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Author
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Topic: Anyone been through a foreclosure?
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DRIVINFST
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Member # 2430
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posted
 
 
Looking for any details, information, or experiences.
Posts: 555 | From: San Jose, CA | Registered: Feb 2003
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93venom
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Member # 778
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posted
Try as hard as possible, and work your ass off to keep your house out of forclosure. Thats just my opinion though...
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93 cobra #3445
1988 ranger-302 in progress
2003 ranger fx4 level 2
Posts: 604 | From: Peninsula | Registered: Jan 2002
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Yaterstang
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Member # 7659
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posted
Try a short sale first, it only stays on your credit record for 2 years.
Posts: 2968 | From: Natomas | Registered: May 2007
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9cobra7
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Member # 2812
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posted
Dude just walk. Even my real estate agent said its called "economic reality". We're in the hole for like 75k and we won't get back to even in at least 4-5 years from now. Just do the numbers. We have a 3900.00 mortgage so that translates to 50k a year. 100k in 2 years. Add it up. It makes no sense. I can rent for at least half that.
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If you can't walk and chew gum at the same time, don't walk.
Posts: 2633 | From: usa | Registered: May 2003
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DRIVINFST
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Member # 2430
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posted
quote:
Originally posted by 9cobra7:
Dude just walk. Even my real estate agent said its called "economic reality". We're in the hole for like 75k and we won't get back to even in at least 4-5 years from now. Just do the numbers. We have a 3900.00 mortgage so that translates to 50k a year. 100k in 2 years. Add it up. It makes no sense. I can rent for at least half that.
My numbers look similar and my math is about the same. Equity = -$100,000
Payments so far = $64,000
Time to recover = Who knows...
Great investment!?!?!
WTF
Posts: 555 | From: San Jose, CA | Registered: Feb 2003
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9cobra7
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Member # 2812
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Investment no more. There talking about making 3-4% a year starting now or when the bottom finally hits. So how many % are you down now? Also you can live in your house for at lest 4-5 months and probably a year or maybe more. Rent free. How does that sound to recoup some of your loss? I call it the rebate program.
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If you can't walk and chew gum at the same time, don't walk.
Posts: 2633 | From: usa | Registered: May 2003
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Yaterstang
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Member # 7659
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If your gonna walk, and you have some cash. Ive know people who have bought at the cheaper prices going out there, then walking after they secure a new house with a way better payment. Then you can rent out your house to a buddy and take payments until you get the foreclosure notice.
Posts: 2968 | From: Natomas | Registered: May 2007
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stangin'
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Member # 514
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![[Roll Eyes]](rolleyes.gif) this is one of the reasons why the housing market is all jacked up. why buy a home in the first place when you can't afford it???
great idea, go buy another house and foreclose the 1st house ![[BS flag]](graemlins/bs_flag.gif) . reality check, be a RENTER.
![[Razz]](tongue.gif)
Posts: 2993 | From: Bay Area | Registered: Oct 2001
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9cobra7
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Member # 2812
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I'm not gonna foreclosing on a 2nd house. I'm foreclosing on my only house. And I can afford it. I jsut don't sant to any more. It makes no sense economically to keep it. I just bought at the wrong time like alot of other people
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If you can't walk and chew gum at the same time, don't walk.
Posts: 2633 | From: usa | Registered: May 2003
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N8
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Member # 6048
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posted
quote:
Originally posted by Yaterstang:
If your gonna walk, and you have some cash. Ive know people who have bought at the cheaper prices going out there, then walking after they secure a new house with a way better payment. Then you can rent out your house to a buddy and take payments until you get the foreclosure notice.
My brother did this and it worked out masterfully. Almost made me jealous.
Yea it sucks for the folks that bought at the wrong time. We sold our other house right on time and bought this one at middle of the housing issues, so I am now starting to feel the bite. But we worked hard to get our credit up over 720 so I can t see myself taking the bad credit route ever again. I'm staying
[ June 02, 2008, 10:02 AM: Message edited by: N8 ]
Posts: 11638 | Registered: Sep 2005
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venomous99
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Member # 1917
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yup cant blame u to consider a foreclosure or short sale. lots took the gamble in hopes of making a quick buck later by flipping a house that was well beyond their means. obviously, had these ppl anticipated that the market would tank this way they wouldve avoided this mess altogether..hindsite is 20/20.
for many, its hard to labor over a house that is negative and will probably stay that way for several years to come especially for those who had hoped to make a short term investiment making money off the appreciation..
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MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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Jdub07
( O Y O )
Member # 2728
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posted
I'd sell all our cars and take a second job before forclosing our home. I'd ride my giant to work everyday or take the bus. We just recently bought and our mortgage is $800 a month more than what we were paying for rent. BUT I will openly admit that renting is a great way to go. Its a lot less money, less stress and less work!!! I like being a home owner but I equaly enjoyed being a renter. Each has their pro's and con's. If the market didn't fall so hard we'd still be renting and proud of it. No need to put your family in financial termoil just be labled a "home owner". If there was no way we could contine making our mortgage payements then we'd take the best way out we could to minimize the credit ding that comes with.
