Trustmark bank policies?

**ieatwings** · 03-07-2009, 09:52 AM

Hey everyone! Awhile ago, I posted about my lot for sale in Heritage Plantation in Laurel Hill, FL. Well, still no activity not suprisingly, as I am aware almost nothing is moving in Florida right now. It's been on the market for over a year and at this point, I am considering foreclosure. My question is this: We are financed through Trustmark Bank and are being told that they will not accept a deed in Lieu of foreclosure due to bank policy. Does anyone know if this is true, or is the loan officer bluffing in an attempt to get us to just keep making payments? We are current on are payments and have never been late. Is it possible the loan officer thinks we will continue paying to avoid a foreclosure? I'm willing to take the credit hit just to get out from under this property! Thanks so much for any info!

**AAbsolute** · 03-07-2009, 12:00 PM

Originally Posted by ieatwings

Hey everyone! Awhile ago, I posted about my lot for sale in Heritage Plantation in Laurel Hill, FL. Well, still no activity not suprisingly, as I am aware almost nothing is moving in Florida right now. It's been on the market for over a year and at this point, I am considering foreclosure. My question is this: We are financed through Trustmark Bank and are being told that they will not accept a deed in Lieu of foreclosure due to bank policy. Does anyone know if this is true, or is the loan officer bluffing in an attempt to get us to just keep making payments? We are current on are payments and have never been late. Is it possible the loan officer thinks we will continue paying to avoid a foreclosure? I'm willing to take the credit hit just to get out from under this property! Thanks so much for any info!

I remember your last Thread on the subject. Trustmark won't have a poilicy that simply lets a mortgagee walk by signing a Deed in Lieu. You could get an Attorney to make contact on your behalf. I wouldn't recommend you walk in and say you want to let it go, because it is easier for you and that you can withstand the credit hit. Maybe you would let Trustmark know that you will make a lump sum payment in exchange for a Deed in Lieu. For that matter, maybe you can sell it with the buyer getting a small check from you to help with their down payment. (get some professional advice)

**SHELLY** · 03-07-2009, 02:49 PM

Originally Posted by ieatwings

Hey everyone! Awhile ago, I posted about my lot for sale in Heritage Plantation in Laurel Hill, FL. Well, still no activity not suprisingly, as I am aware almost nothing is moving in Florida right now. It's been on the market for over a year and at this point, I am considering foreclosure. My question is this: We are financed through Trustmark Bank and are being told that they will not accept a deed in Lieu of foreclosure due to bank policy. Does anyone know if this is true, or is the loan officer bluffing in an attempt to get us to just keep making payments? We are current on are payments and have never been late. Is it possible the loan officer thinks we will continue paying to avoid a foreclosure? I'm willing to take the credit hit just to get out from under this property! Thanks so much for any info!

In your last thread about the sale of this property you wrote: "We can carry the annual expenses indefinitely without any financial strain." The bank apparently knows this and is not letting you just walk away from a "bad investment."

If you walk away, you're not only going to trash your credit, you may find it will bite you in the arse later on when the bank sells the property for pennies on the dollar and then comes after you to make up the difference from what you owe on the loan. Additionally, be prepared for possible increases in your insurance polices (homeowners & auto); higher than market interest rates on loans and credit cards; greatly reduced credit limits and recalled HELOCs; and some sideways glances from prospective employers.

Since you're financially capable of holding this property (by your own admission), before you walk away, I recommend you see a good lawyer who can give you the TOTAL cost of what it means for you and your spouse to walk away from this contract.

**SWGB** · 03-07-2009, 04:55 PM

IIRC you or your spouse (or both) are in the military. The bank knows this and knows they can use that to their advantage to keep you paying. Wouldn't their be discipline issues if you were to foreclose?

**30ashopper** · 03-07-2009, 10:40 PM

One of the 150K sales was a deed for a build out, I've never understood why that happens but I don't think it's an actual sale. (Maybe someone can clear that up.) The other was a 135K sale 14 months ago. Other than that there's not much going on up there. I'd drop your price if you can afford to cover the difference at the closing. I'd probably go way down, and maybe mention what you plan to sell at to the developer.

Maybe go as low as 60K, negotiable? If you're young and motivated you can make that up and still retire in good shape. You should do something though because it sounds like the interest on your loan is eating you alive. That's not a good situation to be in. (Can you make ballon payments and get it paid off faster?)

Okaloosa records for those curious:
Okaloosa County Parcel Maps

**AAbsolute** · 03-08-2009, 04:12 PM

Originally Posted by ieatwings

Hey everyone! Awhile ago, I posted about my lot for sale in Heritage Plantation in Laurel Hill, FL. Well, still no activity not suprisingly, as I am aware almost nothing is moving in Florida right now. It's been on the market for over a year and at this point, I am considering foreclosure. My question is this: We are financed through Trustmark Bank and are being told that they will not accept a deed in Lieu of foreclosure due to bank policy. Does anyone know if this is true, or is the loan officer bluffing in an attempt to get us to just keep making payments? We are current on are payments and have never been late. Is it possible the loan officer thinks we will continue paying to avoid a foreclosure? I'm willing to take the credit hit just to get out from under this property! Thanks so much for any info!

I stumbled upon this online doc just now while searching something else. I thought you might want to examine it as it speaks to your Thread point pretty clearly.

**destintide** · 03-08-2009, 08:39 PM

Originally Posted by ieatwings

I'm willing to take the credit hit just to get out from under this property! Thanks so much for any info!

its not just your credit that is taking a hit b/c of your unwillingness to stand by an obligation you agreed to & have professed an ability to continue supporting....you are also destroying my grandmother's retirement....so thanks, i'm sure she appreciates it.

sweet dreams.

**scooterbug44** · 03-09-2009, 09:56 AM

You want to go into foreclosure on a property just because it isn't selling - even though you can afford to keep it?

All of my responses to that will get me yelled at/deleted!

Sounds like you're one of those folks who thinks "morals" are paintings on walls!

**SHELLY** · 03-09-2009, 01:35 PM

Originally Posted by scooterbug44

You want to go into foreclosure on a property just because it isn't selling - even though you can afford to keep it?

All of my responses to that will get me yelled at/deleted!

Sounds like you're one of those folks who thinks "morals" are paintings on walls!

This scenario flies in the face of the Realtors' argument that real estate as an "investment" is superior to stocks since stocks can go to zero and "dirt" is forever--but they failed to inform the investulators that real estate isn't as liquid as stocks, and moreover, real estate can go to negative-zero where one has been paying out carrying costs over a period of time and in the end still has to bring money to the closing table.

**Busta Hustle** · 03-31-2009, 10:30 AM

Looks like the Plantation is now bank owned. Golf course closed.

**beachmouse** · 03-31-2009, 10:55 AM

Story here:

Riggs cuts losses on Crestview development | development, crestview, riggs - News - Northwest Florida Daily News

**yippie** · 03-31-2009, 11:29 AM

Originally Posted by AAbsolute

I stumbled upon this online doc just now while searching something else. I thought you might want to examine it as it speaks to your Thread point pretty clearly.

The thumbnail won't blow up large enough to read. Could you please repost?

**yippie** · 03-31-2009, 11:40 AM

I have done business with Trustmark for around 12 years. (Through all the name changes, etc,)

First I have no idea what their policies are on this, but what I can say is they were more than helpful during the period where I was in litigation with my house. They bend over backwards to help me and I am grateful for that.

Because of their help, I didn't lose my property.

I don't know what loan officer you have been speaking to, maybe speak to someone else?