I haven't posted in a year! An entire year. Much has changed since the last time I posted.
As the dream I had some years ago has come true, we've been on a scary whirlwind ride of anxiety, fear and loss. And yet, God has been in control all along.
Way back in 2005, we decided to get a second loan on the house to do some needed repairs. When we bought the house, at the high point of the mortgage bubble, for too much money as it needed quite a bit of work. The back yard was a gravel pit, concrete was missing on the patio, the side yard was mud every rainy year. There were no landscaping or trees in the back..did I mention it was gravel pit?
The second went to do the repairs and bring the house into the 21st century.
Then my husband lost his job of over 20 years and couldn't find another. We ended up going into business for ourselves which has been fairly successful. For a few months, we couldn't make the payments on the second. But then we got really busy and were ready to start paying again.
Anyway, to make a long story short, the second disappeared online, we couldn't find it at one point to make payments.
I called the loan company and they said it had been written off as bad debit. This was during the time of the bank bail outs.We presumed, (wrongly it turned out) that that was the end of it.
we never heard about the loan for years...
2016---- We first got a letter from a company who had the loan. This company had bought the loan in a bundle with many others. Evidently, banks have been bundling these "bad" loans and selling them off for pennies on the dollar. The loan had floated around in some time before landing into the companys lap. And they were bulldogs.
First we tried talking with them, and asked for a loan modification which they agreed to, we got the hardship letter written and submitted. They wanted more information, including Alan's complete medical records to prove he is a diabetic. When he called them, to check on things, they told him they had made a decision, foreclosure. No loan modification.
Then we tried for a cash settlement. again turned down. They wanted $33,500 wired to them in two days! plus $400 a month for the balance.
By that time, we had a small team in place to help us. Our lawyer suggested we try a loan modification on our first (which we were completely up to date on) which put off the second for a few months. Then when the loan modification was approved, they fell on us like vultures.
They scheduled our house to sold at auction. Again , our lawyer suggested a bankruptcy which put them off again.
During this time, we tried a short sale and we actually had a cash offer on the house. The loan company denied it.
The bankruptcy did put them off for awhile, which gave our son and family time to find an apartment and move.
As soon as the bankruptcy was denied, they fell on us again and put the house up for auction. It didn't sell and they took it back.
We were able to finally get a small bit of good news, they would do a cash for keys so at least we couldn't have an eviction on our records.
At one point, the second loan was telling us to move and our first was telling us to stay. What a mess!
Now, after all the heartache we are in a new senior condo and paying rent. Meanwhile, our house is sitting empty.
The first loan has told us that they are going to foreclose on the second in three months if they don't come up with the balance on the loan. No discounts for them. No only that but the solar panel people will want a small fortune to remove the panels.
This second loan company will make no money on our house. And yet they did it. Why? Greater minds then mine are puzzled
Our new place is small but cute and with a little TLC will be home. Peace is again reigning and we are out of the turmoil.
I''ll post some photos when we get things together here. We've only been here about a week so far and there are still boxes in storage to go through.
We drive by the old house to check on it.Evidently, the company thinks its very valuable as they have security cameras on the entrances and high security locks in place.
Good bye little house!
4 days ago