I currently own a house in Jacksonville Florida, of which I purchased in 1997. My husband was active duty when the home was purchased and had been stationed in Florida already for 2 years. I know that there are unforeseen circumstances, sudden moves and transfers, however with the rate and job that he performs he was able to stay in the Jacksonville area for almost 15 years. In 2009 he received orders to Japan and we prepared our home to be sold and placed it on the market in of Oct 2009 via For Sale By Owner and in Dec 2009 we listed it with Watson Reality. Our home is in a lower income neighborhood but we had remodeled it in 2006-2007 investing in excess of $60K in upgrades and additions when our 3rd child was born. At the time he was an E6 and I had a promising career with BofA, our credit was good and we never missed a payment in the 13 years we lived there. Once we left Florida heading to Japan in Jan 2010 we continued to make our payments on the home and our realtor was doing everything she could to sell it, but with the housing market in shambles the price was too high for the area (the home was refinanced in 2007 with an appraisal of $206K, we owed approximately $186K). With our home on the market for 10 months and our savings disappearing due to myself not working, we decided that a short sale was our only option. First we attempted the HAP program afforded by the military and we would have had to bring $50K to the table (of which we did not have). So we contacted Flagstar about a short sale and they stated we would have to be in default of payments to even start the process, therefore we discontinued any further payments in June/July 2010. Our realtor quickly submitted all necessary documents for approval from Flagstar Mortgage for a short sale on the property. Its is now 3 years later, we have had a total of 5 contracts pending from multiple buyers and Flagstar has continuously failed to process the sales! We were currently under contract, from Dec 2012 until today when this buyer has now chosen to walk away too!!!! Every month we update Flagstar with all necessary documents required and every month we are told the file is "pending review/approval of a short sale" Our credit has been turned upside down, which we were expecting to a certain degree but also figured within three years we would be able to start rebuilding it! We have done everything we possibly can to sale this home, to avoid foreclosure, yet Flagstar Bank has refused to process in a timely manner. Is this legal? We will be returning to Florida (march 2013) and fear we will struggle finding a home to reside in due to our credit and current housing situation. We would love to be able to put all of this behind us and start rebuilding our credit and lives. My Husband and family have served this country for 18+ years and continue to do so. We feel like we have been done a grave injustice by Flagstar Bank and we would greatly appreciate anything and everything that you could do to help us!
Product or Service Mentioned: Flagstar Bank Mortgage.