02-19-2012, 04:06 AM
Sorry Kathy, but deed in lieu is no better or worse than a foreclosure on a credit report, that is just something put out there to make people think it is true. The reason to do the deed in lieu if at all possible is to get the home out of your name as quickly as possible. And BOA has put there own insurance on the home as well as paying the taxes.
We are in this particular situation due to the fact that just as we were going through this, the State of Hawaii passed the mortgage moratorium, and with the new laws none of the banks are doing non judicial anymore, everything is going judicial which has made the situation even worse.
I do have a neighbor watching the home, as his brother wants it when it goes to foreclosure, so that helps some.
And for the others who think it is as easy as renting something out, there is liability and also having to keep up on maintenance, and paying a real estate firm as we are out of state. Uhm..we are broke, we have gone through bankruptcy and barely scraped together enough to leave Hawaii so we could get jobs. I am glad others are doing so well, but as noted there are many of us around that went through this, and we are not done yet, I truly hope this does not happen to any of you, but I understand the feelings as I used to feel that way about taking care of your stuff, but I have learned not everything is as black and white as we wish.
I truly wish we had not lost everything we had.We tried to hang on for two years while living in our home, but at some point you must chose to live and survive. Sometimes things happen and you do what you must. This was very difficult as we had lived in our home for ten years, taken care of it, groomed it, made it our home where our kids reached adulthood. We loved this place.It was our dream that we had worked on forever to have.
This was also one of the reasons I never divulged who I really was on here, as many people are very judgmental, and if I was like them I could wish this situation on them so I could then poke at them and make them squirm, but I am not like that, and having dealt with it from family members already, someone doing this now just makes me sigh in exasperation.
But then there are the rest of the people we met and knew who did care and tried to understand, there were several who were very helpful and were our true friends, who were just as devastated as we were, as they wondered if they were next in line.
This in no way was meant to be a rant, just some explanation, as I have moved on, and I am sure I won't be the last, but maybe some people will be a bit less critical of anyone else who may go through this.
As Rob always says, assume the best.
We are in this particular situation due to the fact that just as we were going through this, the State of Hawaii passed the mortgage moratorium, and with the new laws none of the banks are doing non judicial anymore, everything is going judicial which has made the situation even worse.
I do have a neighbor watching the home, as his brother wants it when it goes to foreclosure, so that helps some.
And for the others who think it is as easy as renting something out, there is liability and also having to keep up on maintenance, and paying a real estate firm as we are out of state. Uhm..we are broke, we have gone through bankruptcy and barely scraped together enough to leave Hawaii so we could get jobs. I am glad others are doing so well, but as noted there are many of us around that went through this, and we are not done yet, I truly hope this does not happen to any of you, but I understand the feelings as I used to feel that way about taking care of your stuff, but I have learned not everything is as black and white as we wish.
I truly wish we had not lost everything we had.We tried to hang on for two years while living in our home, but at some point you must chose to live and survive. Sometimes things happen and you do what you must. This was very difficult as we had lived in our home for ten years, taken care of it, groomed it, made it our home where our kids reached adulthood. We loved this place.It was our dream that we had worked on forever to have.
This was also one of the reasons I never divulged who I really was on here, as many people are very judgmental, and if I was like them I could wish this situation on them so I could then poke at them and make them squirm, but I am not like that, and having dealt with it from family members already, someone doing this now just makes me sigh in exasperation.
But then there are the rest of the people we met and knew who did care and tried to understand, there were several who were very helpful and were our true friends, who were just as devastated as we were, as they wondered if they were next in line.
This in no way was meant to be a rant, just some explanation, as I have moved on, and I am sure I won't be the last, but maybe some people will be a bit less critical of anyone else who may go through this.
As Rob always says, assume the best.