My wife bought her house in Virginia before we ever met. She bought more than she could afford and we ended up having to move to Phoenix after around 8 months anyway. We had a tenant that was supposed to buy the house through a short sale almost a year ago. Halfway through the process he backed out and we were forced to find another buyer. Once we did our realtor started negotiations with the first mortgage and they approved with the stipulation that we would pay for part of the loss over 10 years. The first offered Countrywide 3% of the balance of the second mortgage.
When our realtor talked to the negotiator assigned by countrywide, he was told that my wife's credit score is good, so they can get more money out of her. I feel like this is flawed logic and that they are looking for us to either take out another loan or put the remaining funds on a credit card. When my wife has tried to call Countrywide she has been told she isn't allowed to talk the negotiator and given the run around.
Part of the problem is that we have continued to make payments this whole time, which makes them feel like we can afford it, but in truth we have been slowly bleeding to death and relying on safety bonuses from my job to keep us afloat. If something were to happen where I didn't get a bonus it would cause us to fall behind, which was why we have been looking to sell.
We decided to take money out of her old 401K to pay the difference to Countrywide and I feel like there still needs to be some sort of retribution for these financial institutions that refuse to take any responsibility for their bad business ethics and habbits. We were cornered and if we didn't pay them they knew we would lose the buyer and be forced to foreclose and likely file bankruptcy.
Is there no recourse I can take to make them feel some of the pain?
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