[ahsa]

and Destroying My Credit? A foreclosure in the State of: CAI purchased my home in 2005 for $405,000, but a year later transferred for employment purposes. After trying everything from working with a realtor, short sale companies, deed in lieu, loan modification, etc., we could no longer afford the mortgage payments in a house we no longer lived in. We had a 80/20 that eventually ended up in the hands of Countrywide and SLS. In Feb. 2008, our home foreclosed and from what I understand, it was purchased by Countrywide for $270,000. My questions are:1. Since they purchased it at a loss, my guess is they didn't share anything with SLS right? Is there a way to find this out?2. SLS is still billing us over a year later. Can they do this since we no longer own the house?3. My credit score gets lower each month that they report me delinquent. I had a FICO of 777 when I purchased the house, and last I checked, it is in the mid 500s now. (and keeps getting lower). Is there anything I can do to get them to "write me off?" I don't have much income, but could they garnish wages?4. Is bankruptcy my only option? All of my other debts are paid off, (aside from 100K in my husband's student loans). So I'd like to avoid bankruptcy, and start rebuilding my credit. But it seems like each step I take, the delinquent 2nd drives me 3 steps back.

[JWilly]

Sounds familiar - same situation I was in.It's a sure bet Countrywide did not share anything with SLS. I assume you are not paying SLS anything right now. If you are, STOP paying them.The best situation is if SLS has turned the loan over to a debt collector. Debt collectors are willing to negotiate lower principles = as much as 50% less. You can arrange a lump sum payoff or monthly payment usually without interest.The secret is knowing that the debt collector purchased that debt for pennies on the dollar. Let's assume the amount is $20,000. SLS sells the loan to Debt Collector for $8,000. SLS writes off the $20,000 loan at $8,000, and gets a tax break too. Anything Debt Collector gets above that amount is profit. These numbers are very realistic.You must take control when dealing with Debt Collector. Knowledge is power.