Any Mortgage/Foreclosure gurus?

[Mad Dart]

This is what I do for a living. You have 3 Choices.

1) Suck it up and eat the loss for at least 15-21 Years cause that is how long it will take for you to be even or "Flush" and then start working on equity.
2) Short Sell it
3) Give the Bank a "DEED IN LEIU OF FORECLOSURE" - Best Option less negative on your credit if you can get away with no late payments hitting your credit report.

 

[Oklacarcollecto]

The real problem as I see it with the housing market is there are no good paying jobs since dang near all the real jobs have gone overseas. If we had the good well paying jobs like we we had when the homes were purchased I doubt the nation would in this bad of situation as a whole.

 

[inkjunkie]

I would hate to be a young couple just starting out today.....

 

[seabee]

This is what I do for a living. You have 3 Choices.

1) Suck it up and eat the loss for at least 15-21 Years cause that is how long it will take for you to be even or "Flush" and then start working on equity.
2) Short Sell it
3) Give the Bank a "DEED IN LEIU OF FORECLOSURE" - Best Option less negative on your credit if you can get away with no late payments hitting your credit report.

Thanks for the info Mad Dart!

[/quote]The real problem as I see it with the housing market is there are no good paying jobs since dang near all the real jobs have gone overseas. If we had the good well paying jobs like we we had when the homes were purchased I doubt the nation would in this bad of situation as a whole.

This, just like sub prime mortgages, is also the result of poor consumerism. Unfortunately we as consumers have "cheaped" ourselves out of our own industries. To save pennies and dollars we demanded products that could only be produced via slave labor conditions while demanding higher pay, better working conditions, and Greener industry. Greed got the best of us and now not many corporations are not willing to stay here because 1.) the consumers won't pay for the product, and 2) the share holders want the biggest margins possible for their investments as quickly as possible.

Hell, if I took out all the crap in my house made in China I wouldn't have a place to sit. Made my bed it seems.

 

[65BCODA]

I myself dont like hearing that the bank should absolve the difference from what it is now worth and what is owed. My point for thinking that is so someone gets off the hook on debt but someone like me that was smart and paid xtra on the payments and now it is worth what I owe I am not being forgiven on any debt. Why should I not receive the same deal as others on forgiven debt. It was a gamble when bought and some ended in a loss so walk away and take the dent or stay and pay is my 2 cents.

:thumbup:

In post #1 you state that you took into account the possibility of being transferred and adjusted / planned for it.

Evidently what is chapping your a$$ is the fact that you have possibly lost money on your investment. If the bottom had not fallen out of the housing market and you were paying the $700 difference, would you still be upset?

Has your income changed to were your original payments are unaffordable?
Investments some times do lose money.

If this is where you would like to retire in 9 yrs you still can, maybe the market will recover a little, maybe not.

Not saying you did, but alot of folks bought to keep up with the "Jones" ......not what they needed.

I used to be a framing contractor in the 90's & early 00's and for the life of me I could never understand a retired couple needing a 3800 sq ft house.

I hope you can ride this out and still end up in your planned retirement home.

 

[1968FormulaS340]

Call your bank and tell them to come and get the keys. House prices are so low right now that I wouldn't worry about the credit hit.

I have posted this before, but here is our love shack. The wife and I love it and it's all the house we need.

We are walking distance from the Columbia River, restaurants, the movie theater and shops in the historic section of downtown St. Helens.

We can watch the 4th of July Fireworks from our backyard.

The price: One simple payment of $58,000.

 

[cannucky]

they ran the value up on lesser valued properties by "churning " refi loans and when the bubble burst thing's settled back to where they belong , if your in a no recourse state save your payments and the rental income , get your wifes name off the loan if you can , let them take that one back and buy one of the others they have in their foreclosure inventory for what it's really worth now , people are doing this with their multi-million dollar homes all over Cali , why pay x for your house when the one just like it or better across the street is selling out of foreclosure for 30 % of your debt load , you think the banks are going to feel guilty when prices go back up and they make the margin on these homes they are holding -heck no

 

['73red-duster]

Bofa has been in some hot water over their mortgages, and how they have done things. They have been making some adjustements on some. Might be worth checking to see if you qualify.

 

[pishta]

Call our president, his salespeople call me every week telling me he has passed sweeping home loan reforms and they can help...weird, its the same lady every freaking time...and I never get a word in....and why are they calling me? Im not underwater, just treading for my life right now...Hope you can pull something off. North Dakota is going gangbusters in employment, like down to 4%.

 

[dodge freak]

There are great buys to be had.

Prices are so low his and her houses I'm surprised haven't caught on. Maybe cause its tough to find 2 great buys next to each other.

Heck we have his and her cars, bring on the homes, lol.

 

[zhandfull]

loansafe.org has some forums with all kinds of good information if a spend the time to look around and ask some questions.

 

[SpikeWills69]

Thanks for serving and best wishes in your situation. Our daughter is in the AF and will be facing the same situation soon, due to new orders. I will be praying for a solution for you that doesn't leave you "buried" for the next umpteen years. These situations are far too common right now, and it REALLY STINKS when our troops have to deal with this, in addition to everything else they face.

We have a great friend who is a truly honest realtor and has been a great support and adviser. Wish you could find someone like that. God bless.

 

[12valve]

I have a similar situation. My wife bought a house before we started dating and I built mine before we met. She closed on hers about 2 months before the market took a dump and I ended up rolling another property that I bought into my own mortgage so I don't have any wiggle room on my mortgage. We rent her house out at a loss of $200/month. We had some asshat renters that cost me about $7500 in repairs once I finally got them evicted. I have also installed new windows and siding and she has done all of the yard and garden work. We have some awesome renters in the house now. The biggest problem that I have is that of the 8 other houses on the cul-de-sac 5 others have gone back to the bank. Only the neighbor to the left and the original house on the original plot are the same as 4 years ago. Not including the improvements I have made we are about 25k backwards right now. We are not struggling to make payments but still not thrilled about hoping the renters stay for a couple of years and still losing money each month, albeit not much its still money.

 

[inkjunkie]

Thanks for serving and best wishes in your situation. Our daughter is in the AF and will be facing the same situation soon, due to new orders. I will be praying for a solution for you that doesn't leave you "buried" for the next umpteen years. These situations are far too common right now, and it REALLY STINKS when our troops have to deal with this, in addition to everything else they face.

We have a great friend who is a truly honest realtor and has been a great support and adviser. Wish you could find someone like that. God bless.

A neighbor in AZ came home from Iraq to an eviction notice from BofA. His wife was a few months behind, but his employer held his job for him. BofA followed thru with the eviction even though by the time it came for them to vacate he had the funds to catch up. That was close to 4 years ago, last trip to AZ just last month that house is still empty...Tully sad that they would not work with a veteran....