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February 5th, 2013 at 01:42 pm

I applied for a child only policy for DD. I got a letter today telling me that she has been denied because she has credible coverage. Problem is that I can't afford the credible coverage any longer. I called them to talk about this and get further information and they can't find her in their system. The guy searched by many different factors. The letter has no identification number on it. I don't think the guy believed me cause he wants me to fax him the letter tomorrow.

We went to the courthouse today and took my name off of my house. If I do go into foreclosure I don't want to have any assets they can come after. It is now in my just in my mom's name. We also had my fathers name taken off of it.

I talked to the bank yesterday and I haven't heard back yet. He is supposed to be looking into how they can help me. I will probably put a for sale by owner in the yard. Bob b...I have lived in the house 2 of the last 5 years so I don't think that would be a problem. Everything is just kind of up in the air right now. It is the not knowing that drives me crazy.

8 Responses to “Frustrated”

  1. Bob B. Says:

    Oh, Ok. So it sounds like you moved out of the rental within the past couple of years, and moved in with your mom to save some cash? Then, yes, I agree that you shouldn't have to pay any tax.

    This is a short sale, right? You owe more on it than it's worth? If so, I would highly recommend listing with a licensed Realtor. It shouldn't cost you a thing. I'm very confident that the bank will cover Realtor commissions in the short. They will limit commission to 6% (at least our bank did, and I think that's standard). Also, in a short sale, there's a lot of back and forth between the bank and the Realtor. Trust me, you'll have enough of your own homework to do. Let the Realtor cover the realty stuff.

    Also, our short sale required a Broker's Price Opinion, provided by our Realtor. I suppose you could get an appraisal as a FSBO sale, but that costs money. In fact, I wouldn't be surprised if your bank requires representation by a Realtor.

    OK, so don't make the same mistake we did. If/when you hire a Realtor, make sure you get one experienced in short sales. Ask them how many short sales they've successfully closed. Ask them to walk you through the process. Iv they make it sound like it can be done quickly, THEY ARE LYING. If they make it sound like the worst most horrid experience imaginable, they probably aren't up to doing it. If they are straightforward, and describe some of the pitfalls you are likely to experience, and how they will help you avoid them, consider signing up with them.

    And, here's a good tie breaker - ask them what a "delegated" vs. "non-delegated" sale is. If they don't know, they don't know much about short sales.

  2. Tammy Says:

    So .... will you be cancelling your trip to New York then?

  3. BuckyBadger Says:

    Does your daughter not realize the family situation? Do you keep the truth from her? Because nothing about what you wrote about her (by that I mean she sounds like a lovely girl) makes it seem like she would enjoy going on a trip that would bankrupt her entire family.

    Bob b - she isn't living with her mother, she's living in a house that her mother pays the mortgage on. Does that affect her old house being considered her "primary residence" if she now has a new "primary residence?" I'm not sure...

  4. creditcardfree Says:

    Not good news on that health insurance. I hope something is figured out.

    Probably a wise move to remove your name from your current property since it isn't owned by you. I really like Bob's idea of Deed in Lieu of Foreclosure...but I wonder how easily banks take back properties? It is sure worth looking into. Does your state have lawyer assistance for lower income or base on income? Might check that to see if you can get GOOD advice for free.

  5. creditcardfree Says:

    Information at HUD website.

  6. MonkeyMama Says:

    Well I am personally very supportive of this decision. I think being rid of this property will only help your financial future. ((HUGS))

    As to the health insurance - UGH!!!!

  7. BuckyBadger Says:

    I don't think any of us aren't supportive of this decision. Rather -- we wish it had happened a long time ago. If it takes a forclosure to out from under the house, so be it. It's just a shame that it had to come to that.

    Getting out from under this house is going to be one of the best things to happen to NGG!

  8. rachel021406 Says:

    I'm sorry things are so frustrating right now. But I am glad that Bob B has so much good information for you that may make the process easier. Hang in there and I am sure things will get better.

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