Underwater but not drowning!

Yes it is true. I am one of the homeowners underwater. I recently disclosed that to a friend and her reply was 'I won't tell anyone'. Nice gesture on her part but totally not necessary. Within the last week I was approached by a financal adviser who volunteered to review my docs on the premise that his company has been able to negotiate through the Courts and prove that the current lien holder was unable to provide a deed to coincide with the loan thereby allowing the mortgagor to obtain the property free and clear from the current mortgagee. Although he qualified his statement by saying he could not give me legal advice he suggested, as a friend, that I stop making payments toward the mortgage as being in the foreclosure process would add a sense of urgency to the Court. The written contract requires a minimum $1500 non refundable fee and a promise to expunge negative credit bureau reports if/when the suit is won as well as other stipulations too detailed to enumerate. My point is this: Yes, I am underwater but I am not drowning. I cannot in good faith arbitrarily stop making my house payment. Not only does it go against my personal grain; I do think that a Court would see that I was intentionally attempting to pull one off on the lender. Despite the fact that the lender may deserve it since I have been negotiating, to no avail, with them for more than a year to modify my loan to a fixed rate at minimum. However, this seemingly rampant rush to jump overboard seems to be exacerbating the current dilemma in the housing market. Yes, I am underwater but still able to row the boat. If I loose my oars I will need to rethink. For the time being I will continue my trek to shore and my a diligent effort not to become a statistic for foreclosure.Linda Landry, REALTOR ® Exit Realty 1st Choice Tucson, AZ
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  • It amazes me we are taking about health care in Congress and we are not spending as much if not more time on housing. I bet there are more people undewater in their mortgages than their are uninsured. Where are the hearings on this issue? Every day I hear another story about someone you would never think would go bad on a Mortgage being forced to make very difficult decisions.
  • Linda,
    If anyone could negotiate their mortgage, I know that you have the talent to do it. Can you go over the head of the person you have been dealing with?
  • At least your'e honest and don't want to game the system. It would be nice if your bank offered you direct aid. I am also suspicious when these "investors" offer to work with me and come up with a creative scheme that I can make two comissions on the same property and they dupe the bank into taking it for half price...and you ask why because if that was true then why would a bank ask for a BPO anyway?
  • Isn't that the truth MeLisa; many would be tempted because the bait of 'winning' your house 'free and clear' is a wonderful prize to contemplate.
  • Linda,

    It's amazing how many companies are out there trying to take advantage of homeowner's situations. Just as we as Realtors are trying to help with short sales, modifications, etc. There are other less reputable people trying to get what they can from homeowners.
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