We have been trying to sell our home since the summer of 2006, when we had to move to Florida for our newborn son's medical care. With our third buyer, the offer was less than what we owed on the house, so we contacted Arlene Haywood in the Loss Mitigation Dept. of PHH Mortgage Services and was sent a financial overview packet to fill out. While filling out the paperwork, we lost this buyer due to a burst pipe in the basement on the day of the home inspection.
A month or so later, we obtained a fourth buyer, again, for less than what we owed. I completed teh financial packet and sent it back to Arlene. Weeks went by with no contact. My emails requesting more information were completely ignored. I had my lawyer contact Arlene directly and she told him that my case had passed the first "review process" and had been passed on to Jason Clark. So we contacted Jason and explained that our buyer's mortgage committment was only good through August 31, 2007 (it was late July at this point). We were told that it was a lengthy process and there was no way to rush it. Despite multiple contact attempts by myself, my real estate attorney and my real estate agent, PHH made no effort to expedite the process. August 31 came and went and we lost the buyer.
Because we were also paying for an apartment in Florida, we could not make the payments on the NJ home as well and the foreclosure process started. I have tried repeatedly to talk to anyone at PHH and cannot get any one to talk to me. Voice mails and emails go completely unanswered. The only thing I can get from PHH's attorneys is what it would take to get current on the loan which we cannot afford. I'd like to just turn the house over to the bank outright instead of going through the foreclosure process, but that appears not to be an option since they won't talk to me.
I took a 50% pay cut when we moved to Florida and again, we're paying for a residence in Florida. It's not that we're irresponsible people that are trying to bail on our loan. We just need to find the best resolution to our current situation. Since PHH won't talk to us, we're not really left with any option other than to allow foreclosure.
West Milford, New Jersey