quote:

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Originally posted by Luke87GT:
Congrats N8, what city?

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quote:

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Originally posted by 5.0-srt-4:
congrats, your credit is shit,but sometimes its worth it to not lose soooo much, how far is stockton from concord area?

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quote:

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Originally posted by RODRIGUEZ:
How big of a down payment did you put down if you don't mind me asking N8

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quote:

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Originally posted by mpt365:
good for you. those can be a real pain in the @ss.

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quote:

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Originally posted by 2stangs69-91:
lol so you are going into the new house and walking away from the dept in the house you have now? And you are fine with this?

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quote:

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Originally posted by 2stangs69-91:
good enough for me lol. Congrats on getting what you were after. Dont worry Obama will cover the old morgauge with the bail out money your bank received. Which we all will pay for (including your self) at least you have the nads to pull something like this off. I couldn't do it.

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quote:

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Originally posted by N8:

quote:

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Originally posted by 2stangs69-91:
good enough for me lol. Congrats on getting what you were after. Dont worry Obama will cover the old morgauge with the bail out money your bank received. Which we all will pay for (including your self) at least you have the nads to pull something like this off. I couldn't do it.

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Shit I wish I did it earlier. It was a win across the board for us. More house, less money, better investment, lower payment, own in less time. I am sure the bank will get something out of it. My only regret is we just put a new roof on and new windows in. But this move will improve quality of life immediately.

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quote:

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Originally posted by N8:

quote:

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Originally posted by 2stangs69-91:
lol so you are going into the new house and walking away from the dept in the house you have now? And you are fine with this?

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Yup!

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Watch, there will be reprocussions. I was going to do the same thing, you'll see
 

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Posted by N8 (Member # 6048) on :
 

quote:

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Originally posted by hidnn.o.s.:

quote:

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Originally posted by N8:

quote:

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Originally posted by 2stangs69-91:
lol so you are going into the new house and walking away from the dept in the house you have now? And you are fine with this?

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Yup!

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Watch, there will be reprocussions. I was going to do the same thing, you'll see

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negative...Already checked into it , new home is in my name not wife's. PLus I know about 6 people whom did the same thing and even re-purchased in their name. Some almost 3 years ago. And besides the credit hit. Nothing. 1 dude is about to buy again, his 4 years is almost up. I wish I did it earlier.

[ January 11, 2010, 10:14 PM: Message edited by: N8 ]
 

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Posted by 5.0_707 (Member # 5893) on :
 
Congrats!
I've been kinda lookin around my neck if the woods (Santa Rosa) for a while but still haven't found "the one"
I know it takes time but dammit I can't wait any longer! I hate paying rent!
 

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Posted by WildFire532FB (Member # 1482) on :
 
Congrats, i've been looking for a house for the last month. I was first thinking of buying property and then building my own house but i think i'll just buy a house. I just want a small house with a big garage and some property.
 

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Posted by N8 (Member # 6048) on :
 

quote:

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Originally posted by WildFire532FB:
Congrats, i've been looking for a house for the last month. I was first thinking of buying property and then building my own house but i think i'll just buy a house. I just want a small house with a big garage and some property.

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quote:

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Originally posted by N8:

quote:

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Originally posted by WildFire532FB:
Congrats, i've been looking for a house for the last month. I was first thinking of buying property and then building my own house but i think i'll just buy a house. I just want a small house with a big garage and some property.

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Yea I want to do a custom thing as well. I have some land in Texas. But that is the wife and I's retirement plan.

Thanks for the grats gents.

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Where at in Texas? Our family(my parents/aunts/uncles) has a lot of land in Texas, been in the family since the 1800s. Its up near Oklahoma.
I found a place up here, 5 car garage, 3 car carport, another 2 car carport on 3 acres but the house is a manufactured one Don't like that plus they are asking way way too much for a manufactured house.

[ January 11, 2010, 11:37 PM: Message edited by: WildFire532FB ]
 

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Posted by N8 (Member # 6048) on :
 

quote:

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Originally posted by WildFire532FB:

quote:

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Originally posted by N8:

quote:

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Originally posted by WildFire532FB:
Congrats, i've been looking for a house for the last month. I was first thinking of buying property and then building my own house but i think i'll just buy a house. I just want a small house with a big garage and some property.

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Yea I want to do a custom thing as well. I have some land in Texas. But that is the wife and I's retirement plan.

Thanks for the grats gents.

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Where at in Texas? Our family(my parents/aunts/uncles) has a lot of land in Texas, been in the family since the 1800s. Its up near Oklahoma.
I found a place up here, 5 car garage, 3 car carport, another 2 car carport on 3 acres but the house is a manufactured one Don't like that plus they are asking way way too much for a manufactured house.

