Have you spoken to them about refinancing your debt?
Typically a short sale would be a last resort for a mortgage company. You would need to put together some compelling documentation regarding current local FMV (Fair Market Value) for the mortgage company to consider a short sale.
You are not in a unique position in today’s economy and housing market and it’s not your fault! It absolutely makes no sense to pay interest on a loan that the value of the home does not support. My experience is that because WAMU is in financial trouble themselves they are very difficult to negoiate with. The likelyhood of them accepting a deed in lieu is remote because they already have too many non performing assets. I would get the house on the market “For Sale by Owner” – Realtors likely won’t list because their is no equity to pay their commission fron.
After you’ve missed two payments WAMU will begin discussing from a loss mitigation stand point. 1st try for a loan modification. This is a long shot but worth a try. It’s unlikely they will reduce principal on the loan, but nothing ventured nothing gained. If that doesn’t work ask if they will accept a short sale at a price the market will bear. Then conduct a private auction and accept the highest bid contingent upon bank approval. If this doesn’t work out then go to www.walkawayplan.com and consider their services. If you need more advice and help please feel free to contact me privately.
We owe $190K on a home in San Bernardino that is worth less than $119K. Should we just turn it in for a deed in lieu? The payments are about $1900K a month and we could only rent it out for about $1500. Do you think WAMU will accept less than what we owe rather than a deed in lieu??? Has anyone had any luck with WAMU or can suggest a good lawyer to help us negotiate the principle down or anything like that???
Anyone have any luck negotiating the principle of the loan down??? Thanks!!!
Really, your only option is to call GE Bank – explain what happened and request that they remove the late payment flag from their records. If you’ve already paid that bill plus the next bill, that’d probably help convince them. If the rep who answers the phone can’t make this change, ask for a supervisor/manager and escalate up.
The credit bureaus won’t help you. Because in truth, you did pay it late. They don’t care why.
Also if you gave the current address on your credit application but they still used an old address it should be negligence on the part of GE money bank and you could threaten to sue them for defamation of character if they don’t cooperate.
I’m looking for advice on how to get a creditor to remove a negative entry on my credit report. I recently applied for credit at a tire store (Discount Tires) for the purchase and installation of tires. I was approved for the credit and was told by the store manager that I would receive a bill in the mail. 45 days go by and I haven’t received any bills and thought it strange but not not alarming.
Yesterday I received a notice from my credit monitoring service that a negative entry has posted to my credit profile. It was a 30 days late payment notice from GE Money Bank. I went back to the tire store and inquired about my credit application. Turns out the tire store used an old address (3 years removed from my current address) and apparently the bill and anything else from GE Bank, went to my old address.
In hindsight, I realize I should have checked into not receiving the bill sooner. Lesson learned. Bottom line, I need to figure out a way to get this late entry off my credit profile. Any suggestions?
I found this video:
I actually intend to pay this bill in full when I contact GE Bank in the morning. I’m hoping that they will honor my request to have the entry removed from my file, especially if I let them know I’ll keep the account open, if they do. Shamefully, this was credit I really didn’t need and cash could have and should have been my method of payment.