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Home › Forums › Housing › Stansd My brother’s PITI is 47% of his 60k income (wife, 2 kids)

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  • January 25, 2009 at 4:15 PM #14913
    stansd
    Participant

    He’s got a 312k mortgage, and makes 60k/yr. He has an opportunity to rent a much nicer place for 1500k/mo, and he wants out. The condo is probably now worth 220k.

    His first mortgage is 240K at 6.25% (credit union), and 2nd is 72k at 8.75% (countrywide)

    I hate the idea of not living up to his commitments, but he’s not making it.

    I’ve told him he has to be willing to let it go to foreclosure to get the lenders to pay ball. As of now, he’s planning to stop paying both mortgages Feb 1.

    Can anyone give advice on how best to proceed (both in negotiating with lenders, or possibly who best to contact for help? Short sale would be a really nice option for him, but I don’t know if there is any chance with countrywide owning the 2nd.

    Stan

    January 25, 2009 at 4:37 PM #335848
    TheBreeze
    Participant

    I’ve told him he has to be willing to let it go to foreclosure to get the taxpayers to pay ball. As of now, he’s planning to stop paying both mortgages Feb 1.

    Fixed Your Post.

    January 25, 2009 at 4:37 PM #336175
    TheBreeze
    Participant

    I’ve told him he has to be willing to let it go to foreclosure to get the taxpayers to pay ball. As of now, he’s planning to stop paying both mortgages Feb 1.

    Fixed Your Post.

    January 25, 2009 at 4:37 PM #336262
    TheBreeze
    Participant

    I’ve told him he has to be willing to let it go to foreclosure to get the taxpayers to pay ball. As of now, he’s planning to stop paying both mortgages Feb 1.

    Fixed Your Post.

    January 25, 2009 at 4:37 PM #336291
    TheBreeze
    Participant

    I’ve told him he has to be willing to let it go to foreclosure to get the taxpayers to pay ball. As of now, he’s planning to stop paying both mortgages Feb 1.

    Fixed Your Post.

    January 25, 2009 at 4:37 PM #336378
    TheBreeze
    Participant

    I’ve told him he has to be willing to let it go to foreclosure to get the taxpayers to pay ball. As of now, he’s planning to stop paying both mortgages Feb 1.

    Fixed Your Post.

    January 25, 2009 at 5:30 PM #335873
    sdrealtor
    Participant

    If he wanted to stay, he could stop paying on the 2nd and there is very little liklihood of CW foreclosing on him. He may want to consider that as an initial strategy. If he wants to do a short sale, he needs to be able to document a hardship which isnt all that tough to do. An experienced short sale agent will guide him through preparation of the short sale package. He will need to get CW to agree to it and the 1st TD holder will probably give CW 2 to 3K to release their lien. Whetehr CW will accept that or want more will be determined in large part to whether he has recourse loans or not.

    Where is the property located? Are his loans original or refied? Thats a key question and will determine how successful he’ll be.

    January 25, 2009 at 5:30 PM #336200
    sdrealtor
    Participant

    If he wanted to stay, he could stop paying on the 2nd and there is very little liklihood of CW foreclosing on him. He may want to consider that as an initial strategy. If he wants to do a short sale, he needs to be able to document a hardship which isnt all that tough to do. An experienced short sale agent will guide him through preparation of the short sale package. He will need to get CW to agree to it and the 1st TD holder will probably give CW 2 to 3K to release their lien. Whetehr CW will accept that or want more will be determined in large part to whether he has recourse loans or not.

    Where is the property located? Are his loans original or refied? Thats a key question and will determine how successful he’ll be.

    January 25, 2009 at 5:30 PM #336287
    sdrealtor
    Participant

    If he wanted to stay, he could stop paying on the 2nd and there is very little liklihood of CW foreclosing on him. He may want to consider that as an initial strategy. If he wants to do a short sale, he needs to be able to document a hardship which isnt all that tough to do. An experienced short sale agent will guide him through preparation of the short sale package. He will need to get CW to agree to it and the 1st TD holder will probably give CW 2 to 3K to release their lien. Whetehr CW will accept that or want more will be determined in large part to whether he has recourse loans or not.

