Huntington Mortgage Co. situation - Posted by rm

Posted by rm on July 07, 2003 at 21:01:00:

I realize that they’re not excited about taking less than they’re owed. It’s just that this is the first one I’ve done with a company where the employees seem so disinterested in doing much of anything.

I realize that my perception may be wrong.

We’re actually looking at less than 80% of the balance.

Here’s an excerpt from their hardship letter:

We purchased this home at ******* in September of 2002. The coupon book we received at closing said that our payments were around $1200. This was the maximum that we could afford, and that?s the figure we planned our budget on. We soon learned that the mortgage company had miscalculated our taxes. So, our payments were now $1405. This extra $200 was enough to throw our finances off, and we struggled to meet this obligation, plus our other costs. We got behind in January. We arranged to catch up, and in April we were half way there. Then, we received notice that, because the assessor had raised our SEV to $100,200 our payment was now going to be $2,100/month.

There?s no way we could afford to make this payment. We?ve called the assessor?s office repeatedly and spoken to a number of people there. Their response is that while they were negligent, we have to wait until next year to appeal the taxes. Well, we don?t have that kind of time. Through all of this, we?ve fallen behind on our other debts. We?ve tried selling the home ourselves because we have no equity, and when the buyers find out what the taxes are, they run. We feel like we?ve been shafted from the start on this deal, from the lender?s mistake with the tax calculation, to the assessor?s ?too bad, so sad? attitude.

We?re being forced to file bankruptcy soon, because we don?t see any way out. We?ve met with an attorney, and plan to file very soon.

Huntington Mortgage Co. situation - Posted by rm

Posted by rm on July 07, 2003 at 20:12:01:

Hopefully, you’re out there, JT…

I just really hate those subject lines that directly address the participants.


I shipped my package out to them last week.

Spoke to Dee Baker.

They got the package.

She didn’t say anything other than that an appraiser would have to go out to the property.

She almost sounded like they might get around to it sometime… or maybe not.

So nonchalant!

This approach is so different from what I’m used to- it’s unnerving.

Anyway, anybody familiar with them?

Is this how they do it?

Re: Huntington Mortgage Co. situation - Posted by JT-IN

Posted by JT-IN on July 07, 2003 at 20:28:23:


This is basically how it works… You must keep in mind that Banks are not accustomed collecting 80% or 90% of what is owed in principle. Imagine if you were owed 100K (arbitrary amount) by someone who was attempting to pay you lots less… wouldn’t you want to verify that the value offered is commensurate with FMV…? Of course you would…

Be patient but persistent, and business like the whole time, and if the values line up as you are indicating to th Lender, then they will take a discount. If your estimates are too low, they will surely tell you that… or negotiate a middle discount that is more in line with their appraisal. The Short Sale process is much like underwriting the loan… only in reverse. The process is to verify the value is LESS, and the borrower CAN’T afford to make up the difference. When the lender is sure of those things, they may do the deal…

Just the way that I view things…