Hi friends, I just sold my house FINALLY!!! But on Friday I have to sign out and the HUD just came with a "prepayment penalty" 12k and a late charge of past due payments of over 11k. If I dont close on Friday, this mortgage will be at Foreclosure and the bank will loose !!! but they dont want to waive of these costs for no reason and I just dont have the cash for all these costs!!!! Please help!!! what do you recommend me to ask this bank? They are saying NO, NO, NO all the time without thinking that they will loose more on foreclosure than waiving something .. they are just stupid and that is why they are almost broke !!! please help me here !!
2007-09-12 17:20:05 · 6 answers · asked by Bono 2 in Business & Finance ➔ Renting & Real Estate
How can I make them WAIVE OFF some of these costs ????
2007-09-12 17:21:06 · update #1
I tried to talk to them since my buyer has to buy on Friday but still they are saying NO and that they have process and NO options. I went to managers and they just DONT CARE to have another foreclosure !!! I am tired of explaining that to them but they keep brushing me and transfering me over and over ... I cant believe that they dont want to deal with me here.
2007-09-12 17:44:54 · update #2
this happens all the time...you have to speak to a manager or have your attorney speak to them.
go up the ladder...tell them you have no money, and dont care anymore.
2007-09-12 17:35:02 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No offense, but the question that begs to be asked is why you executed a contract knowing that you had a prepayment penalty / back payments that you wouldn't be satisfied from the proceeds at closing. Unless you have a clause allowing you to bail out of the contract in this situation, you've put yourself and the buyer in a bad situation.
You will likely never get above a first level manager at Countrywide, especially as they're downsizing rapidly and upper managers are too busy putting out fires on other loans to deal with yours. I wish you luck, but Countrywide (nor most other lenders) care about your individual situation. They are overloaded with foreclosures and one more won't break them anymore than they already are. You should speak with their Loss Mitigation department in you haven't already done so.
I would keep trying to convince them because you really have nothing to lose except a default on the contract.
2007-09-12 18:00:19 · answer #2 · answered by liveinaustin 3 · 1⤊ 0⤋
Did you talk to them about doing a short sale? Tell them that if they don't accept less you won't be able to sell your home and you'll have to let it go into foreclosure. Banks do NOT want to deal with foreclosures. They'd much rather do a short sale where they accept less or take off interest. I am surprised that they are saying no as most banks are saying not to let your loan go into foreclosure but to talk to them about the problem. Most of them are very willing to help because once it goes into foreclosure there are attorney fee's that cost them a fortune, realtor fee's to list the home and then of course possible repairs to the home if there are safety issues... Try calling again and Good Luck!
2007-09-12 17:34:54 · answer #3 · answered by Desiderata 2 · 1⤊ 0⤋
if it was a HUD backed loan, the bank will not loose as they money will ultimately be paid by the US Government in the event of a default, hence why they do not want to waive the costs, like student loans, the money is guaranteed payback, and the US government does this to encourage banks to loan out money to people with less that stellar credit history, and banks will do so under special programs
2007-09-12 17:37:36 · answer #4 · answered by Anonymous · 1⤊ 0⤋
why wave the fees when they will still be able to come after you for them, plus penalties and interest. If by chance they do right is off you will get a 1099 for the money and owe taxes on it at the bonus rate of around 36%. They have nothing to lose, only you do
2007-09-13 11:27:23 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
Hon, just call and talk to them, list the reasons why they should waive them and what the costs would be to them if they don't! They are not stupid people you are dealing with, they just seems like it!
2007-09-12 17:25:08 · answer #6 · answered by Sgt Little Keefe 5 · 1⤊ 0⤋