywide_real_estate_purchase_addendum.pdf This is a generic copy I found, but it is the same exact one I was given. We are getting FHA loan and they accepted our offer on the house... and then sent the addendum. On one part it says we waive the right to stop sell of property due to condition, structure, etc. On another it says we have 10 days to get inspection? Does this mean we can't get out of contract even if the inspection turns out bad? I just got this paper today (saturday) and they said they have the have it back by Monday - the first day I could possibly get an inspection done when the utilities won't even be turned on yet. WHAT TO DO?

Foreclosure help needed, expert advice appreciated? My husband and I have found a home that is in foreclosure status (per our agents MLS). We're first time buyers and are new to this (sorry if I sound ignorant in any of this). We have to get pre-qualified through Countrywide first (we are applying this week) then were told we can get the funds through any outside source once were pre-qualified with them first. Here's my questions 1. I have heard that dealing with foreclosures can be a way longer process than dealing with owners, is that true? and why if almost 50% of homes for sale now in Southern California are foreclosures now? 2. Can we negotiate at all or are they dead set at the listing price? 3. Can we ask for help paying closing costs if not all? 4. If we get approved and everythings a go, how long before we get the keys, (the people still live there) do they get a 30 day notice to vacate? 5. On the mls it says "in-forclosure" does that mean its bank owned or REO now or is a "pre" foreclosure? I heard those are better and give more room to negotiate price and other things.. Thanks so much in advance!!! I've googled alot of this but get biased advice and don't know who to believe anymore... I just want straight up real answers from nobody involved... Thanks

Countrywide Cut My Door Knobs Off? A foreclosure in the State of: Arkansas I was informed today by Countrywide Mortgage that they cut my door knobs off and changed locks on my vacant home back in February. I asked them when they were going to notifiy me or the realtor who has had the listing for the past year. She could not tell me what happend to the lockbox on the door. The agent was unable to explain why I had not recieved any notification as to the process of the forclosure. The representative could not get the appropriate department on the phone nor do they take your call when you call in. There was a notice posted on the vacant home door to call countrywide but the number is not answered or calls returned. Can they do this? Its like changing the locks on your car leaving it in your driveway, charging you for its possession but not letting you drive it or get into it to sell it. How am I to sell a home that the mortgage co removes all access to potential buyers?

Foreclosure and Cash in bank? I'm facing foreclosure and I bought the house 5 yrs ago with 10% down, 80% paid by 1st loan and rest paid by 2nd loan (line of credit). They were all used 100% of it to the purchase of home. Although I did once took out like $500 out of 2nd loan but only after I paid off that much or more. Both loans are from same bank, Countrywide which now is BOA. I wonder what the process of this is... But bigger concern is I use BOA as my primary checking and I do have about $3000 in there and another $1000 in another bank. Can they go after my money in their checking account? I havent heard from them much i think they are backed up but I'm worried of situation once they are caught up. Any advice and help regarding legal proceedings would be helpful. By the way, I'm in California just like everyone else with this problem :) While we're at this, if they can take my cash, can they take it without notice? or go through court to go after my cash? And what's your recommendation at this point?

I am thinking of going into foreclosure....? With Countrywide on horrible ARM on home in Indiana. Been trying to work with them for 2 years(Re-Fi, Rate Freeze, Rate Adjustment, Short Sale, ect.) and am still at square one and I am extremely tired of talking to their call center in India. I have literally called 2-3 times a week for the past 2 years! They have done nothing but give me the run around. I purchased the house in Nov/2005(I should not have even qualified for this loan, but live and learn!) My ARM just keeps going up plus I am deficient $4400 in my escrow account due to them underestimating my taxes. But I am currently not behind on my payments.I would LOVE to just "walk away". I recently got married and we do not live there. I am not concerned about my credit because we can put everything in my husbands name. Is foreclosure my best option? And how can I expedite this process and walk away not owing any more money? I have given them plenty of money, believe me.

