Disclaimer: I am not a lawyer. I am
only publishing my interpretation of my situation. You should seek your
own legal representation for your own particular
situation. Do not rely on my
opinions or statements for your own purposes as state
and local law varies as do individual circumstances.
October has been relatively quiet for me and my
bill collectors. I do not think I have had any calls come in at
all this month. Nothing has happened on the house that I lost in
a foreclosure last month (it has not sold). The two investment
condos that are going back in foreclosure have not been
foreclosed (even though I have not made a mortgage payment in
about eleven months. American Express did reduce my credit card
limit and cash advance limit (but only to the amount that I
usually charge - and pay off - each month); I thought it nice of
them not to close my account completely due to the foreclosures
showing on my credit report. How peculiar that being Halloween
tomorrow that all this quiet has been a little spooky.
I am getting ready to
make my monthly payments for rent, car payment, utilities and
condo association dues. The condo association dues, being almost
as much as my monthly rent payment, is a huge burden -
especially knowing that these two units will be going back in
foreclosure soon (hopefully soon). I really wish the banks on
these two units would foreclose (Wells Fargo and CitiMortgage).
Unfortunately, I do not think that they are in any hurry. I
think that the U.S. government's $700 billion bailout has
flooded the banks with money and probably guaranteed my
mortgages so the banks will actually get all of their money and
eventually foreclose on the units and sell them, pocket the
money and still sue me for the difference in whatever they sell
for at auction.
Wells Fargo did send me a
letter today requesting information about my finances if I
wanted to be considered for loan modification. They was a
financial worksheet (which they did not include in their
letter), W-2's, paystubs, bank statements and a hardship letter.
I tossed this in the garbage. Why not try to work something out
with them? Real estate in my area has decreased over 50% since I
bought, and I can rent for far cheaper than I can own. Plus,
with renting, I do not have to worry about Florida real estate
property taxes and insurance on the house. I think I may be a
renter for a long time to come.
My lease on my new place
expires about April of this coming year. I am anxious to see how
my financial situation will look around that time as well as the
local and national economy. I do not expect any of my three
foreclosures to have sold by then so I will not know what the
banks want to do about any deficiencies. Hopefully, the
remaining two condo units will have been foreclosed by then so I
will not have to keep paying the condo association dues each
month. My lawyer does not expect any of the banks to come after
me in a lawsuit until the properties do sell. In the meantime,
until all three of these properties and their debts are settled,
I had planned on staying in the area to handle the properties
and any legal issues that come up like court dates as I am sure
will eventually come up. I will probably extend my lease where I
live now for another year and keep a roommate to split the rent
and utilities.
There are some big things
that I am waiting to happen over the next few months and next
year:
1.) I expect the
two condo units to go back to the banks in foreclosure.
2.) The house and
the two condo units need to sell.
3.) I will have to
decide what to do about my lease in April.
There are several things
that I have or am changing about my life because of all of this
financial mess:
1.) I am seriously
considering a much less stressful occupation.
2.) I did not host
a Halloween party this year.
3.) I have not
booked a trip for New Year's Eve or December cruise.
4.) I am trying
desperately to cutback on my spending.
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