Mortgage Forum

Mike

Long story short: I sold my house in Hawaii, bought one in Temecula, lost all my money in the stock market (mainly on New Century Financial), and now will probably walk away. Oh yeah: I should mention that at the time I bought this house my middle score was around 762 and now I'm scared to check. I also had a partner in the house who bailed on me. So now I owe 332k to Aurora and 67k to Wells Fargo. I have a 30 year interest only, first 10 fixed with Aurora and a 30 year interest only first five adjustable with Wells Fargo. The second was supposed to be fixed the whole time but they snuck that in with deceptive practices and language. Wells Fargo did not do the original loan.Anyway the house is worth maybe 320 if I'm lucky. I can't afford to stay here, and even if i could why would I? That is unless the banks were willing to work with me. Wells Fargo has been a serious pain in the ass. I have had to prove every time I speak with them that I have made all my payments, and the next time I start the whole process all over again. I would think that them being in second position they would bend over backwards to work with me. I told them I would walk otherwise, but they just don't care. They would rather get nothing than something, which seems not the way to run a bank.As for Aurora they are saying I have to fill out a bunch of paperwork before they will talk to me. They want to see if i can make the payments. I told them I can not unless they work with me. What is the reasoning with them? If I walk they get a property worth less than I owe them. If they even lowered my interest by 1/2 they would still be making money as opposed to losing the money from the devalued property, as well as the loss of tremendous income from the interest payments. At the very least they would get some more interest out of me until such time that I did have to walk or get foreclosed on.I would like to hear from some people that have dealt with either of these lenders or anyone else that has some suggestions.Also does anyone know offhand how long it takes to foreclose in California, and how long after that until you have to leave?Thanks all