what should i do about my texas foreclosure situation? possible title issues/wrong address on house!? ok, when i purchased the house it was from a home builder who needed to move as many houses as they possible could in 30 day! i know this because at the time i was working for the home builder. so of course everything was going great UNTIL the day of closing. my loan was completely different at closing, my title paperwork came back with an incorrect address on it (wrong city and zip, but lot block and section are correct). but i didnt question it because the house sat on the border of three different cities and i honestly wasnt quite sure which one it should have been in but figured the title company should have known. on top of that the address on the house was not the legal address of the house which was not discovered until after closing when we had to switch over our utilities! we had to go and physically show our closing papers to get service hooked up!!! to make a long story short. in 2008 we were with countrywide and were in the process of getting a loan modification but while going thru the process boa purchased cw. before the sale of cw & boa we got a letter from cw stating we got the loan modification then three months later got a letter from boa saying it was declined. a year later i was still having to fax, refax and refax to boa to get the modification. two years went by and i was still faxing!!!! and kept getting told they never got my paperwork or that we didnt qualify b/c we made too much money (which was not true they had our ppwk mixed up with someone else). finally we "qualified" to do a short sale, boa sent an appraiser out to the house, everything seemed like it was going somewhere and then bam, it was over. the only answer that we can get from them is "we cant stop the auction of your house b/c its too close to your sale date" but before we were able to push back the "auction" date when it was a week away. at this point the only thing that i can think of is maybe they are having problems with our paperwork and all the wrong addresses, especially the fact that the address listed on the house is not the legal address. could this be a reason to deny modification/short sale?!

Has anyone had experience with a short sale with two mortgages? We are first time home buyer and were wondering if anyone is familiar with the short sale process. About a month and a week ago we put an offer on a short sale that had been on the market for over a year. The sellers signed the contract the following day and submitted it to the bank. Our realtor got back to us at the end of the week and said the house was going into foreclosure the following week, but that the bank was going to delay the foreclosure process for 30 days to short sale it. The bank ordered a BPO and assigned us a negotiator, then reassigned us to a second negotiator last week. We just found out yesterday that the house has 2 mortgages on it. The 1st mortgage is with Freddie Mac, and the 2nd mortgage is with Countrywide. Freddie Mac has approved the short sale, but now we are waiting for Countrywide’s approval. Our realtor mentioned that Countrywide had previously approved the short sale, but that it had expired, so they just needed to get an update approval. We are pretty much ready to go, we have our mortgage approved, a rate locked in (expires in mid Jun), and all we need is an inspection after the final approval. What are the chance that this short sale will go through and how much longer could it take at the point? Our realtor is confident that the sale will go through, but we won’t believe that till we see that in black & white and we have keys in hand.

What if my mortgage was never filed in the county where I live? My loan was refinance with Countrywide in '05. It has been assumed by Bank Of America. I started trying to refinance my home and found out during the process that the new mortgage was never recorded. I've been told by several sources to make Bank Of America produce a copy before I continue to pay. (I've kept paying due to the fact that I don't want to loose my 800+ credit rating.) They have not been able to do so. It's been two months now and all they can provide to me is a MERS electronic filing #. My county does not have the capability to accept them. (The title company that was used is no longer in business for them to retrieve the original paperwork from) I've gone so far as to contact the CEO and have still gotten nowhere. I just want them to do the right thing for the best interests of both parties involved. I've been told that if I quit making payments and let them start the foreclosure process then they just MIGHT get it filed and rectify the mistake. Would an attorney be able to do anything more that what I've already done? Do I have the option to sue? What can I do? I do not want to screw up my credit rating to try to get them to do only what behooves them nor do I want to spend thousands of dollars with an attorney with no guarantee that this can be done. HELP!!

