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[QUOTE]Originally posted by N8: [QB] [QUOTE]Originally posted by Luke87GT: [qb] [QUOTE]Originally posted by N8: [qb] yea wait..I would say another 2-3 years to maximize gains. But be looking during this time for one of those unbelievable deals. I am upside down on 2 properties but pride wont let me walk. But if I come into a short sale situation I am walking on one of them. If you can get a short sale property or buy a foreclosed I would say do it. [/qb][/QUOTE]The man knows what he is talking about. I am surprised that walking away from an underwater loan is not more common than it is. Nate, I think you hit the nail on the head about it being a pride/shame/morality issue for many people. Take a look at this article that talks about this topic to a T http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/11/28/REG81AP4K1.DTL I personally am about 15% underwater on my home now, and its very tempting to buy a short sale in the next 1-2 years and walking away. The items that are holding me back: 1.) I don't want to close the door to grad school. By destroying my credit, I may have problems getting a school loan 2.) A general concern that I don't completely understand all the sequence of events of going into foreclosure and the lasting effects. Sure you go into foreclosure, you get evicted, your credit score suffers. But obviously it is MUCH more complicated than this and there are likely hidden implications that I am not considering. Anyway, I've been weighing the options of walking away for the past year. WF could have swayed my decision against it if they let me refi for under 5% like I tried to do several times, but the LTV is just over what they will give me prime rate for. [/qb][/QUOTE]Luke I have been researching the effects of a foreclosure/short on a persons credit. And basically it boils down to your name is mud for 4 years with a foreclosure and 2 years with a short sale. The good thing about my situation is that none of our properties are in my name. But my wife also discovered a clever use of our credit cards. But you basically use them and pay off a certain amount by the date they report. So her credit score goes up consistently every month. We also use MyFICO to track her credit. So you can do the FC but manage your credit from the point exceptionally well and come out clean byt the time things get really bad. Just to add, make sure all your car buying a school stuff loans are gather prior. becuause you will get treated like the red-headed step child right after a FC And to the OP House prices will not be right for quite sometime. I think we will be old men before it is back to where it was some 10 years ago. So if you are looking for ROI be thinking your kids will reap that. Not you. [/QB][/QUOTE]
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