Last month I lost my house in Chandler to a foreclosure sale for $164,000. My realtor Vic Gustafson with Keller Williams did his best with an investor to get a short sale. While we came very close, the mortgage company, GMAC, was obviously NEVER working with us in a sincere manner. The investor’s initial offer was $133,000 and he ultimately raised it to $161,000 but GMAC’s negotiator was never sincere in working with them.
As a result, I paid utilities & monthly HOA fees and I kept the place up for more than six months—all to no avail. It appears GMAC Mortgage Company was only leading us on so that they would not have to pay the utilities & HOA fees and maintenance while they gathered as much intelligence on me as they could in order to shake me down.
While I do not like having to walk away from it, I am glad it’s over. Certainly, I do not advocate walking out on one’s obligations. But in this case I was waylaid by both my former employer, the Arizona Department of Corrections, and my “former” licensure board, the Arizona Board of Psychologist Examiners.
I was wrongly terminated. I was incessantly harassed by my own Board in an effort to shut me up, and, ultimately, my health became compromised. My Board denied me my ability to work and support myself. There was no way I could keep my home due to lack of income and deprivation of my ability to earn a living.
What can I tell you about mortgage companies, the government programs to assist home owners to stay in their homes and short sale processes & foreclosures?
Don’t bother trying to work with any of them. They are all dirty. It is all crooked. When I told the reception at GMAC’s “Recovery Loss Center” that I needed a “reasonable accommodation” due to auditory processing problems, I was immediately passed to the “Government Recovery Loss Center!”
They all work together. Even HUD Housing counseling is a farce. True, they help you with a budget, but they collect all this personal sensitive data and share it with (a) your mortgage company and (b) with the government!
Had Bush not bailed out the banks and allowed them to experience true free market forces & consequences, the banks & mortgage companies would not be treating us so harshly. They would be forced to work with us. But instead, they have been bailed out and programs put in place that are not only ineffective, they are a bunch of lines.
When the government holds more than 96% of all mortgages, you know something is wrong. There is no market. It is all inflated and far over-valued. Washington DC has destroyed property rights!
When the Declaration Independence was being composed, there was debate about the three words. “Life, Liberty, and Property” would have been far more accurate and apropos than what we got.
This country was founded upon a strong foundation of protecting individual property rights but, alas, that foundation has been broken.
My advice? Walk off. Do not attempt a “short sale.” Don’t bother with the phony and treacherous government programs. Give them back the property.
Certainly, the mortgage company experienced losses on my house but my personal losses were even greater. It turned out to be damned expensive rent.