All Forum Posts by: Barbara Hutsell

Thanks for the help. To answer some of your remarks. We were not given a reason for the denial on the short sale, just that the lender purchased mortgage insurance denied the short sale. The first mortgage would have been paid in full. $142K with 28K left for the $140K second. Seems fruitless to try for another short sale just to be turned down again. OUr assets really aren't anything great. An extra car that I like but can sell and live without and two other properties, one that is underwater too that they probably wouldn't take because they would lose money taking it but one a small mountain cabin that is free and clear that we would hate to lose. We're retired and after what we spent redoing this house, the recession and what we've put in trying to keep the house, there is no income and no savings except for a bit of safe pension $ that they can't get to and our social Security. There was a day that we thought we could never 'fall' but the world has taught us different.

We have had a real estate lawyer, but she wasn't foreclosure specific. In Oregon 1st mortgage lender can't come after us for a deficiency, but there is no relief from the full amount of the second. Our main concern, today in December 2012 is that this thing has just dragged on for so long and we don't seem to be able to get on with life. It sounds like an attorney might be an option to address the issue of "how to get the lender (apparently private party in Germany) to give it up on this house. We tried to refinance both loans way back at the beginning of all of this so that we could rent at a rate to actually cover expenses.

I'm new so maybe you just need to point me somewhere, but here's my question: How do you get the Lender to take the Property!! It's been 20 months since our previous renters left it needing extensive cosmetic repairs to rent; It's a beautiful refurbed 1925 bungalow with all new wiring, plumbing, etc. and an added bath. We were already losing up to $350 a month out of our dwindling retirement funds and were underwater. $280,00 loans....$169,000 new value. Stopped payments, May 2011. Lender declared Foreclosure implementation and Sale for March 2012. Delayed for short sale. Lender purchased insurance refused shortsale Decenber 2011. Been sitting ever since. Lender agent told me about 6 months ago it was sold. Not true. Trustee said that it was going to judicial foreclosure. No sign of action. About a month ago we got a letter from the mortgage servicer saying they were so glad that we were trying to save our home. We are so frustrated. Contemplating bankruptcy but we have other assets. We want them to just do their thing and get on with life! Any ideas? Oh we live in Multnomah Co. Oregon Can we sue the bank for driving us crazy?