    Where is the property located? Are his loans original or refied? Thats a key question and will determine how successful he’ll be.

    January 25, 2009 at 5:30 PM #336316
    sdrealtor
    Participant

    If he wanted to stay, he could stop paying on the 2nd and there is very little liklihood of CW foreclosing on him. He may want to consider that as an initial strategy. If he wants to do a short sale, he needs to be able to document a hardship which isnt all that tough to do. An experienced short sale agent will guide him through preparation of the short sale package. He will need to get CW to agree to it and the 1st TD holder will probably give CW 2 to 3K to release their lien. Whetehr CW will accept that or want more will be determined in large part to whether he has recourse loans or not.

    Where is the property located? Are his loans original or refied? Thats a key question and will determine how successful he’ll be.

    January 25, 2009 at 5:30 PM #336403
    sdrealtor
    Participant

    If he wanted to stay, he could stop paying on the 2nd and there is very little liklihood of CW foreclosing on him. He may want to consider that as an initial strategy. If he wants to do a short sale, he needs to be able to document a hardship which isnt all that tough to do. An experienced short sale agent will guide him through preparation of the short sale package. He will need to get CW to agree to it and the 1st TD holder will probably give CW 2 to 3K to release their lien. Whetehr CW will accept that or want more will be determined in large part to whether he has recourse loans or not.

    Where is the property located? Are his loans original or refied? Thats a key question and will determine how successful he’ll be.

    January 25, 2009 at 5:49 PM #335883
    stansd
    Participant

    First, Breeze, that’s funny.

    Thanks for responding sdr. I believe both are first loans, not refi’d, so they should be non-recourse. Property is in Bellflower, CA-1.5 hours north of here.

    I’d love to have him talk with you 1:1, and possibly even use you, but I’m guessing it would be tough to represent someone that far from here.

    He doesn’t have any explicit hardship other than the 47% of income going to his mortgage, which leaves him 32k to live on in CA with 2 kids. His compensation is down-he’s on bonus, and there aren’t many bonuses around these days.

    Stan

    January 25, 2009 at 5:49 PM #336210
    stansd
    Participant

    First, Breeze, that’s funny.

    Thanks for responding sdr. I believe both are first loans, not refi’d, so they should be non-recourse. Property is in Bellflower, CA-1.5 hours north of here.

    I’d love to have him talk with you 1:1, and possibly even use you, but I’m guessing it would be tough to represent someone that far from here.

    He doesn’t have any explicit hardship other than the 47% of income going to his mortgage, which leaves him 32k to live on in CA with 2 kids. His compensation is down-he’s on bonus, and there aren’t many bonuses around these days.

    Stan

    January 25, 2009 at 5:49 PM #336297
    stansd
    Participant

    First, Breeze, that’s funny.

    Thanks for responding sdr. I believe both are first loans, not refi’d, so they should be non-recourse. Property is in Bellflower, CA-1.5 hours north of here.

    I’d love to have him talk with you 1:1, and possibly even use you, but I’m guessing it would be tough to represent someone that far from here.

    He doesn’t have any explicit hardship other than the 47% of income going to his mortgage, which leaves him 32k to live on in CA with 2 kids. His compensation is down-he’s on bonus, and there aren’t many bonuses around these days.

    Stan

    January 25, 2009 at 5:49 PM #336326
    stansd
    Participant

    First, Breeze, that’s funny.

    Thanks for responding sdr. I believe both are first loans, not refi’d, so they should be non-recourse. Property is in Bellflower, CA-1.5 hours north of here.

    I’d love to have him talk with you 1:1, and possibly even use you, but I’m guessing it would be tough to represent someone that far from here.

    He doesn’t have any explicit hardship other than the 47% of income going to his mortgage, which leaves him 32k to live on in CA with 2 kids. His compensation is down-he’s on bonus, and there aren’t many bonuses around these days.

    Stan

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