Live in AZ, bought in terrible area, value dropped 50%, got married, couldn't live there, couldn't afford to own/rent/sell property... same ol' story as so many others smacked around by real estate last few years. Loan mods were not sufficient to address issues, foreclosure went through Jun 2009. Managed to isolate all credit issues in just the mortgages and maintain perfect credit in all other areas - CC and auto loans.
Now nearly 2.5 years later the ONLY negatives on my CR are the late pmts & FC for both first mortgage (GMAC) and second mortgage (BofA, via Countrywide). My question is if it is worth attempting PFD with either or both of the lenders? First took solid loss in FC, second got $0. AZ is non-recourse so I owe nothing and will not expose myself to pursuit.
Has anyone had success in similar situation?
What amount might entice them to bother with deleting?
Are GMAC or BofA among the lenders that never agree to PFDs?
Additionally, found that BofA was inaccurately reporting 2nd mortgage as open and 180+ late on TU. Disputed and was corrected, then BofA reported incorrectly again. Now disputed with TU and called BofA requesting their reporting be corrected. Hopefully this works. Dispute alone raised TU from 620 to 707 - apparently the difference between derogatory 2.5 years ago and last month. Hopefully my car refi to get rid of 13.5% loan after FC will now go through!
Love this board, it is exactly what I was hoping to find and be a part of about a year ago but didn't find until now!
Starting Score: EQ 705, TU 707 (11/17/2011)
Yes, was quite high...
GMAC (1st) - Bal $250K, FC trustee sale $160K (not including trustee fees, carrying costs, and missed interest payments)
BofA (2nd) - Bal $62K, received $0.
Good news is that, when reported correctly at 2.5 yrs ago, scores are already over 700 again - may get to 720+ with new process of PIF before CC close/statement date rather than PIF at due date! So even if I can't get rid of the FC/lates, I'm in pretty good shape.
@Anonymous_V wrote:you have over 100K sitting around? O.O ..... thats more then the house i want to buy lol!
Definitely not!!! Wondering if they'll take some DRASTICALLY smaller amount, like $2K, since they have no recourse and anything I give them is essentially a gift.