Buying a foreclosure-seller wants to terminate?? We are in the process of buying a foreclosed home in kannapolis, NC. The only thing we are waiting on is the final mortage approval from Countrywide. We were supposed to close on 7/7/08. But since all these new rules and regs came out the underwriting is taken longer according to Countrywide. On friday 7/11 the sellers real estate agent called and said that if we don't have an approval by 4 pm that day the seller was going to cancel our contract. We signed a paper that says says we have to pay a certain amount of money "per diem" for a max of 10 days does that not count for something?? why would the seller(bank) want to start this whole process again when they have almost a done deal?

SHORT SALE: Offer of $100K submitted but $179K is owed. Anyone ever got 1 approved by Countrywide? This is a CONDO CONVERSION in Central Florida. I've paid over $40K on the property over the last 2.5 yrs. Loan is going to "reset" soon at a much higher int. rate. Also, the condo mgmt co embezzled from us & the area has become crime-ridden. Can no longer make the payments, as now my business has failed. THESE ARE THE ISSUES THAT HAVE LED ME TO THIS POINT. Any opinions on whether or not the short sale will go thru? (Yes I discussed & got prequalified to do a shortsale before I started this process, but the salesprice was never discussed. It was submitted in early June, & we've heard NOTHING......) Also, I'm wondering if I would be better off just letting it go into foreclosure, from a "credit" standpoint? (Won't BOTH look equally as bad on the credit report?) I want to put this behind me & build a new life.........

If You file for Bankrupcy can they take away your internet service? I was just wondering because my husband has gotten behind in are mortgage to countrywide and although Ive tried to work something out with them since this is the second time they say there is nothing they can do and since they are in the process of staring foreclosure Iam going to see an attorney to get help I was just wondering because my husband said that someone at his work told him that if he filed bankrupcy to stop the foreclosure that he will not be allowed to have internet service, since I have never heard of such a thing I was cuious because the internet service we have is with my phone company and it is in my name not his

Why do I need to prequalify AGAIN for a home loan if I already am approved with a lender? We are in the process of buying our first home, and it is a foreclosure. We are preapproved through our lender and are ready to proceed. The current bank owner of the property is Countrywide, and they are requiring us to prequal through them (they aren't requiring we use them, just prequalify). I don't understand why I need to jump through more hoops, when all I want to do is buy a home. Shouldn't they be THRILLED that I am able to take the property off their hands (and books)? To my way of thinking, it is none of their business what my personal information is so long as they are getting their money. They can't give me, my realtor, or my mortgage company a logical reason for this. Does anybody know why they are requiring this? PS- We are in California. Thanks!

Does it do any good to demand a signed copy of my mortgage documents? I'm behind on my mortgage payments, and could be facing foreclosure. I am not confident at all in the loan mod process, and it appears the banks like BOA (mine) are granting few modification despite getting bailed out. So, some friend have suggested I try to find out exactly where my signed documents for my first and 2nd mortgage are. My loan was originated with a builder, then sold to countrywide, then sold to bank of america. Thanks much for any help, and I obviously don't have money to hire an attorney. falsi: what? you are saying they don't have to have a copy to foreclose on me? I don't think that's true.

House foreclosure (CountryWide) question? My husband has a foreclosure on a house from 2003. But he was told that on his credit history that the foreclosure still shows that it is "open". If he received a 1099-C in 2003, doesn't this mean that the loan was closed because the house was sold and he had to take the hit to his taxes that year? I thought if you had a foreclosure that part of the process was done, and how can it still show open if the physical house has been sold and someone else now owns it? I'm SOOOO confused!

Does anyone have an example of response to summons (for foreclosure lawsuit in Florida)! I recently received a summons for a lawsuit by Countrywide for a condo in Florida. I had this as rental property and tried to get a Deed-in-Lieu from Countrywide, but they denied me after 6 months of 'processing' and filed a lawsuit instead. I have 20 days to respond to the summons. I don't want to keep the property, but I don't want to be stuck with the 200k mortgage or the $100k potential deficiency. Should I respond to the summons? If so, does anyone have an example of one? Thanks!