I want to foreclose just so I can give Saxon Mortgage a $100,000 + loss.They can have it.
The beauty is that in my state, Arizona, they have no legal right to come after me financially (aside from my credit and taking away this worthless house). I have been trying to negotiate a short sale or modify my loan for over a year. I called them several times a month for one year, asking to speak to someone about a loan modification or shortsale... ANYTHING.
I have left hundreds of messages and have never received one response. Finally, this month I made up my mind that I would rather foreclose than give them one more dime without a loan modification. All of the sudden these jerks are coming out of the wood work willing to negotiate. Before I would have taken anything better than what I was paying.
However now is different. I told them that unless they were willing to knock off some principle and put me into a 30 year fixed that they might as well get ready to foreclose. PREPARE THE PAPERWORK!!! I owe $265,000 on my home.
However, I am paying 12% right now and the home is only worth $180,000, MAYBE. Add that to the $50,000 it will take to foreclose and these geniuses have a pretty substantial loss. I can afford the loan, that is not my problem. My question to them is what is the benefit for me to continue paying 12 to 15% or more on a $265,000 loan when I can EASILY rent this house for $750 to $800 per month.
I was willing to negotiate into something reasonable up until 1 month ago. Now these a-holes can have it. By the way, homes in foreclosure are not even selling in my neighborhood. I know that this will destroy my credit but as I told Saxon, I will have an EXTRA $2000 + per month AFTER rent in my pocket.
I think I will survive.