Losing My House
- Thread starter Wired1
- Start date
D
dmkhnr
Well-known member
Stop paying and let the bank forclose on it. live in the home rent free for 12-24 months. Before you get evicted, sell all the appliances, the air conditioner, and anything else that will turn a quick buck, all the while let the front and back landscape die. Then turn around and file a lawsuit against the bank for predatory lending practices.
Seems to be what people around here are doing.
Seems to be what people around here are doing.
S
snowmobiler
Well-known member
dont know.but its working for me selling all my stuff while i continue looking for work.anyone can pm me for 101 ways to cook top ramien.life is good.
M
mastertech
Well-known member
^Bahahah...
I would say a cell phone is needed to find work, considering they are cheaper than a house phone, or damn near.
Agreed that TV, etc are not needed.
Agreed that TV, etc are not needed.
Most of the time the bank will take whatever you can afford. If you give them SOMETHING every month to show you are making an effort, they will typically not foreclose. If they foreclose they will have to take a loss on the home value. If they let you stay, the bank and you both stand to come out ahead in the long run. The banks have too many houses already, they really don't want to foreclose. Talk with them!
G
Gibsons
Active member
may as well try making your payments, if you lose the house your just going to have to find a place and make someone else's mortgage payments for them.
Another problem i see is the banks that offered mortgage's with zero down. all this allowed was people to buy houses much more then they could afford to make payments on, and without putting 10-$20,000 down on your mortgage, makes it pretty easy to say just walk away.
Not saying this is your case however, it frustrates me when people say " just walk way from it".
Another problem i see is the banks that offered mortgage's with zero down. all this allowed was people to buy houses much more then they could afford to make payments on, and without putting 10-$20,000 down on your mortgage, makes it pretty easy to say just walk away.
Not saying this is your case however, it frustrates me when people say " just walk way from it".
That right there is why I have a hard time feeling any sympathy for anyone "Walking away" from their debts.. Nobody forced them to buy a home they couldnt afford. When times were good nobody had any problem buying toys and homes and cars and campers and blah blah blah all on credit. Now times are tough people think that its not fair and that they are entitled to be able to get out of jail free. I dont think its right.
Again to the OP I dont presume to know your situation and I am not directing these comments to you. I wish you well and hope you can get back on your feet.
bad wiring and good insurance...
Just saw today that there are several banks that are going to foreclose on more owners that have been behind. My guess is that the banks are betting that the real estate market is going to turn around. They will hopefully be able to sell these houses and make some money (that they lost).
The insurance would most likely only cover replacement cost, not the value of the mortgage so those less savory ideas wouldn't be much good.
Do some research on foreclosure laws in your state, there's all kinds of information out there on getting free or discounted legal advise, on requesting proof that the foreclosure-er has standing to foreclose on you and the lien wasn't sold off to another party, about showing up to court and what to argue\request to try to enjoin the process and stay in possession.
Make sure this mortgage class your going to isn't someone trying to scam you and make money out of your distressed situation.
But do whatever to short sell it if you can or make your obligation and not walk away. You're still on the hook for the difference and it will be much worse if the bank forces the sale. The hit will stay on your credit for years and those debts will be actively pursued for up to 10 years depending on what state your in.
Do some research on foreclosure laws in your state, there's all kinds of information out there on getting free or discounted legal advise, on requesting proof that the foreclosure-er has standing to foreclose on you and the lien wasn't sold off to another party, about showing up to court and what to argue\request to try to enjoin the process and stay in possession.
Make sure this mortgage class your going to isn't someone trying to scam you and make money out of your distressed situation.
But do whatever to short sell it if you can or make your obligation and not walk away. You're still on the hook for the difference and it will be much worse if the bank forces the sale. The hit will stay on your credit for years and those debts will be actively pursued for up to 10 years depending on what state your in.
More top notch advice.
Now they want you to burn the chit you can't pay for. You don't even own it to burn it. Good advice. Stress out the insurance agencies like the banking agencies.
People like some of us who pay need to pay more for their fun.
As my wife looks at her 70's kitchen she wants to know what your counter tops are made out of. Hers are ugly red linoleum.
Some one said "predatory loans". That is bull crap. A banker is exactly the same as a bartender. When you get a DUI is it the bartender's fault?
Sorry dude. Man up and stand behind your word. It is all you got left.
Well to throw my $0.02 in here as a banker......not a housing one though. If you have any want what so ever in staying in your house try to pay what ever you can. Talk to your banker, if they are even the ones that will make a decision on forclosing on you, or if its some analysts, make sure they know that you want to make what ever you can for a payments if possible.
When you stop making payment, that is a sure sign to a banker that you just gave up and to start a foreclosure as soon as possible. If you can get them to extend the length of your loan or see if you can make just interest payments for 6 months. Yes I have heard of them actually going for that. It cost too much for them to have to pay for upkeep on a house for a year untill they get it sold. Banks are in the business of making money, not selling houses. They will be guananteed a loss if they have to sell it and will cost them more than if you try to restructure your terms and take longer to pay it off.
Also, just as the others have stated, if you can live without it....SELL IT. Garage sale what you can or put it in the paper and yes some of that will be free to do depending on the price you put on the stuff . Let your banker know that you are doing this as well. If your showing the effort, they are more likely to be more willing to work with you through this.
Good luck and remember you can get through this.
When you stop making payment, that is a sure sign to a banker that you just gave up and to start a foreclosure as soon as possible. If you can get them to extend the length of your loan or see if you can make just interest payments for 6 months. Yes I have heard of them actually going for that. It cost too much for them to have to pay for upkeep on a house for a year untill they get it sold. Banks are in the business of making money, not selling houses. They will be guananteed a loss if they have to sell it and will cost them more than if you try to restructure your terms and take longer to pay it off.
Also, just as the others have stated, if you can live without it....SELL IT. Garage sale what you can or put it in the paper and yes some of that will be free to do depending on the price you put on the stuff . Let your banker know that you are doing this as well. If your showing the effort, they are more likely to be more willing to work with you through this.
Good luck and remember you can get through this.
Probably easier if your bank still owns the mortgage. Ours sells all of them (didn't know that when we got it) and we have tried to redo ours, etc several times and it's like herding cats dealing with the big firm that bought our mortgage. Nothing but running in circles between departments.
S
skooter
Well-known member
As my wife looks at her 70's kitchen she wants to know what your counter tops are made out of. Hers are ugly red linoleum.
who the hell puts linoleum on a counter top
Similar threads