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quote:

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Originally posted by Daniel50:
i read an article saying stockton has one of the worst housing markets in untied states and also some of the highest crime. is this true?

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quote:

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Originally posted by Daniel50:
i read an article saying stockton has one of the worst housing markets in untied states and also some of the highest crime. is this true?

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quote:

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Originally posted by N8:

quote:

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Originally posted by 2stangs69-91:
lol so you are going into the new house and walking away from the dept in the house you have now? And you are fine with this?

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Yup!

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N8 I admire you for doing this and I am surprised it is not more common than it is.

I am about 15-18% underwater now. If that number climbs to 35%+, I am buying another house and I am OUT on this one.

Given that I put down 20% on this place at the time I bought it (2007), I could sell now and break even (based on recent comparables) without destroying my credit...

But if it goes significantly further underwater, it will be too tempting to not buy the neighbors house and walk away from mine

Like Don said, a small part of me believes that there will be major reprocussions that have not yet surfaced for doing something like this. Time will tell.

[ January 12, 2010, 02:00 AM: Message edited by: Luke87GT ]
 

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Posted by 50Reasons (Member # 6452) on :
 
Congrats
 

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Posted by hidnn.o.s. (Member # 1219) on :
 

quote:

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Originally posted by Luke87GT:
Like Don said, a small part of me believes that there will be major reprocussions that have not yet surfaced for doing something like this. Time will tell.

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Nate doesn't think so, but trust me, there will

I'm not here to convince or argue with Nate, he'll need to find this out for himself. I just hope he doesn't jump on and claim racism from the bank when it happens!!!

That last part was a joke..... Lame that I have to even mention that....
 

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Posted by 1SLOWLX (Member # 558) on :
 
I know a couple people that have walked away. Sure does screw up our fucked up economy as it is. On the other note we are all going to pay for it one way or the other which I believe is bullshit some people had nothing to do with this mess!
Anyhow congrads on the new house. I can't wait to just walk away from mine put my cash in the bank and watch the economy fall flat on it's face! And I'm not under water at all just waiting for my partner to get the money together and pay me off
 

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Posted by turbo50 (Member # 6700) on :
 
crime is high in stockton.

The ONLY place Id live in Stockton is next door to SAL (FOSTANG) other than that, fuckin forget it.
 

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Posted by adower (Member # 5955) on :
 
Man good luck out there. Stockton is the armpit of CA.
 

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Posted by venomous99 (Member # 1917) on :
 

quote:

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Originally posted by hidnn.o.s.:

quote:

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Originally posted by Luke87GT:
Like Don said, a small part of me believes that there will be major reprocussions that have not yet surfaced for doing something like this. Time will tell.

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Nate doesn't think so, but trust me, there will

I'm not here to convince or argue with Nate, he'll need to find this out for himself. I just hope he doesn't jump on and claim racism from the bank when it happens!!!

That last part was a joke..... Lame that I have to even mention that....

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don, what consequences do you speak of aside from having the credit hit? assume he short sales on the 1st home and didnt do a cash out refi, he'll be forgiven the money lost from the short sale as far as federal taxes are concerned. id be interested to hear what other repercussions are there?

most ppl cant swing what n8 just did cuz most are already in financial ruin and dont have a healthy application to put in a bid for another home but from what i hear banks are keen on ppl doing this sort of switcharoo.and therefore are more strict on approving loans for rental properties.
 

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Posted by N8 (Member # 6048) on :
 
Yea Stockton sucks as a city in general, my wife hates it. I have lived in 3 places in Stockton. Our first was a mini Oakland. But to be honest I met some real genuine people in the worst area we lived in, that are still my friends to this day. The higher up the totem pole you go. The people suck. So I like to stay in the middle. Tho I am putting in motion my plan to move to San Diego. Got my eye on a flat looking over Padres park. After the kids are gone of course.

I am not sure what consequences can be had by walking on your home. Please do share. We tried to work with the bank, they wasn't hearing it. We are very slick with our finances the way we separate our incomes and credit lines and join when we need to. Part of the goodness of owning your business.

[ January 12, 2010, 11:26 AM: Message edited by: N8 ]
 

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Posted by cobraracer46 (Member # 1142) on :
 
Stockton, CA is on many lists, and its pretty well known…but not for the right reasons. We thought being on Forbes “Most Miserable Cities” list was bad…until we became the number one city. That was bad. Not only is Stockton climbing the ladder to notoriety in the business world, but it’s violent crime rate has now become California’s second highest, right after Oakland.
Stockton has potential-that’s why it hasn’t been completely abandoned. But the residents of the San Joaquin Valley cannot reply only on the government or City Council to make change. Lasting change comes from the ground up. Unless the citizens of Stockton take matters into their own hands, anything the government does won’t help us. City Council is doing their part, but are we doing ours? The only way to fix the problem is to become active in our community and take ownership of the city.
Until the residents of Stockton can learn to do that, Stockton, CA will be famous, but for all the wrong reasons.

