Mortgage Forum

Joel Fraser

Our home has been for sale since January 2008. We quit making payments in January (both a mortgage and heloc with WaMu). We've been struggling since 2000 when our business hit some obstacles and we funded the business with proceeds from the house. We refinanced a couple of times with the last time being 2006 and prior to that I believe it was 2005.Obviously, business didn't improve and the housing market was crashing.We made the decision to sell and obviously we would be short on the outstanding loans due.The good news is - - we've made it to August while listing and showing the house (I think higher than normal showings - with at least 3 buyers looking twice).The truth is that you're working with a blindfold. It's the bank's house because they served foreclosure papers in April(?) and they don't want to talk to you until you have the house on the market for 3 months and then you can start loss mitigation process. They sent a real estate market appraiser to take pictures back in March(?) Aggravated me that WAMU wasn't more upfront on what they were doing - - at first they presented the lady as another real estate agent. As we walked through the home we chatted and she told me who she worked for - - It's difficult for everyone involved - this lady doesn't know how she will be accepted or not, the bank is trying to assess the status of the property, etc. When I'm sane, I tend to want to cooperate with the bank and sell the property! We did receive an offer!! At the time I thought it was low but a good jump off point. I think we started at $950 and dropped to $825 and was offered $755 - - but they wanted an answer in 10 or fifteen days....good luck with that....Along came another offer of $650 - - now that was insulting but people are going to be looking for deals and god bless them maybe they can catch our home at the sheriff's sale for that price! Just wondering what the bank is thinking regarding price? That's a mystery!My husband was very good about keeping in touch with a 'facilitator' of the loss mitigation package, offer and when we called to tell her about the offer she had an appraiser out the same day. I was impressed with her efficiency. Next step - assignment to loss mitigation negotiator(?). Again, my husband was very persistent and nice! trying to find out who was assigned to the case - they aren't too loose with those contacts. Also, our potential buyer was getting antsy because they want to get settled for school to start in August. My husband got thru to negotiator and was told the counteroffer from WAMU was valid for 2 days! and if the buyer accepted the offer she would take it to the next level? It's sometimes really hard not to get aggravated! WAMU neg. was able to counter the offer but doesn't have authority to close the deal? Also, WaMu said the RE commission was only 3%? My agent does not seem happy!People buying in short sales must have patience. I've always set my intention on the sale of the house and this whole process that some family will love and enjoy the house as much as we have.Today, we had another showing and the agent was a nice guy who was Polish and his Indian client had to translate for him and I at times! The showing ended with us each wishing the other well and good luck for the future.Not to say that there has not been a heavy emotional, financial, and psychological drain. I also know people believe that we've lived here for 6-7 months without paying and 'good for us'. That's not the way it is...We're not gaming the system, we're losing our home! If we could pay, we would pay. We've lived in our home for 16 years, we've raised our son here, my father passed away here during a holiday, and we've been members of a community. I haven't told my 80 year old mother that my house is for sale! That alone will make her worry....I hope she never knows why we sold.Endings are hard and beginnings can be scary but I will never ever be here again. Good luck to all - we will all become stronger from knowing this hardship.