Short sales in Michigan

[cheri]

My husband accepted work in Arizona so we moved, leaving the house up for sale in Michigan. While in Arizona, the mortgage company, Countrywide refused to let us do a short sale during the time the economy went sour. Our house was no longer considered to be as valuable as our appraisal said it was. We had a very hard time selling it, for we had a second mortgage done on it while we were trying to get equitty for combining credit cards and the mortgage and doing house repairs. That company that gave us a second mortgage was Citibank and they refused to release the house for selling till the mortgage company, Countrywide finally agreed to letting us do a short sale on the house. We were non stop on the phone and doing fax's and mail for months. We were given wrong numbers, bogus names and no extension numbers that applied to anyone we spoke to. Our files got lost in the mail or the fax's were gone or needed to be resubmitted or told they never got them. We were given poor advice such as we didn't qualtify for a short sale until we were late on payments so we tried that and it failed. Then we had to file a hardship report to be considered for the short sale. Then we were told we had to go bankrupt to be considered for the short sale. Then we paid back payments and they kept adding interest etc. to put more pressure on us. Then we had to make some strange payments to a short sales manager to make our house pass the time needed to qualify for the previlage of short sales. All during which we got those nasty people from the collections offices threatening us and demanding payments. We only looked bad and felt bad. Terrible stress!!!!!
It all boils down to we finally were able to sell the house and have the second mortgage released to us which we promised to pay. We eventually were released from that second mortgage which they refused our check for and forgave us the debt. We appreciated that since we were put through so much for approximately a year or more. The problem is........ now that we moved back to Michigan because I became ill, we have been notified by banks that our credit has been detailed with the fact that we did a foreclosure on the house, for a short sale is considered a foreclosure by Mortgage Insurance Premium (MIP) insurance and they refuse to let us have another mortgage. Preapproval request denied. Statement of Credit Denial This is for a conventional mortgage loan application. Does every one who does a short sale on their homes because of the economy and the change in value of their property get put on a list of foreclosure? Our neighbors up and left their house and let it go into foreclosure to rent another house. If we get put on that same list as they were, it would have been cheaper and benefited us just as well, had we done the same as they did by leaving behind the ruins of a house. Let us know if there is anything we can do about this? We do have a loan for a new house but we still have that mark on our credit file which we want to remedy if we can.

[philadelphia0]

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Originally Posted by cheri My husband accepted work in Arizona so we moved, leaving the house up for sale in Michigan. While in Arizona, the mortgage company, Countrywide refused to let us do a short sale during the time the economy went sour. Our house was no longer considered to be as valuable as our appraisal said it was. We had a very hard time selling it, for we had a second mortgage done on it while we were trying to get equitty for combining credit cards and the mortgage and doing house repairs. That company that gave us a second mortgage was Citibank and they refused to release the house for selling till the mortgage company, Countrywide finally agreed to letting us do a short sale on the house. We were non stop on the phone and doing fax's and mail for months. We were given wrong numbers, bogus names and no extension numbers that applied to anyone we spoke to. Our files got lost in the mail or the fax's were gone or needed to be resubmitted or told they never got them. We were given poor advice such as we didn't qualtify for a short sale until we were late on payments so we tried that and it failed. Then we had to file a hardship report to be considered for the short sale. Then we were told we had to go bankrupt to be considered for the short sale. Then we paid back payments and they kept adding interest etc. to put more pressure on us. Then we had to make some strange payments to a short sales manager to make our house pass the time needed to qualify for the previlage of short sales. All during which we got those nasty people from the collections offices threatening us and demanding payments. We only looked bad and felt bad. Terrible stress!!!!! It all boils down to we finally were able to sell the house and have the second mortgage released to us which we promised to pay. We eventually were released from that second mortgage which they refused our check for and forgave us the debt. We appreciated that since we were put through so much for approximately a year or more. The problem is........ now that we moved back to Michigan because I became ill, we have been notified by banks that our credit has been detailed with the fact that we did a foreclosure on the house, for a short sale is considered a foreclosure by Mortgage Insurance Premium (MIP) insurance and they refuse to let us have another mortgage. Preapproval request denied. Statement of Credit Denial This is for a conventional mortgage loan application. Does every one who does a short sale on their homes because of the economy and the change in value of their property get put on a list of foreclosure? Our neighbors up and left their house and let it go into foreclosure to rent another house. If we get put on that same list as they were, it would have been cheaper and benefited us just as well, had we done the same as they did by leaving behind the ruins of a house. Let us know if there is anything we can do about this? We do have a loan for a new house but we still have that mark on our credit file which we want to remedy if we can.

Unfortunately it normally does ding your credit but many lenders are willing to work with you these days notwithstanding that record...you may have to look around further.