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Any suggestions?
Posted on 11/25/08 at 8:05 pm
Posted on 11/25/08 at 8:05 pm
I own a house in AL and I don't live in it anymore. Can't sell it (for sale since Feb.) even though I have dropped the price over $50,000. I'm still making bi-weekly payments and have a 5 year ARM. I have a good bit of equity in it and hate to price it below what I paid and lose money.
Any suggestions?
Any suggestions?
2
Posted on 11/25/08 at 8:19 pm to Bob Sacamano
Housing prices, based on Shiller's data, will continue to decline for an extended period. It is difficult to comment on your case specifically, but economically you have to think at the margin. What you initially paid, while an emotional "investment," is irrelevant. If you do not plan to live in the house again, put the price where it will sell. Furthermore, how much "equity" you have in your house means nothing at this point.
Posted on 11/25/08 at 8:32 pm to LSUtoOmaha
I thought someone might say that. In other words Fire Sale. The problem is that most of the people who look at the house go to the bank only to get denied.
How bad would it frick my credit up if I just gave it back to the bank? Is that even an option?
How bad would it frick my credit up if I just gave it back to the bank? Is that even an option?
Posted on 11/25/08 at 8:38 pm to Bob Sacamano
Well the bank probably wouldn't let you do that. And if they did, it would go on your credit as a foreclosure.
LINK
LINK
Posted on 11/25/08 at 8:45 pm to LSUtoOmaha
Thanks, I guess I'll just keep making payments and keep hoping.
This sucks
This sucks
Posted on 11/25/08 at 8:54 pm to Bob Sacamano
Where in AL is the house?
Posted on 11/25/08 at 9:39 pm to Golfer
Outside of Montgomery
Posted on 11/25/08 at 9:55 pm to Bob Sacamano
quote:
The problem is that most of the people who look at the house go to the bank only to get denied.
Yeah, that is not going to get any better.
Can you rent it?
quote:
How bad would it frick my credit up if I just gave it back to the bank?
It would horribly frick up your credit. Ask yourself, do you need credit? And keep in mind, there are millions of people that are in the same boat you are. I have read that there will be two credit scores, what you have and what you owe.
Personally i would stop paying the bank. You are underwater in a house, that you have limited options to sell. Why throw good money after bad.
You can always resume payments at a later date and ask for forgiveness on the bank.You could also call the bank and tell them you are having troubles, could they lower your payment? Might not hurt.
eta: Make sure your loan is non-recourse. If not, then you can't walk.
quote:
Is that even an option?
Ahhh, credit. One of the biggest fricking scams out there. You are concerned with what some corporation says about you. Information that you cannot rationally dispute, nor do you have free access to (although that last bit is improved somewhat recently).
That says something. Should you not be able to provide for you and your own without relying on a banker?
This post was edited on 11/25/08 at 9:57 pm
Posted on 11/25/08 at 10:11 pm to MileHigh
Renting is such a pain. I am open to renting and my agent knows it, but people can pay way less at a complex than what the going rate is for my house would be (about 1500)and it would be just my luck to rent it out and have a buyer come along and have to kick the renters out.
Its not that I can't afford to pay the mortgage, I just want out of this black hole. The fricking insurance on it is as much as the note.
Burning it down would be optimal but I'm no crook.
Just wish the banks would start lending...It's a nice custom home built in 2005.
Its not that I can't afford to pay the mortgage, I just want out of this black hole. The fricking insurance on it is as much as the note.
Burning it down would be optimal but I'm no crook.
Just wish the banks would start lending...It's a nice custom home built in 2005.
Posted on 11/25/08 at 10:16 pm to Bob Sacamano
quote:
Its not that I can't afford to pay the mortgage, I just want out of this black hole.
I don't blame you. Giving the keys back is called jingle mail, and its quite common in cali. It will be coming to a city near you any time.
quote:
Just wish the banks would start lending...
Why would they? We just gave them like $7T? They can live off this through GDII, and then make you a debt slave in 2020.
quote:
It's a nice custom home built in 2005.
Yeah, your best bet is to stop paying your mortgage. At least for a while to evaluate your options. I bet the bank would forgive your interest. And won't report you for 60 days.
Posted on 11/25/08 at 10:21 pm to Bob Sacamano
quote:
Outside of Montgomery
I'm assuming Wetumpkia or Prattville??
Can't get any hits from Hyundai? If you were in Mobile, I'd say hang onto it as the TK plant will definitely sell your house.
Posted on 11/25/08 at 10:28 pm to MileHigh
quote:
Yeah, your best bet is to stop paying your mortgage. At least for a while to evaluate your options. I bet the bank would forgive your interest. And won't report you for 60 days.
Someone else suggested this to me. Said with all of the TARP money floating around they might be willing to make some changes. My mortgage is with Citigroup. I think I will call tomorrow and give them a hard time and see what they say. At least a reduction in the monthly payments would help. But I think I am lowering the price another 20,000 making it a total of 70,000 off of what I was initally asking. fricking SAD.
Posted on 11/25/08 at 10:30 pm to Bob Sacamano
You really can't give it back to the bank and come out ahead. Unless you go for bankruptcy.
Posted on 11/25/08 at 10:34 pm to Golfer
South of Hyundai. Hits, but banks are not loaning out the money. I've lowered it 50 grand and plan to go another 20. I'm just trying to unload this thing.
Posted on 11/25/08 at 10:36 pm to LSUtigerfan333
quote:
bankruptcy
nah...not trying to go through all of that. Just want to get rid of it.
Posted on 11/25/08 at 11:11 pm to Bob Sacamano
quote:
South of Hyundai.
Damn, the banks won't even make a loan to a hyundai employee?? Its not like that plant is closing.
Posted on 11/25/08 at 11:19 pm to Golfer
I have no idea. Thats just what my agent keeps saying.
Posted on 11/25/08 at 11:29 pm to Bob Sacamano
Too bad you can't just bundle it and offer it as collateral to the Fed in exchange for a loan. They're taking student loans, credit card loans, and pretty much every other type of asset backed security now. It's a shame you can't roll it all in to one CDO, then get a bunch of shmucks to give you money to pay off your own debt. That would be f'n awesome though. Worst case scenario, you could just loan it as collateral to the Fed, and use THAT loan to pay off your loans.
Posted on 11/25/08 at 11:31 pm to kfizzle85
I'm sensing something is bothering you.
Posted on 11/25/08 at 11:33 pm to kfizzle85
quote:
That would be f'n awesome though.
That would be fricking great.
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