By David Siders
Record Staff Writer
June 02, 2009 6:00 AM
STOCKTON - Stockton in 2008 had the second-highest violent crime rate among California’s largest cities and the eighth-highest violent crime rate nationwide, according to statistics released Monday by the FBI.

Stockton’s rate of 14.7 violent crimes per 1,000 people was second statewide to Oakland for the third consecutive year, according to the FBI, which reported on cities with populations of at least 100,000.

The number of violent crimes in Stockton - including murders, rapes, robberies and aggravated assaults - increased 2.5 percent from 2007, to 4,322 in 2008. Nationwide, the number of violent crimes decreased 2.5 percent, the FBI said.

In Stockton, the increase owed primarily to a 6.5 percent rise in aggravated assaults, to 2,628. There were 112 forcible rapes, up from 105 the previous year, according to the FBI. Robberies were down 3.5 percent, and homicides fell to 24, the fewest since 1976.

Deputy Police Chief Mark Helms said violent crime declined in the first four months of 2009, down 13 percent from the same period last year, and for that reason, Mayor Ann Johnston said, “I think next year’s stats will show a different story.”

Helms attributed early decreases in the violent crime rate this year to “some pretty healthy staffing levels in patrol.” He said, “We’re still doing a lot of self-initiated work.”

City Hall issued layoff notices in May to 55 members of the Police Department’s force of about 400 officers, part of a citywide cost-cutting campaign to fix a $31million budget deficit. It remained unclear how many of those officers will be laid off when fiscal 2009-10 starts July 1, but it is almost certain the department will shrink significantly.

Johnston said a department reorganization to put more officers on patrol, and partnerships with agencies such as the California Highway Patrol - which is temporarily deploying dozens of officers in Stockton to help fight gang violence - could maintain the successes of early 2009.

The number of property crimes in Stockton in 2008 was down 3.9 percent from the previous year, to 17,955 crimes, according to the FBI. Nationwide, property crimes were down 1.6 percent.

St. Louis had the highest violent crime rate in the nation in 2008, at 20.7 violent crimes per 1,000 people. It was followed by Flint, Mich.; Oakland; Detroit; Memphis, Tenn.; Orlando, Fla.; Baltimore; and Stockton.
 

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Posted by N8 (Member # 6048) on :
 
Cobraracer, right on man. And I always say this. It is easy to throw stones down from a pedestal. Its amazing how people feel entitled just because of an area they live in. Or feel held back because of an area they live in. No matter where I live I try to make it a better space for more than just myself. If more people felt like that we would have better communities and friendlier communities.

For instance when I lived in a seriously bad area of Stockton. I started a thing with the neighborhood kids where I promised who ever brought me a straight A report card I would buy them any shoes the wanted. Well the first kid that took advantage was a kid whose mamma said he rarely got anything over a C. She thanks me to this day when ever she sees me. Because that little help has carried over into subsequent years of his schooling. So I left a bright spot where I have been. I encourage others to stop judging and do something to help.

I swear a friend of mine lives in Brookside (the real good part). And I hung with him at the golf club thing. And it was disgusting how them people act. And how unfriendly they are unless they feel you have a certain status. I wouldn't want to live like that. I like a happy medium.

Sorry didnt mean to turn this into a PSA. Back to topic. I still would like to know what course of action can be taken that have consequences on us.

[ January 12, 2010, 11:52 AM: Message edited by: N8 ]
 

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Posted by sac 5.0 (Member # 2980) on :
 
i had to do a short sale in sacramento.my wife job closed up so we had to move to the office in arizona.the bank took are short sale and did not affect or credit at all they did a foregieness of debt,on our credit they put loan sastified.the only thing is now we owe taxes on 133,000 to california,if they dont pass a bill like the federal did.

did you do a short sale or you goona walk?

make sure you talk to a laywer,best 1000 bucks i ever spent.
 

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Posted by Jdub07 (Member # 2728) on :
 
Damn Congrats!!!!! That shit be paid off in less than 10 years!
 

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Posted by venomous99 (Member # 1917) on :
 

quote:

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Originally posted by sac 5.0:
i had to do a short sale in sacramento.my wife job closed up so we had to move to the office in arizona.the bank took are short sale and did not affect or credit at all they did a foregieness of debt,on our credit they put loan sastified.the only thing is now we owe taxes on 133,000 to california,if they dont pass a bill like the federal did.

did you do a short sale or you goona walk?

make sure you talk to a laywer,best 1000 bucks i ever spent.

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quote:

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Originally posted by N8:
Just to clear up, we bought a short sale home. We didnt short sale our house. Not sure if there was some confusion.

