It is our intention to sell the house for what we can get for it, then petition the mortgage company for a short-sale. This means that the difference between what we owe, and what the house sells for, is basically gifted to us. The bank will receive the difference in funds from the Federal Government. There is no way they are going to loose money on the deal, though it was fine for me. We can walk away from the house, and not owe the bank anything, starting over. The only downside is credit scores. Ours will go down (this is fodder for my next blog, credit scores).
Friday I called the mortgage company, actually I called them back. It was the first time I've talked with them when we have not been paying our mortgage. They told me now was my big chance to get current, before March. I told them that I had no intention of paying my mortgage anymore, and that our house is for sale (I told them nicely, and calmly). They transfered me to Susan in the Short-sale dept.
She gave me the info I needed for the sale, and then I asked a question. Is there any way possible for me to keep my house with modified arrangements? She said no, not if we are not going to pay our mortgage, which is funny, since months ago the answer was the exact opposite. The bank couldn't help modify our loan, because we were paying our mortgage.
She then informed me that buying a house is an investment (huh?). If my house was worth more than I owed, the bank wouldn't charge me more. I then told her I was so glad that we had the option to default on our loan so that they can have their devalued investment, and we could start over. I didn't hear much on the other end for a moment. I was so nice. Thank you Citi Mortgage.
No comments:
Post a Comment