[Dayze]

I think we’re exploring two options.

1. Getting current with our mortgage; it’ll be a damn miracle if we can get the $ together to get current; then subsequent payments will require possible 2nd job/selling stuff etc. Normal stuff to day when trying to save a house So if we go this route, we’ll have zero cash; everything will be allocated simply to stay in the house.
2. I’m trying to find out if my VA loan insures the vendor against negative equity. Ie; if I owe (for math purposes) 100, and they foreclose on it for 50….can they come after me for the 50: or have they been covered by that through the VA
a. If they have been covered,
i. it comes down to do we want to stay and not have a nickel to our name cash wise (because we would’ve given it all to the bank to get current)
ii. I’m half tempted to tell them to get bent after all the crap they’ve put us through. Give them my final offer and if they don’t want to take it, F em. I’ll move and they can sit on the house for a year. I’ll deal with the foreclosure and build credit again eventually.
iii. Search for a FSBO/Contract for Deed; or a new builder Contract for deed. Live there, rebuild credit; buy the house in a 5 year term.
b. If that piece is not covered, then option one is the best bet. Avoid foreclosure and any judgments for outstanding fees, negative equity.

We’re talking with an attorney tonight to review etc. If Option 2b is the case, then I hope he can submit something that can postpone the sale/foreclosure until we can get a determination on what the loan mod will be.

Hell…I’ve heard that sometimes after the penalties etc that the loan mod doesn’t even reduce the payment; in which case we’d be boned. And if we’re boned and have to leave, I don’t want to have given the bank our last chunk of cash.