Actually we are now thinking about short selling our property that we own. Now I can see some issues there with something being owed.

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quote:

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Originally posted by Luke87GT:
N8, I am curious how the property taxes of your former place come into play when you walk on a loan like that?

Can you provide any insight on this? Were you paying PT to the county directly, or did the bank set up an escrow account where they collected funds monthly to ensure that you have enough dough come tax season?

I am refinancing right no on a 80-105% LTV loan, and one of the stipulations is that you pay the bank PT monthly. During tax season, the bank pays the county directly.

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quote:

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Originally posted by N8:

quote:

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Originally posted by Luke87GT:
N8, I am curious how the property taxes of your former place come into play when you walk on a loan like that?

Can you provide any insight on this? Were you paying PT to the county directly, or did the bank set up an escrow account where they collected funds monthly to ensure that you have enough dough come tax season?

I am refinancing right no on a 80-105% LTV loan, and one of the stipulations is that you pay the bank PT monthly. During tax season, the bank pays the county directly.

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Just to add, this was our first home and is unfortunately a sub-prime style loan. We are holding on to our rental property and our land.

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quote:

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Originally posted by Luke87GT:

quote:

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Originally posted by N8:

quote:

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Originally posted by Luke87GT:
N8, I am curious how the property taxes of your former place come into play when you walk on a loan like that?

Can you provide any insight on this? Were you paying PT to the county directly, or did the bank set up an escrow account where they collected funds monthly to ensure that you have enough dough come tax season?

I am refinancing right no on a 80-105% LTV loan, and one of the stipulations is that you pay the bank PT monthly. During tax season, the bank pays the county directly.

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Just to add, this was our first home and is unfortunately a sub-prime style loan. We are holding on to our rental property and our land.

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Thanks for the insight. Also, what do you mean by the statment above? And Predatory loan?

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quote:

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Originally posted by N8:
Just to clear up, we bought a short sale home. We didnt short sale our house. Not sure if there was some confusion.

Actually we are now thinking about short selling our property that we own. Now I can see some issues there with something being owed.

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quote:

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Originally posted by venomous99:

quote:

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Originally posted by sac 5.0:
i had to do a short sale in sacramento.my wife job closed up so we had to move to the office in arizona.the bank took are short sale and did not affect or credit at all they did a foregieness of debt,on our credit they put loan sastified.the only thing is now we owe taxes on 133,000 to california,if they dont pass a bill like the federal did.

did you do a short sale or you goona walk?

make sure you talk to a laywer,best 1000 bucks i ever spent.

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so what are you going to do about the 133k cancellation of debt for 2009 filing?

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quote:

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Originally posted by NavidR:
BUT MAN 6br. for around 150K? WOW!

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quote:

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Originally posted by sac 5.0:

quote:

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Originally posted by venomous99:

quote:

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Originally posted by sac 5.0:
i had to do a short sale in sacramento.my wife job closed up so we had to move to the office in arizona.the bank took are short sale and did not affect or credit at all they did a foregieness of debt,on our credit they put loan sastified.the only thing is now we owe taxes on 133,000 to california,if they dont pass a bill like the federal did.

did you do a short sale or you goona walk?

make sure you talk to a laywer,best 1000 bucks i ever spent.

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so what are you going to do about the 133k cancellation of debt for 2009 filing?

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if they dont pass the bill before then i have to pay.with all the income me and the wife made plus that tax on 133.000 we will apx owe between 15 and 20 grand

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quote:

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Originally posted by venomous99:

quote:

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Originally posted by sac 5.0:

quote:

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Originally posted by venomous99:

quote:

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Originally posted by sac 5.0:
i had to do a short sale in sacramento.my wife job closed up so we had to move to the office in arizona.the bank took are short sale and did not affect or credit at all they did a foregieness of debt,on our credit they put loan sastified.the only thing is now we owe taxes on 133,000 to california,if they dont pass a bill like the federal did.

did you do a short sale or you goona walk?

make sure you talk to a laywer,best 1000 bucks i ever spent.

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so what are you going to do about the 133k cancellation of debt for 2009 filing?

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if they dont pass the bill before then i have to pay.with all the income me and the wife made plus that tax on 133.000 we will apx owe between 15 and 20 grand

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hopefully it passes cuz 15-20k out of pocket when you're already in the hole would suck. i dont think many ppl who have done short sales realize the tax implications especially w/ state taxes. come audit time, they'll have some surprises.lol

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quote:

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Originally posted by turbo50:
crime is high in stockton.

The ONLY place Id live in Stockton is next door to SAL (FOSTANG) other than that, fuckin forget it.

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quote:

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Originally posted by migs66/92:
have you though about maybe just renting it out if you can break even on the payment?

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quote:

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Originally posted by migs66/92:
have you though about maybe just renting it out if you can break even on the payment?

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