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re: Any suggestions?
Posted on 11/25/08 at 11:59 pm to MileHigh
Posted on 11/25/08 at 11:59 pm to MileHigh
quote:
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.
Seriously, unless you are broke this is dumb. If you have money then pay your debt.
Jackasses that just give up their property because they are "underwater" piss me off (I am talking generally here). Be a man (if you are 40) and take a couple thousand dollar loss if you are desperate.
2
Posted on 11/26/08 at 12:09 am to NDdomer
I have no problem paying the debt. It is on auto draft every two weeks. I'm just sick of paying for a house I do not live in. Credit is tight for buyers and the sellers like myself are taking a beating. I was just looking for options.
Posted on 11/26/08 at 12:32 am to MileHigh
quote:
It would horribly frick up your credit. Ask yourself, do you need credit?
Exactly. More people need to ask themselves this question. And also have a long-term gameplan for reducing their dependence on credit and credit scores.
I've got a $4200 medical bill for child birth costs that is totally a bogus fudge produced by a horrific example of a hospital.
Can I pay it off? Yes.
Will I? Hell no. They will never see that money and I've told them so.
Now, I'm lucky to have a very good credit score, but I've also tried over the last 15 yrs to get to this point now where I can afford to let my credit score slip. I just don't plan to rely on a credit score for my well-being.
Posted on 11/26/08 at 12:36 am to clamdip
btw, I don't advocate walking away. I was just making a point about credit and credit scores.
Posted on 11/26/08 at 7:03 am to NDdomer
quote:
Seriously, unless you are broke this is dumb.
Its not dumb at all. Sometimes it makes sense for you to walk away from a debt. this is why you pay interest, to adjust for the risk associated with taking on that debt.
Banks are getting their debts paid/forgiven for them by the gov't, why should Bob not get the same treatment?
Personally, the better solution is not to go into debt to start with.....
Posted on 11/26/08 at 7:27 pm to Bob Sacamano
You should ask your bank to accept a short sale. I am currently negotiating a few with different banks & I have yet to have a bank choose to foreclose versus accepting the short pay.
Where your credit is concerned, if you just mail in your keys it will be a long time before you will be able to buy a home, somewhere between 5 & 10 years (it will go on your credit as a foreclosure). If you choose the short sale, the damage to your credit is minimal. If you are current in your payments at this time then you will be looking at between a 60-80 point drop in credit score. If you are currently behind in payments, you will have about 2 years before you'll be able to purchase again.
There is currently a law in effect that releases you from any capital gains taxes that you generally would have had to pay on the loss that the bank takes on your home. This law runs through 2010. I have not had a bank yet that has approved a short sale try to go after my clients for defiency judgements. You should just make sure that their final short sale approval document states that the amount that they are getting satifies the lien in full with no further recourse.
Where your credit is concerned, if you just mail in your keys it will be a long time before you will be able to buy a home, somewhere between 5 & 10 years (it will go on your credit as a foreclosure). If you choose the short sale, the damage to your credit is minimal. If you are current in your payments at this time then you will be looking at between a 60-80 point drop in credit score. If you are currently behind in payments, you will have about 2 years before you'll be able to purchase again.
There is currently a law in effect that releases you from any capital gains taxes that you generally would have had to pay on the loss that the bank takes on your home. This law runs through 2010. I have not had a bank yet that has approved a short sale try to go after my clients for defiency judgements. You should just make sure that their final short sale approval document states that the amount that they are getting satifies the lien in full with no further recourse.
Posted on 11/30/08 at 8:29 pm to chopsigep
quote:
chopsigep
Thanks for the advise. I will look into it.
Posted on 11/30/08 at 11:25 pm to Bob Sacamano
Posted on 12/1/08 at 10:38 am to Bob Sacamano
quote:
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.
If you need to sell it, then sell it. Not every investment is a winner. It's not going to do you any good to just anchor on a random price point. I can tell you for sure that the market doesn't care at all if you make or lose money.
Posted on 12/1/08 at 11:54 am to Bob Sacamano
Renting it sounds like the only solution for you at this time. If you go through a management company, they'll take a slice (10% typically) but if they are good, you won't hear anything about it and the tenants are generally well-screened and will stay for a while.
Get it in your mind that you need to rent it until the market comes back...2-3 years. You can do it.
Get it in your mind that you need to rent it until the market comes back...2-3 years. You can do it.
Posted on 12/1/08 at 12:30 pm to Bob Sacamano
I'm a little puzzled by this. All the mortgage brokers I work with still have money available. You can't have a lousy credit score, but they're certainly pushing money here and lots of programs for 1st time buyers including state bond money. Are things that different in AL?
Posted on 12/1/08 at 12:34 pm to chrome_daddy
quote:
Renting it sounds like the only solution for you at this time.
How do you figure?
quote:
until the market comes back...2-3 years
Good luck with all that.
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