Ok we will make this one as short as we can.
March 2004 I sold my friend a Condo that appraised at 150k for 92k. What can I say he was a friend right
April 2004 He pulls out a HELOC on the property for the $58,000 in Equity.
June 2004 I get a call from my Loan Officer that he defaulted on his first payment and that the lender wants the Loan Officer to purchase back the note. I get on my friend and he pays up using the HELOC whatever he paid up.
Jan. 2005 My friend calls me and admits that he is now 4 months behind on the Mortgage and wants to know what to do about it. Tell him to do a forbearance.
May 2005 Friend is now 9 months behind we do a Short Sale down to 90k and sell the property to his Wife. (She Kept her last name) and they promise they will pay.
Jan.2007 A year and a half later I am looking at the Foreclosure list and find there address and the sale date is 4 months out. And they have not made a payment in 13 months.
March 2007 they finally admit that there going into Foreclosure and ask for help.
April 2007 We get them back on track
november 2007 they miss two more payments on there Forebearence agreement.
March 2008 They file emergency BK chapter 13 to keep the house.
October 2008 we get a Loan Mod approved at 6.97% on a 30 year fixed.
November 2009 they are again 11 Months Behind and this morning they called me to see what they should do. I JUST GOT THE MESSAGE.
I know they could file a 7 and keep it one more time I am just done with this…
So here is my question do I recommend UHAUL or RYDER?
I have not moved in awhile and just need to know who has the better truck?
GET READY FOR THIS IN 5 ALMOST 6 YEARS THEY MADE A TOTAL OF 17 PAYMENTS.