Best of luck! ![[patriot]](graemlins/patriot.gif)
Posts: 7282 | Registered: Apr 2003
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East Bay 50
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Member # 8081
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posted
quote:
Originally posted by N8:
quote:
Originally posted by Yaterstang:
If your gonna walk, and you have some cash. Ive know people who have bought at the cheaper prices going out there, then walking after they secure a new house with a way better payment. Then you can rent out your house to a buddy and take payments until you get the foreclosure notice.
My brother did this and it worked out masterfully. Almost made me jealous.
Yea it sucks for the folks that bought at the wrong time. We sold our other house right on time and bought this one at middle of the housing issues, so I am now starting to feel the bite. But we worked hard to get our credit up over 720 so I can t see myself taking the bad credit route ever again. I'm staying
How does that work? How are you able to secure another home payment on top of your existing one when the market is as bad as it is? I would assume someone who is gonna "walk away" from their existing home loan is upside down on the value of their existing loan so it is not as if a person can refinance to lower their existing payment to qaulify for another loan unless their is something I am missing in regards to what you guys are talking about.
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Kurgan tuned stroked and blown 347 foxbody. boost nukka!
Posts: 2699 | Registered: Dec 2007
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N8
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Member # 6048
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posted
quote:
Originally posted by East Bay 50:
quote:
Originally posted by N8:
quote:
Originally posted by Yaterstang:
If your gonna walk, and you have some cash. Ive know people who have bought at the cheaper prices going out there, then walking after they secure a new house with a way better payment. Then you can rent out your house to a buddy and take payments until you get the foreclosure notice.
My brother did this and it worked out masterfully. Almost made me jealous.
Yea it sucks for the folks that bought at the wrong time. We sold our other house right on time and bought this one at middle of the housing issues, so I am now starting to feel the bite. But we worked hard to get our credit up over 720 so I can t see myself taking the bad credit route ever again. I'm staying
How does that work? How are you able to secure another home payment on top of your existing one when the market is as bad as it is? I would assume someone who is gonna "walk away" from their existing home loan is upside down on the value of their existing loan so it is not as if a person can refinance to lower their existing payment to qaulify for another loan unless their is something I am missing in regards to what you guys are talking about.
Well he did everything before it impacted his credit which was key. So he was able to go stated income. We bounced back and forth 5k between us to supplement his income trail. And I had him on a few credit cards of mine. So he secured a loan when he knew his was going to go bad. He got a 5 br for half the cost of his 3br. He rented out the 3br and pocketed the cash for a really long time. Once you have a new loan and default on the other they cant touch the new one. So he is rebuilding his credit while destroying it at the same time. I was surprised it worked. So he lowered his mortgage by about 1/2, got a better interest rate, got more house for the money and pocketed about 10k. I am telling you it was amazing. Charlie Hustle for real.
Posts: 11638 | Registered: Sep 2005
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East Bay 50
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Member # 8081
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posted
quote:
Originally posted by N8:
quote:
Originally posted by East Bay 50:
quote:
Originally posted by N8:
quote:
Originally posted by Yaterstang:
If your gonna walk, and you have some cash. Ive know people who have bought at the cheaper prices going out there, then walking after they secure a new house with a way better payment. Then you can rent out your house to a buddy and take payments until you get the foreclosure notice.
My brother did this and it worked out masterfully. Almost made me jealous.
Yea it sucks for the folks that bought at the wrong time. We sold our other house right on time and bought this one at middle of the housing issues, so I am now starting to feel the bite. But we worked hard to get our credit up over 720 so I can t see myself taking the bad credit route ever again. I'm staying
How does that work? How are you able to secure another home payment on top of your existing one when the market is as bad as it is? I would assume someone who is gonna "walk away" from their existing home loan is upside down on the value of their existing loan so it is not as if a person can refinance to lower their existing payment to qaulify for another loan unless their is something I am missing in regards to what you guys are talking about.
Well he did everything before it impacted his credit which was key. So he was able to go stated income. We bounced back and forth 5k between us to supplement his income trail. And I had him on a few credit cards of mine. So he secured a loan when he knew his was going to go bad. He got a 5 br for half the cost of his 3br. He rented out the 3br and pocketed the cash for a really long time. Once you have a new loan and default on the other they cant touch the new one. So he is rebuilding his credit while destroying it at the same time. I was surprised it worked. So he lowered his mortgage by about 1/2, got a better interest rate, got more house for the money and pocketed about 10k. I am telling you it was amazing. Charlie Hustle for real.
You know, that is actually a pretty good idea. I have actually been contemplating doing that myself lately. truth be told, it is going to take about 6-8 years to get back all the the equity that has been lost during the last couple years
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Kurgan tuned stroked and blown 347 foxbody. boost nukka!
Posts: 2699 | Registered: Dec 2007
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N8
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Member # 6048
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posted
Well I wouldn't prescribe it. But it worked for my brother.
Posts: 11638 | Registered: Sep 2005
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